For Immediate Release 9 August 2010
European Goldfields Limited
FINAL EIS FOR GREEK PROJECTS SUBMITTED
STRATONI: ENVIRONMENTAL PERMIT EXTENDED AND RESERVES UPDATE
9 August 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European
Goldfields" or the "Company") is pleased to announce that the final
Environmental Impact Study ("EIS") for the Company's project in
Halkidiki (the "Project"), in North-Eastern Greece, has now been
submitted to the Greek Ministry of Environment, Energy and Climate
Change ("MoE").
In late September 2009 the Greek authorities completed the Preliminary
Environmental Assessment and Evaluation based on the Preliminary
Environmental Impact Study ("PEIS") submitted by the Company's
95%-owned subsidiary Hellas Gold SA, and issued a pre-approval of the
construction and operation of the Project.
The Project consists of:
* The development of mining and processing at the Skouries project.
* The next stages of the Olympias project, namely the mining and
processing of ore and metallurgical treatment of the concentrate, in
accordance with the business plan as originally submitted.
* Continuation of operations at the Mavres Petres deposit of the
Stratoni Mine.
* Development of the port facilities at Stratoni to service the
above projects' operations.
The completion and submission of the EIS is another landmark in
European Goldfields' development of the Project.
The EIS will now be subject to the final stages of a decision-making
process that conforms to the EU Directive on Environmental Impact
Assessment. In summary the EIS is reviewed by the competent authorities
and is subject to public consultation, the requirements for which are
set out in this EU Directive and embodied in Greek law.
Stratoni Environmental Permit Extended
The Environmental Permit for the Stratoni lead-zinc-silver mine has
been extended until the end of July 2012. The extended permit was
received by the company from the MoE and ensures production can
continue until the granting of the overall Environmental Permit for all
of European Goldfields' projects in Northern Greece.
Reserves Update
The Company also announces that new reserves have been estimated for
the Company's Stratoni operation as follows:
Reserve Category '000t Ag g/t Ag Moz Pb % Pb '000t Zn % Zn '000t
Proven 1,657 174 9.3 6.1 101 8.5 141
Probable 103 225 0.7 8.7 9 9.3 10
Total 1,760 177 10.0 6.3 110 8.5 150
Mining depleted the reserve by a total of some 295,000 wettonnes over
the course of 2009 and Q1 2010 compared to the January 2009 reserve
detailed in the June 2009 report. Additional tonnes were added through
exploration to the lower part of the mine but were offset by other
sections of the mine being inaccessible due to adverse geotechnical
conditions. The deposit is open in several directions and further
expansion of reserves is planned through the 2010 exploration drilling
programme.
About European Goldfields
European Goldfields is a developer-producer with globally significant
gold reserves located within the European Union. The Company generates
cash flow from its 95%-owned Stratoni operation, a high grade lead/zinc
/silver mine in North-Eastern Greece. European Goldfields will evolve
into a mid tier producer through responsible development of its project
pipeline of gold and base metal deposits at Skouries and Olympias in
Greece and Certej in Romania. The Company plans future growth through
development of its highly prospective exploration portfolio in Greece,
Romania and Turkey.
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/egoldfields/en/
operationsprojects/statePatrick Forward, VP Projects & 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.
For further information please see the Company's website at
www.egoldfields.com
For further information please contact:
European Goldfields Liberum Capital Limited
Steve Sharpe, VP Business Development Simon Atkinson
e-mail: info@egoldfields.com Tom Fyson
Tel: +44 (0)20 7408 9534 Tel: +44 (0)20 3100 2000
Buchanan Communications Evolution Securities Limited
Bobby Morse / Katharine Sutton Rob Collins
e-mail: bobbym@buchanan.uk.com Tim Redfern
Tel: +44 (0)20 7466 5000 Tel: +44 (0) 20 7071 4300
This information is provided by RNS
The company news service from the London Stock Exchange
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