Appointment of Director
December 02 2005 - 2:01AM
UK Regulatory
RNS Number:0289V
European Goldfields Ltd
02 December 2005
Suite 200, Financial Plaza
204 Lambert Street
Whitehorse, Yukon
Canada Y1A 3T2
For Immediate Release 2 December 2005
EUROPEAN GOLDFIELDS LIMITED
JEFF O'LEARY APPOINTED AS DIRECTOR
European Goldfields Limited (AIM: EGU / TSX: EGU) (the "Company") is pleased to
announce the appointment of Dr. Jeffrey O'Leary as a non-executive director of
the Company. He is to be a replacement for Glenn Featherby who is stepping down
at the end of the year, having taken up residence in Australia.
Jeff O'Leary was employed by HSBC plc (formerly the Midland Bank) from 1985 to
2005 where he was Director Metals & Mining and Chief Mine Geologist at RTZ
Corporation from 1978 to 1985.
While at HSBC, he was involved in a wide variety of project financing, equity
and M&A transactions. His clients included Antofagasta, CSN, Monterrico, Rio
Narcea, Ivanhoe, Xstrata, the Mittal group and Corus as well as many others. He
retired from the HSBC group in 2005 but is retained as a consultant.
As Chief Mine Geologist for RTZ Corporation, Jeff O'Leary was responsible for
all matters relating to the geology and estimation of ore reserves for Rio
Tinto's operations and development projects world-wide.
Jeff O'Leary has a B. Sc. in Mining Geology from the Royal School of Mines
(1966) and a Ph.D. in Geostatistics (1973) from the same institution. He is a
Fellow of the Institution of Mining & Metallurgy and a Chartered Engineer.
Commenting on the appointment, David Reading, Chief Executive Officer of
European Goldfields, said: "We are delighted to welcome Jeff to our team. His
credentials as a mining geologist and investment banker make him a strong
addition to our board. Jeff's reputation and experience will be invaluable in
developing our major gold projects in Greece and Romania to production stage.
Glenn Featherby has been with us for over two years now and his support has been
instrumental in delivering the company's achievements over that period. We thank
Glenn for his contribution and wish him success in his new ventures."
Mr. O'Leary, aged 60, is currently a non-executive director of Palladex plc,
Goldstar Resources NL and Moto Goldmines Limited. There are no other matters
under paragraph (g) of Schedule 2 of the AIM rules to be disclosed.
Concurrently with his appointment, the Company granted to Jeff O'Leary an option
to purchase 150,000 common shares of the Company pursuant to its share option
plan. The option expires in December 2010 and is exercisable, in whole or in
part, at a price of C$2.40 per share (approx. #1.20 per share). The option
vests in three equal tranches in June 2006, December 2006 and June 2007. Mr.
O'Leary does not hold any common shares of the Company.
About European Goldfields
European Goldfields Limited 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 consist of three deposits within
70-year mining concessions covering a total area of 317 km(2). The deposits
include the polymetallic projects of Stratoni and Olympias which contain gold,
lead, zinc and silver, and the copper-gold porphyry body referred to as
Skouries. All three deposits have been well defined with over 200,000 metres of
drilling and the completion of feasibility studies and later engineering
studies.
The total proven and probable reserves of these assets are 17.2 Moz on a gold
equivalent basis (65% attributable = 11.2 Moz) from a measured and indicated
resource base of 21.8 Moz gold equivalent (65% attributable = 14.2 Moz).
These assets represent some of the largest defined deposits in Europe. The three
deposits are located within a 10 km radius of each other, making this
effectively a gold and base metals centre. Furthermore, both Stratoni and
Olympias were previously in production and have extensive existing mining and
plant infrastructure and a ship loading facility on the Aegean Sea.
In September 2005, Hellas Gold resumed production at Stratoni following the
award by the Greek state of all necessary environmental and mining permits.
Production of ore is expected to reach 170,000 tonnes by the end of the first
year of production, steadily increasing to 400,000 tonnes per annum by year
five.
Hellas Gold is in the process of applying for similar permits for Olympias and
Skouries. Hellas Gold's assets also include potential revenue generating
stockpiles and tailings located on the surface.
Romania - European Goldfields holds five mineral properties located within the "
Golden Quadrilateral" area of Romania, where it has recently completed an
in-house pre-feasibility study underpinning the value of its 80%-owned Certej
deposit. The Certej deposit hosts measured and indicated resources of 31.4 Mt
grading 2.1 g/t gold and 11 g/t silver for 2.34 Moz of gold equivalent (80%
attributable = 1.88 Moz).
For additional information on the resource and reserve estimates quoted above,
please refer to the Company's Resources & Reserves Declaration at
www.egoldfields.com/goldfields/resources.jsp.
For further information please contact:
European Goldfields:
David Reading, Chief Executive Officer
David Grannell, Chief Financial Officer
Office: +44 (0)20 7408 9534 e-mail: info@egoldfields.com
Mobile: +44 (0)7703 190 652 website: www.egoldfields.com
Buchanan Communications:
Bobby Morse / Ben Willey e-mail: bobbym@buchanan.uk.com
Office: +44 (0)20 7466 5000
Mobile: +44 (0)7802 875 227
The Sherbourne Group
Forbes West e-mail: forbes@sherbournegroup.ca
Office: +1 416 203 2200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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