COMPANY UPDATE (5047B)
February 18 2011 - 7:29AM
UK Regulatory
TIDMEGU
RNS Number : 5047B
European Goldfields Ltd
18 February 2011
Suite 200, Financial Plaza
204 Lambert Street
Whitehorse, Yukon
Canada Y1A 3T2
For Immediate Release
COMPANY UPDATE
18 February 2011 - European Goldfields Limited (AIM: EGU / TSX:
EGU) (the "Company") has noted the recent movement in its share
price following speculation in the market regarding the progress of
our Greek permits. European Goldfields continues to make
substantial progress on all of its assets and is looking forward to
announcing the conclusion of the permitting process for its
Business Plan in Greece.
The Company is confident that the permitting process in Greece
is coming to a successful conclusion and expects to be able to make
a further announcement in the near future.
The permitting process involves a detailed Business Plan that
covers several assets and activities and entailed the largest
Environmental Impact Study ("EIS") hitherto submitted in Greece.
The Company has complete confidence in the integrity of what has
been a long, complex and detailed evaluation and approval
process.
In preparation for the anticipated receipt of permits, the
Company is finalizing an update to the Business Plan and Reserve
and Resource Statement (NI 43-101) to reflect both prevailing
commodity prices and costs.
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 contact:
European Goldfields Liberum Capital Limited
Steve Sharpe, SVP Business Development Simon Atkinson
e-mail: info@egoldfields.com Tom Fyson
Tel: +44 (0)20 7408 9534 Tel: +44 (0)20 3100 2000
Brunswick Evolution Securities Limited
Carole Cable / Fiona Micallef-Eynaud Rob Collins
e-mail: egoldfields@brunswickgroup.com Tim Redfern
Tel: +44 (0)20 7404 5959 Tel: +44 (0)20 7071 4300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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