EGU European Gold

    RNS Number : 6285C
  European Goldfields Ltd
  03 September 2008
   



 Immediate Release  3 September 2008



    European Goldfields Limited

    Updated Mining Permit for Certej Project 


    3 September 2008 - European Goldfields Limited (AIM: EGU/TSX: EGU) ("European Goldfields" or the "Company") is pleased to announce
further progress of its Certej project in Romania.

    Technical Feasibility Study now approved and Mining Permit updated

    The National Agency for Mineral Resources ("NAMR") has approved the Technical Feasibility Study for the project recognising the quality
of the work invested into the Certej project by Deva Gold. The NAMR has also now confirmed the official approval and registration of the
project's resources and reserves. This completes all the approvals required for the project from NAMR and is a very significant step forward
in the development of the Certej project, as it effectively updates the mining permit and allows the reserve as outlined in the Technical
Feasibility Study to be mined.

    New Urbanisation Certificate issued 

    The environmental permitting process is now in its latter stage and its successful conclusion will allow for construction and full scale
operation of the project. As part of that process, Deva Gold has received an updated Urbanisation Certificate from the Hunedoara County
Council, renewing that issued in October 2006. The new Urbanisation Certificate, which incorporates all the modifications to the project
since 2006, is valid until 2010 and can be extended further. The award of this new certificate, which legally confirms the designated land
use of the project site, again demonstrates the continued support of the Romanian authorities for the development of the Certej project.
This confirmation of Certej as a designated industrial mining area also clearly attests to the local community's support for the project

    The Way Forward

    The permitting process is now in its final stages. Deva Gold has already submitted an Environmental Impact Study ("EIS") and a Zonal
Urbanisation Plan ("PUZ") to the relevant Romanian authorities. Deva Gold has advanced the planning procedures for the next step, the PUZ
approval, including two public meetings with the affected local communities.

    Following the approval of the PUZ, the EIS will also then be subject to the last requirement for public consultation prior to the
issuance of the environmental permit. This is expected in late 2008.

    These are the final approvals required for the construction and operation of the plant, the tailings design and other related
infrastructure. 

    New exploration licence

    The Company is also pleased to announce that its wholly-owned subsidiary, European Goldfields Deva SRL, has obtained a new exploration
licence for the Magura Tebii area located along the Certej Brad belt in the historic gold producing area of the "Golden Quadrilateral" area
of Romania. This location has been subject to historic early stage exploration by Romanian state-owned entities and data from that period
indicates potential for gold-bearing mineralisation.
      Commenting on these developments David Reading, Chief Executive Officer of European Goldfields said:

    "The issuance of an updated mining permit for our Certej project is a very significant step forward. European Goldfields is on track to
achieve its objectives in Romania this year. Certej is an important project at the heart of our portfolio whose progress is achieved with
considerable support from both the Romanian authorities and the local community". 

    Certej Project Background

    Certej is an epithermal gold/silver deposit located within the "Golden Quadrilateral" area of the Apuseni Mountains of Transylvania in
Western Romania, 12km from the regional town of Deva. 

    European Goldfields owns 80% of the project through its subsidiary, Deva Gold. There is an existing open pit that was operated by the
Romanian State mining entity, Minvest, until 2006 for which Deva Gold holds a valid and updated operating permit.

    Deva Gold has advanced the planning procedures for approval of the PUZ including two public meetings with the affected local
communities. The regional Environmental Department from Timisoara has received an official letter from the local Council of Certej giving
its full support to the project, recognising the sustainable development and benefits which the project brings to the local economy. 
    On 23rd July the Company announced the completion of a definitive feasibility study for the Certej project.
    About European Goldfields
    European Goldfields Limited is a resource company involved in the acquisition, exploration and development of mineral properties in
Greece, Romania and South-East Europe.
    Greece - European Goldfields holds a 95% interest in Hellas Gold S.A. Hellas Gold owns three major gold and base metal deposits in
Northern Greece. The deposits are the polymetallic operation at Stratoni, the Olympias project which contains gold, zinc, lead and silver,
and the Skouries copper/gold porphyry project. Hellas Gold commenced production at Stratoni in September 2005 and started selling an
existing stockpile of gold concentrates from Olympias in July 2006. Hellas Gold is applying for permits to develop and build the Skouries
and Olympias projects.
    Romania - European Goldfields owns 80% of the Certej gold/silver project in Romania. The Company submitted in March 2007 a technical
feasibility study to the Romanian government in support of the necessary permit applications to develop the project. In March 2008, European
Goldfields submitted the Environmental Impact Study to the Romanian environmental authorities to start the assessment of the environmental
impact of the Certej Project.
      
    For further information please contact:
 European Goldfields:                      e-mail: info@egoldfields.com
 David Reading, Chief Executive                Tel: +44 (0)20 7408 9534
 Officer
 Buchanan Communications:                e-mail: bobbym@buchanan.uk.com
 Bobby Morse / Ben Willey                      Tel: +44 (0)20 7466 5000

 Renmark Financial Communication:  e-mail: hperron@renmarkfinancial.com
 Henri Perron                                      Tel: +1 514 939 3989

 RBC Capital Markets:              e-mail: andrew.smith@rbccm.com
 Andrew K Smith                    Tel: +44 (0)20 7029 7882

    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/goldfields/resources.jsp. 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.

    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 2007, 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
 
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