For Immediate Release 12 April 2010
European Goldfields Limited
DIRECTORS DEALINGS
12 April 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European
Goldfields" or the "Company") today reports that on 8 April 2010 a
number of major institutional investors bought 6,684,641 common shares
in the Company from Mr. Dimitrios Koutras, a Non-Executive Director of
European Goldfields, in the London market at a price of GBP4.35 per
share. This transaction reflects strong investor appetite for the
Company resulting from recent progress in its permitting processes.
Mr. Koutras now owns 10,408,715 common shares in the Company
representing approximately 5.7% of the total issued common shares.
The shares sold by Mr. Koutras were purchased in the market in November
2008 at a time when European Goldfields needed to demonstrate the
support of its management and directors. Accordingly, in selling the
shares on 8 April 2010, Mr. Koutras' position in the Company reverts
back to his core long term holding level in European Goldfields. The
Company's management is particularly pleased that this sale has
facilitated a further broadening of the Company's investor base. The
Company is also pleased to report that Mr. Koutras remains fully
committed to European Goldfields and expects no further reduction in
his holding in the Company.
Aktor Constructions International, European Goldfields' largest
shareholder with 35,447,246 common shares, or approximately 19.4% of
the total issued common shares, is also fully supportive of the Company
and does not have any plans to reduce its current position.
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 and the sale of gold concentrates
from Olympias. 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.
For further information please see the Company's new website at
www.egoldfields.com
For further information please contact:
European Goldfields: Buchanan Communications:
Sally Schofield, VP Investor Bobby Morse / Katharine Sutton/
Relations James Strong
e-mail: info@egoldfields.com e-mail: bobbym@buchanan.uk.com
Tel: +44 (0)20 7408 9534 Tel: +44 (0)20 7466 5000
RBC Capital Markets:
Josh Critchley
e-mail: joshua.critchley@rbccm.com
Matthew Coakes
e-mail: matthew.coakes@rbccm.com
Tel: +44 (0)20 7653 4000
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
2009, 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 law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
Contact Information: Contacts: RNS Customer Services 0044-207797-4400 http://www.rns.com