Approval of the Preliminary Environmental Impact Study by the Ministry of
WHITEHORSE, Aug. 6 /CNW/ - European Goldfields Limited (AIM: EGU / TSX:
EGU) ("European Goldfields" or the "Company") is pleased to announce an
important advance in the permitting process for the Skouries and Olympias
Projects in Greece.
Further to site visits and other analysis, the Ministry of Culture has
now officially conveyed the approval by the Central Archaeological Council of
Greece of the Preliminary Environmental Impact Study ("PEIS") in relation to
the Company's Skouries and Olympias projects in the province of Halkidiki, in
This was the final inter-ministerial document required for the granting
of the PEIS itself by the Ministry of Environment and Public Works, which is
now finalising the PEIS approval process.
Commenting on this development, David Reading Chief Executive Officer of
European Goldfields, said: "This is an important breakthrough. This
affirmative decision by the Central Archaeological Council of Greece
represents a key milestone in the process of permitting our Greek projects".
About European Goldfields
European Goldfields Limited is a resource company involved in the
acquisition, exploration and development of mineral properties in Greece,
Romania and South-East Europe.
Greece - European Goldfields holds a 95% interest in Hellas Gold S.A.
Hellas Gold owns three major gold and base metal deposits in Northern Greece.
The deposits are the polymetallic operation at Stratoni, the Olympias project
which contains gold, zinc, lead and silver, and the Skouries copper/gold
porphyry project. Hellas Gold commenced production at Stratoni in September
2005 and started selling an existing stockpile of gold concentrates from
Olympias in July 2006. Hellas Gold is applying for permits to develop and
build the Skouries and Olympias projects.
Romania - European Goldfields owns 80% of the Certej gold/silver project
in Romania. In July 2008, the National Agency of Mineral Resources approved
the technical feasibility study in support of its permit application and
issued a new mining permit for the Certej project.
Resources & reserves parameters
For additional information on the resource and reserve estimates quoted
in this news release, please refer to the Company's Resources & Reserves
Declaration at www.egoldfields.com/goldfields/resources.jsp. Patrick Forward,
General Manager, Exploration of the Company, was the Qualified Person under
Canadian National Instrument 43-101 responsible for reviewing the disclosure
of resource and reserve estimates quoted in this news release.
Certain statements and information contained in this document, including
any information as to the Company's future financial or operating performance
and other statements that express management's expectations or estimates of
future performance, constitute forward-looking information under provisions of
Canadian provincial securities laws. When used in this document, the words
"anticipate", "expect", "will", "intend", "estimate", "forecast", "planned"
and similar expressions are intended to identify forward-looking statements or
information. Forward-looking statements include, but are not limited to, the
estimation of mineral reserves and resources, the timing and amount of
estimated future production, costs and timing of development of new deposits,
permitting time lines and expectations regarding metal recovery rates.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. The Company cautions the reader that such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual financial results, performance or
achievements of the Company to be materially different from its estimated
future results, performance or achievements expressed or implied by those
forward-looking statements and the forward-looking statements are not
guarantees of future performance. These risks, uncertainties and other factors
include, but are not limited to: changes in the price of gold, base metals or
certain other commodities (such as fuel and electricity) and currencies;
uncertainty of mineral reserves, resources, grades and recovery estimates;
uncertainty of future production, capital expenditures and other costs;
currency fluctuations; financing and additional capital requirements; the
successful and timely permitting of the Company's Skouries, Olympias and
Certej projects; legislative, political, social or economic developments in
the jurisdictions in which the Company carries on business; operating or
technical difficulties in connection with mining or development activities;
the speculative nature of gold and base metals exploration and development,
including the risks of diminishing quantities or grades of reserves; the risks
normally involved in the exploration, development and mining business; and
risks associated with internal control over financial reporting. For a more
detailed discussion of such risks and material factors or assumptions
underlying these forward-looking statements, see the Company's Annual
Information Form for the year ended 31 December 2007, filed on SEDAR at
www.sedar.com. The Company does not intend, and does not assume any
obligation, to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except as required by
For further information:
For further information: European Goldfields: David Reading, Chief
Executive Officer, e-mail: email@example.com, Tel: +44 (0)20 7408 9534;
Buchanan Communications: Bobby Morse, Katharine Sutton, e-mail:
firstname.lastname@example.org, Tel: +44 (0)20 7466 5000; RBC Capital Markets: Sarah
Wharry, e-mail: email@example.com, Tel: +44 (0)20 7653 4804