EGU European Gold

 

TIDMEGU 
 
RNS Number : 6011M 
European Goldfields Ltd 
26 May 2010 
 

For immediate release 
                                                        26 May 2010 
 
          Suite 200, Financial Plaza 
                                                              204 Lambert Street 
                                                               Whitehorse, Yukon 
                                                                  Canada Y1A 3T2 
 
 
                          UPDATE ON CERTEJ PERMITTING 
            APPOINTMENT OF SENIOR INDEPENDENT NON EXECUTIVE DIRECTOR 
 
26 May 2010 - European Goldfields Limited (AIM: EGU / TSX: EGU) ("European 
Goldfields" or the "Company") is pleased to announce the achievement of the next 
milestone in permitting for its Certej gold project in Romania. 
 
The approval process for the full Zonal Urbanisation Plan ("PUZ") permit for 
Certej has now concluded with final sign off by the competent local authorities. 
 
In September 2009, European Goldfields initiated the Environmental Impact Study 
("EIS") process for the Certej project by submitting a technical summary of the 
project for review by the relevant authorities. This technical summary has 
undergone the required detailed review by the regional Environmental Department 
in Timisoara, which has issued guidelines for the final EIS document. This 
document is almost complete and will be submitted in the near future. This will 
then lead to appropriate public consultation as part of the normal Environmental 
Impact Assessment ("EIA") process. 
 
Satisfactory completion of the EIA process would lead to the granting of the 
Environmental Permit that is required to obtain the Construction Permit for the 
Certej Project. 
 
Corporate Update 
 
The Company is pleased to report the appointment of Alfred Vinton as Senior 
Independent Director ("SID") as defined by the English Financial Reporting 
Council's Combined Code on Corporate Governance. See Appendix at the end of this 
release for further information on Mr. Vinton's current and past directorships. 
 
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. 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 
 
Appendix 
 
Mr. Alfred Merton Vinton, 71, currently holds the following directorships: 
Emergent Asset Management Ltd 
UGC Ltd 
Applerigg Ltd (Formerly Sand Aire) 
NAMS1 Private Equity International Ltd 
Dinamia, SCR S.A. 
American Museum in Britain 
GP Investments Ltd 
MBA Latin America Opportunity Fund 
EQMC Europe Development Capital Fund PLC 
MBA Multistrategy Investment Fund 
Hochschild Mining plc 
 
Previous directorships held during the last 5 years: 
Sand Aire Private Equity 
Amerindo Internet Fund 
Lambert Howarth Group plc 
Patagonia Argentine Recovery Fund 
EP Private Equity 
 
In accordance with the AIM Rules, the Company confirms that there are no 
additional matters relating to Mr. Vinton that would require disclosure under 
Schedule 2(g). 
 
For further information please contact: 
 
European Goldfields: 
  RBC Capital Markets: 
Sally Schofield, VP Investor Relations 
Josh Critchley 
e-mail: info@egoldfields.com 
  e-mail: joshua.critchley@rbccm.com 
Tel: +44 (0)20 7408 9534 
   Tel: +44 (0)20 7653 4000 
 
Buchanan Communications: 
Matthew Coakes 
Bobby Morse / Katharine Sutton  e-mail: matthew.coakes@rbccm.com 
e-mail: bobbym@buchanan.uk.comTel: +44 (0)20 7653 4000 
Tel: +44 (0)20 7466 5000 
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 
 
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