TSX Listing Application
March 07 2005 - 2:02AM
UK Regulatory
RNS Number:3854J
European Goldfields Ltd
07 March 2005
For Immediate Release 7 March 2005
European Goldfields to Commence Trading on Toronto Stock Exchange
European Goldfields Limited (AIM: EGU / TSX: EGU) ("European Goldfields" or the
"Company") is pleased to announce that its common shares have been approved for
listing on the Toronto Stock Exchange (TSX) effective today. In conjunction with
its move to the TSX, the Company's shares will be de-listed from the TSX Venture
Exchange, where the Company's shares have traded since June 2000. The current
stock symbol "EGU" will remain in effect.
European Goldfields' shares remain listed on the AIM Market of the London Stock
Exchange, where the Company has raised over US$100 million in 2004.
Commenting on the promotion, David Reading, Chief Executive Officer of European
Goldfields, said:
"European Goldfields has developed rapidly over the past year, with its
acquisition of over 17m ounces of gold equivalent proven and probable reserves
in Greece, as well as having completed significant fund raising in London in
2004 to finance the company through to production. Consequently, due to our
significant increase in market capitalisation and the increased liquidity of the
company's shares, we are delighted to move up the company from the TSX Venture
Exchange to the TSX, a more appropriate exchange for our current size and
aspirations."
About European Goldfields
European Goldfields is a resource company involved in the acquisition,
exploration and development of mineral properties in Greece, Romania and the
Balkans.
Greece - European Goldfields holds a 65% interest in Hellas Gold S.A. Hellas
Gold owns assets in Northern Greece which include 70 year mining concessions
over a total area of 317 km2 and three polymetallic near-production deposits,
known as Olympias, Stratoni and Skouries, with total proven and probable
reserves of 17.04Moz of gold equivalent (65% attributable: 11.08Moz).
The Stratoni and Olympias deposits were previously in production and benefit
from significant infrastructure which includes underground mining development,
two plants and a ship loading facility on the Aegean Sea. Hellas Gold's assets
also include potential revenue generating stockpiles located on the surface.
Hellas Gold's resources and reserves are allocated amongst the three deposits as
follows:
Measured and Indicated Resources
Deposit '000t Au Au Ag Ag Ag Pb Pb Pb Zn Zn Zn Cu Cu Cu Total
g/t Moz g/t Moz as % '000t as % '000t as % '000t As Au
Au Au Au Au Eq
Eq Eq Eq Eq Moz
Moz Moz Moz Moz
Olympias 14,528 9.31 4.35 128.6 60.06 0.94 4.18 607 1.12 5.58 810 2.27 - - - 8.69
Skouries 191,200 0.82 5.03 - - - - - - - - - 0.55 1,043 6.79 11.82
Stratoni 2,221 - - 202.4 14.45 0.23 8.60 191 0.35 11.44 254 0.71 - - - 1.29
Total - - - - - - - - - - - - - - - 21.80
Total - - - - - - - - - - - - - - - 14.17
65%
attributable
Proven and Probable Reserves
Deposit '000t Au Au Ag Ag Ag Pb Pb Pb Zn Zn Zn Cu Cu Cu Total
g/t Moz g/t Moz as % '000t as % '000t as % '000t As Au
Au Au Au Au Eq
Eq Eq Eq Eq Moz
Moz Moz Moz Moz
Olympias 14,045 8.55 3.86 119.6 54.02 0.83 3.89 547 1.01 5.16 725 2.04 - - - 7.76
Skouries 129,500 0.89 3.71 - - - - - - - - - 0.56 725 4.72 8.43
Stratoni 1,642 - - 178.5 9.42 0.15 7.61 125 0.23 10.25 168 0.47 - - - 0.85
Total - - - - - - - - - - - - - - - 17.04
Total - - - - - - - - - - - - - - - 11.08
65%
attributable
Romania - European Goldfields holds five mineral properties located within the
"Golden Quadrilateral" area of Romania, where it has embarked on a resource
development and pre-feasibility programme to underpin the value of its 80%-owned
Certej deposit and surrounding satellite bodies. A current resource estimate
outlines measured and indicated resources of 31.4Mt grading 2.1g/t gold and 11.0
g/t silver for 2.34Moz of gold equivalent (80% attributable: 1.87Moz). This
estimate was based on a selective mining unit model using 6.5 X 12.5 X 2.5 metre
blocks and a 1g/t gold cut-off grade.
Further work at Certej now focuses on completing an in-house pre-feasibility
study, the next phase of which will concentrate on optimising mining and
understanding the variable metallurgical recoveries. Scoping work on pit
optimisations will establish the mining cut-off grades and associated strip
ratios for appropriate and optimum exploitation of the deposit. The
metallurgical testwork includes mineralogical studies into the gold disposition
within the mineralisation, and floatation testwork aimed at maximising gold
recoveries.
Reserve and Resource Parameters
Disclosure of mineral reserves for Hellas Gold's Olympias, Stratoni and Skouries
deposits is derived from a Pre-feasibility Study prepared by Behre Dolbear &
Company, Inc. and filed on SEDAR at www.sedar.com on 29 October 2004 under the
category "Technical Report", and European Goldfields' news release and material
change report filed on SEDAR on 30 November 2004.
Disclosure of mineral resources for European Goldfield's 80%-owned Certej
deposit is derived from a resource estimate prepared by RSG Global Pty Ltd and
filed on SEDAR on 29 January 2004 under the category "Engineering Report", and
European Goldfields' news release and material change report filed on SEDAR on
28 February 2005.
Gold equivalent ounces were calculated using the following metal prices,
representing the average of (i) the average metal prices from 1993 to 2003
(source: LME), and (ii) the average metal prices from 1 January to 30 June 2004
(source: LME): Au: US$369/oz; Ag: US$5.79/oz; Pb: US$0.31/lb; Zn: US$0.47/lb;
Cu: US$1.09/lb. Mining recoveries for reserves have been taken into account.
However, metallurgical and refinery costs have not been considered when
calculating the gold equivalents.
For further information please contact:
European Goldfields:
David Reading, Chief Executive Officer
David Grannell, Chief Financial Officer
London Office: +44 (0)20 7408 9536 e-mail: info@egoldfields.com
London Mobile: +44 (0)7703 190 652 website: www.egoldfields.com
Buchanan Communications:
Bobby Morse / Ben Willey +44 (0)20 7466 5000 e-mail: bobbym@buchanan.uk.com
Forward-Looking Statements
This news release contains certain forward-looking statements concerning the
Company's future operations, economic performances, financial condition and
financing plans. These statements are based on certain assumptions and analyses
made by the Company in light of its experience and its perception of historical
trends, current conditions and expected future developments as well as other
factors the Company believes are appropriate in the circumstances. However,
whether actual results and developments will conform with the Company's
expectations and predictions is subject to a number of risks, uncertainties and
assumptions. Consequently, all of the forward-looking statements made in this
news release are qualified by these cautionary statements, and there can be no
assurance that the results or developments anticipated by the Company will be
realised or, even if substantially realised, that they will have the expected
consequences to or effects on the Company and its subsidiaries or their
businesses or operations. The Company undertakes no obligation and does not
intend to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be required under
applicable law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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