European Goldfields Limited - Over 60% Increase in Revenue in 2007 vs. 2006

    WHITEHORSE, YT, Jan. 24 /CNW Telbec/ - European Goldfields Limited
(TSX / AIM: EGU) is pleased to announce that total revenues for 2007 are
expected to show an increase of more than 60% compared to 2006, as a result of
higher levels of concentrate sales and higher metal prices.
    European Goldfields' subsidiary Hellas Gold S.A. completed 8 shipments of
concentrates from its Stratoni zinc-lead-silver plant in Northern Greece in
Q4 2007 (Q4 2006 - 7), and 26 shipments for the whole of 2007 (2006 - 20).
This translates into an increase of 27% in tonnes of base metal concentrates
sold. Sales from Stratoni were as follows:

                               Stratoni Sales

                                    Q4 2007   Q4 2006   12 Months  12 Months
                                                             2007       2006
    Zinc concentrate (tonnes)        10,190    10,425      38,152     32,351
    - Containing payable:
       Zinc (tonnes)(*)               4,208     4,418      15,890     13,775
    Lead concentrate (tonnes)         8,004     5,124      23,123     15,780
    - Containing payable:
       Lead (tonnes)(*)               5,082     3,329      14,963     10,467
       Silver (oz)(*)               399,271   254,881   1,172,233    818,139
    (*) Net of smelter payable deductions

    During 2007 a total of 217,000 wet metric tonnes of ore was milled through
the Stratoni plant. Ore production rates from underground have steadily
increased from an average of 727 tonnes per day in 2006 to 885 tonnes per day
in 2007, and the mine now operates effectively at over 900 tonnes per day. The
rate of ore production is expected to continue to increase and reach 290,000
tonnes in 2008.
    In addition, Hellas Gold completed 15 shipments of gold-bearing pyrite
concentrates from its existing stockpile at Olympias in Q4 2007 (Q4 2006 - 3),
and 47 shipments for the whole of 2007 (2006 - 9). This translates into a six
fold increase in tonnes of pyrite concentrates sold. Sales of pyrite
concentrates were as follows:

                       Olympias Gold Concentrates Sales

                                    Q4 2007   Q4 2006   12 Months  12 Months
                                                             2007       2006
    Gold concentrate (dry tonnes)    21,385     3,299      79,552     11,339

    Hellas Gold has received payment in 2007 of US$ 2.2 million for the sale
of an additional 23,375 dry tonnes of gold concentrates expected to be
recognised in 2008.
    European Goldfields expects to publish by 31 March 2008 its financial
results for the three-month period and year ended 31 December 2007.

    New Appointments - European Goldfields is also pleased to announce recent
changes in group personnel. At the Corporate level, Tim Morgan-Wynne, the
Company's Chief Financial Officer, has been promoted to Senior Vice President
of European Goldfields Limited. Within Hellas Gold, Mr Mihalis
Theodorakopoulos will focus on the strategic development of the Hellas Gold
Business Plan, in addition to his current responsibilities as Mine Manager.
Therefore, Mr George Stournas, an experienced mining engineer, has been
appointed as Production Manager for the Stratoni mine as part of the ongoing
development and optimisation of Hellas Gold's mining operations.

    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 commenced selling an existing stockpile of Olympias gold concentrates
in July 2006. Hellas Gold is applying for permits to develop the Skouries and
Olympias projects.

    Romania - European Goldfields owns 80% of the Certej gold/silver project
in Romania. European Goldfields submitted in March 2007 a technical
feasibility study to the Romanian government, in support of a permit
application to develop the project.

    Forward-looking statements

    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 2006, filed on SEDAR at 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,, +44 (0)20 7408 9534; Buchanan
Communications: Bobby Morse / Ben Willey,, +44 (0)20
7466 5000; Renmark Financial Communication: Tina Cameron,; Barbara Komorowski,; Media - François Trépanier,, (514) 939-3989,; RBC
Capital Markets: Andrew K Smith / Johanna Virtanen,,
+44 (0)20 7029 7882

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