EGU European Gold

 

TIDMEGU 
 
RNS Number : 2752A 
European Goldfields Ltd 
06 October 2009 
 

 
 
 
 
For Immediate Release 
                                    6 October 2009 
 
 
European Goldfields Limited 
 
 
APPROVAL OF PRELIMINARY ENVIRONMENTAL IMPACT STUDY BY GREEK STATE 
 
 
6 October 2009 - European Goldfields Limited (AIM: EGU / TSX: EGU) ("European 
Goldfields" or the "Company") is pleased to announce the successful conclusion 
of the principal phase of the permitting process for the Skouries and Olympias 
Projects in Greece. 
 
 
The Ministry of Environment, Physical Planning and Public Works, based on the 
Preliminary Environmental Impact Study ("PEIS") submitted by the Company's 
95%-owned subsidiary Hellas Gold SA, has completed the Preliminary Environmental 
Assessment and Evaluation and issued a positive official endorsement of the 
construction and operation of the Project in the province of Halkidiki, in 
North-Eastern Greece. 
 
 
The "Project", consists of: 
 
 
?. Continuation of operations at the Mavres Petres deposit of the Stratoni Mine. 
 
 
?. The next stages of the Olympias project, namely the mining and processing of 
ore and metallurgical treatment of the concentrate, in accordance with the 
business plan as originally submitted. 
 
 
C. The development of mining and processing at the Skouries project. 
 
 
D. The port facilities at Stratoni in service of the above projects' operations. 
 
 
This official assessment and positive evaluation of the Project, successfully 
concludes the major stage of approvals and will lead to the preparation and 
submission of the Environmental Impact Study ("EIS") and the supporting studies 
required by Greek and European Legislation. 
 
 
The EIS will be based on terms of reference as now defined by the PEIS. The EIS 
will be submitted to the relevant authorities for review and the normal European 
Union public consultation requirements in the near future. The Company is 
confident that the extensive detail of the successful PEIS process can in turn 
now optimise approval of the EIS. 
Commenting on this development, David Reading, Chief Executive Officer of 
European Goldfields, said:  "Approval of the PEIS is a great achievement that 
represents the fulfilment of several years work by Hellas Gold. It signifies a 
substantial part of the approval process and sets out a clear path for the 
future development of our gold projects in Greece". 
 
 
About European Goldfields 
European Goldfields Limited is a resource company involved in the exploration, 
acquisition, mining 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. In July 2008, the National Agency of Mineral Resources approved the 
technical feasibility study in support of its permit application and issued a 
new mining permit for 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 / Katharine Sutton     | Tel: +44 (0)20 7466 5000             | 
|                                    |                                      | 
+------------------------------------+--------------------------------------+ 
| RBC Capital Markets:               | e-mail: sarah.wharry@rbccm.com       | 
| Sarah Wharry                       | Tel: +44 (0)20 7653 4804             | 
|                                    |                                      | 
+------------------------------------+--------------------------------------+ 
 
 
 
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 2008, 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 
 
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