For Immediate Release
02 August 2010
European Goldfields Limited
CERTEJ EIS SUBMITTED
2 August 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European
Goldfields" or the "Company") is pleased to announce that the
Environmental Impact Study ("EIS") for the Company's Certej Project in
Romania has been submitted. This follows the issue of the Zonal
Urbanisation Plan ("PUZ") planning document by local authorities in May
2010, which included an environmental summary and public consultation,
and the subsequent definitive confirmation of final guidelines for the
EIS. The completion and submission of the final EIS report is another
landmark in European Goldfields' development of the Certej Project.
The EIS will now be subject to the final stages of a Romanian
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
Romanian law.
Feasibility work on the Certej Project, which has proven reserves of
2.4 million ounces gold and 17 million ounces silver, was completed in
2009 followed by basic engineering of the plant by Aker Solutions.
Current work is focused on detailed design of the tailings facilities,
other infrastructure and detailed engineering of the plant. Under
Romanian requirements, the detailed design is supervised by the
designated Romanian Engineering institute, Cepromin, with input from
international engineering groups. In June 2010, the Company announced
receipt of formal letters of commitment to underwrite a US$135 million
financing package to part fund the development costs of the Certej
project from Caterpillar Financial SARL, ING Bank N.V., Investec Bank
plc, UniCredit Bank AG, London Branch and WestLB AG, London Branch.
Certej Project Summary
The Certej project is an epithermal gold/silver deposit located in
the"Golden Quadrilateral" area of the Apuseni Mountains of Transylvania in
Western Romania, a highly prospective region which has historically
produced upwards of 30 million ounces of gold. The Certej deposit lies
within a brownfield site with excellent existing infrastructure and the
open pit and plant were worked as recently as 2006.
The Certej deposit has a calculated NI 43-101 compliant mineable
reserve of 32.8 million tonnes of ore grading 2.0 g/t gold and 11.4 g/t
silver, representing 2.1 million ounces gold and 12.0 million ounces
silver. The reserve also includes a further 14.1 million tonnes of ore
from lower grade in-pit material, and existing dumps will contribute an
additional 290,000 ounces of gold and 8.8 million ounces of silver in
the latter years of the mine. Further project details can be found at
http://www.egoldfields.com/egoldfields/en/operationsprojects/romania/certej
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/state
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.
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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