RNS Number:1511F
European Goldfields Ltd
12 November 2004
Level 3, 11 Berkeley Street
London W1J 8DS
United Kingdom
Phone: +44 (20) 7408 9534
Fax: +44 (20) 7408 9535
For Immediate Release 11 November 2004
European Goldfields Limited
RESULTS FOR THE THIRD QUARTER 2004
PURSUING GROWTH STRATEGY - ACQUISITION OF THREE DEPOSITS IN GREECE AND GOOD
DRILLING RESULTS IN ROMANIA
European Goldfields Limited (AIM: EGU / TSX-V: EGU) ("European Goldfields" or
the "Company"), a resource company involved in the acquisition, exploration and
development of mineral properties in Romania, Greece and the Balkans, today
reported its results for the third quarter to 30 September 2004.
HIGHLIGHTS
Highlights of the third quarter 2004:
- In October 2004, European Goldfields announced an agreement to
increase its stake in Hellas Gold from 30% to 65% for a consideration
of US$166.25 million, to be funded by the placing of new shares
- Post-transaction market capitalisation expected to be #150 million at
the placing price of #1.35 per share, making European Goldfields one
of the largest mining groups listed on AIM
- Hellas Gold holds 70 year mining licences covering 317 km(2) and
hosting substantial proven and probable reserves which include 7.5Moz
of gold, 63Moz of silver, 1.6Mt of lead and zinc and 0.7Mt of copper
within three near-production deposits
- Hellas Gold independently valued at US$500 million by Behre Dolbear
- Partnership with Aktor SA, the largest engineering and development
group in Greece - Strong local community support for re-opening of
Stratoni mining operations.
- Hellas Gold completes first sale of concentrates for C$4.1 million
- Encouraging results from infill drilling at the Certej deposit which
forms part of an in-house pre-feasibility study in progress in Romania
- Appointment of David Reading as CEO and building a new technical team
Commenting on the third quarter results, David Reading, Chief Executive Officer
of European Goldfields, stated:
"European Goldfields is now a sizeable resources business holding title to four
gold and polymetallic deposits in Greece and Romania. In Greece, once the
approval by shareholders has been given for European Goldfields to increase its
ownership of Hellas Gold to 65%, the focus will be to attain the necessary
permitting through Aktor, our Greek construction partner, along with the
finalizing of a comprehensive development plan to begin production at the
earliest opportunity. In Romania we are very encouraged by the progress our new
technical team has made in a short period of time. We are in the process of
conducting an in-house pre-feasibility study on our Romanian assets, which we
expect to be completed by the second quarter of 2005. European Goldfields now
has sizeable resources, strong partnerships and local and national governmental
support, all of which will provide a strong platform for future growth."
GREECE
In February 2004, the Company acquired a 30% (on a fully-diluted basis)
investment in Hellas Gold S.A. Hellas Gold owns assets in Northern Greece which
include mining concessions over a total area of 317 km2 including three deposits
known as Olympias, Stratoni and Skouries. The Stratoni and Olympias deposits
were previously in production and have extensive underground and plant
facilities. Hellas Gold's assets include a ship loading facility on the Aegean
Sea as well as potential revenue generating stockpiles located on the surface.
The Company endorsed its growth strategy by announcing on 26 October 2004 that
it had agreed to acquire an additional 35% interest in Hellas Gold, increasing
its total interest to 65%. The acquisition is expected to be completed on 30
November 2004 and is conditional, inter alia, upon the approval of the
shareholders of the Company. This acquisition is a key development for future
growth as the assets have substantial proven and probable reserves and potential
for further discoveries within the 70 year mining licences which cover 317 km(2).
The acquisition includes a partnership with Aktor SA, Greece's largest
construction company, who will retain the remaining 35% interest in Hellas Gold.
Aktor have considerable experience in permitting and developing projects in
Greece which includes extensive construction for the 2004 Olympic Games. It is
proposed that the Chairman of Aktor, Mr Dimitris Koutras, will become a non
executive Chairman of the Company following completion of the acquisition.
The Greek assets include three polymetallic near-production deposits with total
proven and probable reserves of 7.5Moz of gold, 63Moz of silver, 1.6Mt of lead
and zinc and 0.7Mt of copper, as derived from a Prefeasibilty Study of the Greek
assets prepared by Behre Dolbear & Company, Inc. and filed on SEDAR at
www.sedar.com on 29 October 2004 under the category "Technical Report". These
proven and probable reserves are allocated amongst the three deposits as
follows:
Deposit Tonnage '000t Au g/t Au Moz Ag g/t Ag Moz Pb % Pb '000t Zn % Zn '000t Cu % Cu '000t
Olympias 14,045 8.5 3.86 120 54.02 0.04 547 0.05 725 - -
Proven and
Probable
Skouries 127,930 0.9 3.63 - - - - - - 0.01 701
Probable
Stratoni 1,642 - - 178 9.42 0.08 125 0.10 168 - -
Proven and
Probable
Total - - 7.49 - 63.44 - 672 - 893 - 701
Two of the Greek properties (Stratoni and Olympias) were previously in
production and benefit from significant infrastructure which includes
underground mining development, two plants and a ship loading facility.
Refurbishment of existing mine and plant infrastructure is currently in progress
as well as a review of an optimum way forward for the multi-million ounce
deposits of Olympias and Skouries.
The Greek assets are described as follows:
* Stratoni - a small polymetallic massive replacement-type deposit with minor
gold credits in the concentrate. Proven and probable reserves total 1.64Mt
of ore grading 7.6% lead, 10.2% zinc, and 179gAg/t;
* Olympias - a similar polymetallic replacement deposit, but with high gold
grades. Proven and probable reserves, including stockpiled material total
14.0Mt of ore grading 3.9% lead, 5.1% zinc, 119.6gAg/t and 8.6gAu/t; and
* Skouries - a copper-gold porphyry with 127.9Mt probable reserves of ore
grading 0.88gAu/t and 0.55% copper.
Further, in its independent valuation report of Hellas Gold, Behre Dolbear
International Ltd. considers the prospects and exploration potential on the 317
km2 of mining concessions to be high and the discovery, over time, of an equal
amount of new mineralisation to that previously produced and discovered likely.
Work completed during the quarter included the development of a new mining plan
for the Stratoni operations; submission to the Greek Government of new
environmental permit applications and technical plans for commencement of
operations at Stratoni; ongoing environmental monitoring programmes and baseline
studies which include management of the underground water at Olympias and
Stratoni; sale of surface concentrates for lead and zinc which generated revenue
of C$4.1 million; commencement of scoping studies designed to develop
appropriate business plans for Olympias and Skouries; and finally the designing
of exploration programmes with the objective of defining additional resources
along the zone hosting the Stratoni deposit.
Provincial and prefecture hearings held within Northern Greece resulted in
majority support for Hellas Gold's application for recommencement of the
Stratoni operations. The government is now in the process of reviewing Hellas
Gold's environmental permit and mining applications.
During the fourth quarter, work is progressing to define an action plan for the
Olympias and Skouries projects. Once the necessary permits are granted,
construction is expected to begin on a new adit with the objective of providing
access to the Stratoni reserve. The new mining plan for Stratoni is currently
being finalised and will be utilised to update the underground reserve.
ROMANIA
The Company holds five mineral properties located within the "Golden
Quadrilateral" area of Romania, where the Company has embarked on a resource
development and pre-feasibility programme to underpin the value of the Company's
80%-owned Certej deposit and surrounding satellite bodies.
A technical review of previous work undertaken in the Certej deposit highlighted
opportunities with respect to grade and metallurgical recovery which are
currently being pursued through focused programmes. This work forms part of an
in-house pre-feasibility study focused on defining deposit size, geometry, grade
and metallurgical recovery. The deposit definition work will be supplemented
with pit optimisation, plant design, tailings management and environmental
studies to complete the pre-feasibility study, expected by the second quarter of
2005.
To date, encouraging drilling results highlight grade continuity at Certej and
the potential to optimise and redesign an appropriate open pit for exploiting
the deposit.
An assessment of the geological model and resource estimate for the Certej
deposit highlighted the strong structural controls on mineralisation and the
opportunity to define higher grade continuous zones through detailed drilling. A
previous resource estimate undertaken by RSG Global of Perth, filed on SEDAR on
29 January 2004 under the category "Engineering Report", outlined an Indicated
Resource of 34.7Mt grading 2.1g/t gold and 10.1 g/t silver for 2.5Moz. This
estimate was based on a selective mining unit model utilising 10 x 10 x 10 metre
blocks and a 1g/t Au cut off. An infill drilling programme commenced in August
to test this model. To date 21 new diamond holes and four extensions to existing
holes for 5762 metres have been completed in the Western, Central and Eastern
zones of the deposit. Results to date confirm the new geological model outlining
continuity of the high grade zones. A further fifteen holes for approximately
3000 metres are in progress. The final drilling configuration will result in an
optimal 30 metre spacing within the higher grade zones and facilitate a new
resource estimation and updated Whittle 4 X pit optimisation. Results received
to date for the drilling programme are tabulated below.
Certej Infill Drilling - Intercepts
Hole ID From To Width Au Ag Including
(m) (m) (m) (g/t) (g/t)
CJSD195 155 173 18 3.8 31
" 201 211 10 15.4 48
" 216 218 2 12.6 26
CJSD197 225 260 35 4.5 7
CJSD200 178 233 55 1.9 3
CJSD207 21 220 199 2.8 6 36m @ 7.1 g/t Au and 10g/t Ag
CJSD208 70 82 12 3.6 20
" 128 138 10 2.3 24
" 160 180 20 6.8 11
CJSD209 184 199 15 2.4 6
" 247 281 34 3.9 6 8m @ 4.5 g/t Au and 3g/t Ag
14m @ 4.2 g/t Au and 7g/t Ag
" 291 308 17 8.9 19 7m @ 19.2 g/t Au and 37g/t Ag
CJSD210 33 224 191 2.7 6 10m @ 4.3 g/t Au and 4g/t Ag
16m @ 6.6 g/t Au and 4g/t Ag
" 232 251 19 2.5 2
CJSD211 180 203 23 4.6 40
CJSD212 0 10 10 1.5 8
CJSD213 140 148 8 2.3 7
" 182 226 44 4.7 5 24m @ 6.4 g/t Au and 4 g/t Ag
CJSD214 84 95 11 1.3 38
CJSD215 223 236 13 2.1 7
CJSD216 25 41 16 1.5 12
CJSD217 128 147 19 2 5
CJSD218 85 91 6 2.6 5
" 109 125 16 2.5 3
" 153 170 17 2.2 4
" 203 254 51 2.8 12
CJSD219 30 163 133 2.4 5 4m @ 9.6 g/t Au and 24 g/t Ag
" 215 288 73 5.6 6 59m @ 6.4 g/t Au and 6 g/t Ag
CJSD220 44 72 28 2.5 9 3m @ 10.8 g/t Au and 26 g/t Ag
CJSD221 84 94 10 2.8 25
CJSD222 50 85 35 2.3 7 4m @ 6.7 g/t Au and 5g/t Ag
CJSD223 140 159 19 2.2 4
" 179 309 130 2.4 5 32m @ 4.4 g/t Au and 5 g/t Ag
CJSD224 0 185 185 3.2 6 36m @ 5.1 g/t Au and 5 g/t Ag
CJSD225 12 238 226 2.6 5 46m @ 4.3 g/t Au and 10 g/t Ag
CJSD226 3 38 35 1.6 4
CJSD227 16 23 7 2.7 3
CJSD228 48 78 30 3.1 11
CJSD230 75 77 2 13.54 36
CJSD231 5 14 9 4.12 29
CJSD232 52 65 13 5.35 16
" 69 94 25 4.48 57
CJSD233 56 68 12 1.94 13
Results are quoted using a 0.8 g/t Au lower cut-off grade, no upper grade cut
was applied and include a maximum of 6 metres consecutive internal waste. Only
intercepts > 2 g/t Au are quoted, except in holes where no intercept is >2g/t.
'Including' results have a minimum composite grade of 4 g/t. The Certej deposit
is irregular in nature, however drilling has been conducted perpendicular to
mineralization wherever possible and as such drilled width correspond to true
widths.
Previous metallurgical testwork over the Certej deposit was spatially
unrepresentative and was largely based on chip sampling from underground
workings. A review of previous results highlights variable recoveries relating
to ore type and mineralisation style. An opportunity to distinguish between
direct CIL feed and material that will require partial oxidation was highlighted
from the previous work. A comprehensive metallurgical testwork programme is
currently in progress involving sampling of un-oxidised cores to define a three
dimensional recovery model of the resource. The current programme will include
CIL and biological oxidation testwork. The primary objective is to develop a
viable process flow sheet for treatment of the Certej ore.
In addition to the focused work on the Certej deposit, exploration drilling has
been undertaken on satellite targets and existing rock dumps located within a 10
km radius of the main deposit. This work, which is ongoing, is designed to
delineate supplementary mineral resources which could contribute to the Certej
project.
During the forthcoming quarter, the exploration and feasibility team is expected
to complete the infill and satellite drilling, update the geological and
resource models, effect a 4 X Whittle Optimisation of Certej, develop a three
dimensional metallurgical recovery model for the resource and commence studies
on potential sites for a tailings dam.
All drill core was sampled at one metre intervals which were assayed at the SGS
Analabs laboratory in Gura Rosiei, Romania using a standard fire assay technique
and an atomic absorption finish. European Goldfields has implemented a quality
control program to ensure that the analysis of all exploration work is conducted
in accordance with the best possible practices. Under these quality assurance
measures the Company introduces sample duplicates and repeats, background blanks
and known gold standards. As a further measure European Goldfields has twenty
percent of all sample pulps shipped to ALS-Chemex Laboratory (ISO 9002
registered) in Vancouver, B.C. for re-analysis and size verification.
The results of the Company's drilling programme have been reviewed, verified
(including sampling, analytical and test data) by Patrick Forward who is a
Qualified Person for the purpose of National Instrument 43-101, which outlines
standards of disclosure for mineral projects.
Grant of Options
The Company announces the grant of options to purchase an aggregate of 625,000
common shares of the Company to new employees pursuant to its share option plan
and previously signed employment agreements, including 500,000 options to the
Company's CEO, David Reading. In its AIM Admission document dated 26 October
2004 (the "AIM Admission Document"), the Company stated that the 500,000 options
would be grated to David Reading following Admission. However, the Board has
concluded that it is in the best interest of the Company and shareholders as a
whole for these options to be granted now. The options are exercisable at a
price of C$3.07 per share (#1.35 per share at the exchange rate used in the AIM
Admission Document) and expire on 10 November 2009.
For further information please contact:
European Goldfields:
David Reading, Chief Executive Officer
David Grannell, Chief Financial Officer
London Office: +44 (0)20 7408 9534 e-mail: info@egoldfields.com
London Mobile: +44 (0)7703 190 652 website: www.egoldfields.com
Buchanan Communications:
Bobby Morse / Ben Willey +44 (0)20 7466 5000 e-mail: bobbym@buchanan.uk.com
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE-MONTH AND NINE-MONTH PERIODS
ENDED 30 SEPTEMBER 2004
The following discussion and analysis, dated 11 November 2004, should be read in
conjunction with the accompanying unaudited consolidated financial statements of
the Company for the three-month and nine-month periods ended 30 September 2004
and 2003 (the "Consolidated Financial Statements"). Additional information
relating to the Company is available on the Canadian System for Electronic
Document Analysis and Retrieval (SEDAR) at www.sedar.com under European
Goldfields Limited. Except as otherwise noted, all dollar amounts in the
following discussion and analysis and the Consolidated Financial Statements are
stated in Canadian dollars.
Results of Operations
The Company's results of operations for the three-month and nine-month periods
ended 30 September 2004 were comprised primarily of activities related to the
Company's regional exploration programs in Romania.
The breakdown of deferred exploration expenditures per exploration concessions
for the nine-month period ended 30 September 2004, which totaled $4,273,289, is
as follows: $3,320,719 (78%) was incurred on the Certej Belt, $317,500 (7%) on
the Zlatna Belt, $136,311 (3%) on the Voia concession, $483,963 (10%) on the
Baita-Craciunesti concession and $14,796 (1%) on the Bolcana concession.
The Company continues to incur losses and until commercial production commences
and revenues are generated, it will continue to do so.
The results of operations for the eight most recently completed quarters are
summarised in the following tables:
------------ ------------ ------------ ------------
2004 2004 2004 2003
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter
$ $ $ $
------------ ------------ ------------ ------------
Income Statement
Loss 2,906,768 4,751,176 7,007,542 2,157,954
Loss per share 0.07 0.12 0.24 0.11
Balance Sheet
Working capital 36,760,486 41,709,176 18,880,139 6,544,948
Total assets 109,957,291 111,945,025 88,914,819 59,485,286
Statement of Cash
Flows
Deferred exploration 1,482,464 1,193,690 1,597,135 1,324,522
expenditures ------------ ------------ ------------ ------------
2003 2003 2003 2002
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter
$ $ $ $
------------ ------------ ------------ ------------
Income Statement
Loss 409,177 491,208 373,044 881,293
7,007,542
Loss per share 0.01 0.02 0.02 0.04
Balance Sheet
Working capital 7,334,737 9,095,416 11,262,891 12,918,205
Total assets 40,404,466 40,378,492 40,900,628 41,798,205
Statement of Cash
Flows
Deferred exploration 1,345,316 1,646,105 1,214,354 1,075,639
expenditures
The Company incurred a loss for the nine-month period ended 30 September 2004 of
$14,665,486 or $0.34 per share, compared to a loss of $1,273,429 or $0.06 per
share, for the same period of 2003. The Company incurred a loss for the
three-month period ended 30 September 2004 of $2,906,768 or $0.07 per share,
compared to a loss of $409,177 or $0.01 per share, for the same period of 2003.
This variation in loss can be explained by the following factors:
* The Company recorded a non-cash flow stock-based compensation expense of
$222,306 for the three-month period ended 30 September 2004, and of
$4,068,315 for the nine-month period ended 30 September 2004, as compared
to $Nil for the same periods of 2003.
During the year ended 31 December 2003, the Company chose to adopt the
accounting standard of the Canadian Institute of Chartered Accountants with
respect to the accounting for stock-based compensation for employees. The
new recommendations were applied prospectively and are detailed in the
notes to the consolidated financial statements of the Company for the year
ended 31 December 2003. As a result of the adoption of the new policy, the
Company now expenses the fair value of all options granted to employees and
non-employees over the vesting period of the option. The increase in
stock-based compensation in the nine-month period ended 30 September 2004
as compared with the corresponding periods of 2003 is consistent with the
increase in the number of options granted during these periods.
* In March 2004, pursuant to the Company's Milestone Share Compensation Plan,
the Company issued 600,000 common shares to executive directors, and a
further 100,000 common shares in July 2004. As a result, the Company
recorded an additional non-cash flow stock-based compensation expense of
$336,000 for the three-month period ended 30 September 2004, and of
$1,962,000 for the nine-month period ended 30 September 2004, as compared
to $Nil for the same periods of 2003.
* The Company recorded a deemed expense for financing costs of $Nil for the
three-month period ended 30 September 2004, and of $1,488,825 for the
nine-month period ended 30 September 2004, as compared to $Nil for the
same periods of 2003.
* In February 2004, the Company acquired a 30% interest (on a fully-diluted
basis) in Hellas Gold. The Company's share of the profit / loss in Hellas
Gold was a profit of $725,584 for the three-month period ended 30 September
2004, and a loss of $630,108 for the nine-month period ended 30
September 2004, as compared to $Nil for the same periods of 2003.
* In March 2004, the Company completed the listing of its common shares on the
AIM Market of the London Stock Exchange for which the Company recorded an
expense of $Nil for the three-month period ended 30 September 2004, and of
$737,432 for the nine-month period ended 30 September 2004, as compared to
$Nil for the same periods of 2003.
* The Company recorded an expense of $26,431 for the three-month period ended
30 September 2004, and of $604,243 for the nine-month period ended 30
September 2004, as compared to $Nil for the same periods of 2003, with
respect to the assessment of new project undertaken by the Company.
* The Company's administration and overhead expenses have increased to
$1,047,740 for the three-month period ended 30 September 2004, and to
$2,758,379 for the nine-month period ended 30 September 2004, as compared
to $250,818 and $702,262 respectively for the same periods of 2003,
reflecting an increase in the Company's exploration, financing and
investment in Northern Greece
* The Company recorded a foreign exchange loss of $1,726,062 for the
three-month period ended 30 September 2004, and $1,006,335 for nine-month
period ended 30 September 2004, as compared to a loss of $22,370 and
$22,370 respectively for the same periods of 2003. This was mainly due to
the strengthening of the Canadian Dollar against the UK Pound Sterling and
US Dollar over the three-month period ended 30 September 2004. The
Company's main currency exposure is in UK Pound Sterling and US Dollars.
The majority of the Company's cash and cash equivalents are kept in UK
Pound Sterling and US Dollars, which reflects the Company's future cash
and operating currency requirements.
Liquidity and Capital Resources
As at 30 September 2004, the Company had cash and cash equivalents of
$36,554,571, compared to $19,409,354 at 31 December 2003, and working capital of
$36,760,486, compared to $6,544,948 at 31 December 2003.
The increase in cash and cash equivalents and working capital as at 30 September
2004, compared to the balances as at 31 December 2003, resulted from two private
placements described below and the exercise of warrants and options during the
nine-month period ended 30 September 2004, partly offset by the acquisition of
investments, operating losses and exploration expenditures discussed herein.
In February 2004, the Company raised $23.6 million by way of a non-brokered
private placing of 9,458,750 special warrants at a price of $2.50 per warrant.
The warrants were exercised, effective as of 12 February 2004, into a total of
9,458,750 common shares.
In May 2004, the Company completed a non-brokered private placing with
Commerzbank AG of 5,882,000 common shares at a price of $4.18 per shares for
total subscription proceeds of $24,6 million.
During the nine-month period ended 30 September 2004, the Company received total
proceeds of $9,797,425 through the exercise of 3,918,970 share warrants at a
price of $2.50 per share. For the three-month period ended 30 September 2004, no
share warrants were exercised.
The Company has spending commitments totaling US$1,600,000 over the remaining
term of its Voia exploration licence which expires in March 2007.
The Company has spending commitments of #97,440 per year (plus service charges
and value added tax) for a term of ten years under the lease for its office in
London, England, which commenced on 20 April 2004. The first rent payment was
due on 1 October 2004. The rent will be reviewed on the fifth anniversary of the
commencement of the term to reflect any increase in rents in the market.
The Company believes it has adequate funds available to meet its corporate and
administrative obligations and its planned expenditures on its mineral
properties for the coming year.
New Accounting Policies
The Company adopted the following new accounting policies during the nine-month
period ended 30 September 2004:
* Investments in companies and partnerships in which the Company does not
have joint control, but does have significant influence on them, are
accounted for using the equity method. The Company's share of the profit in
the equity investment of $725,584 for the three-month period ended 30
September 2004 and loss of $630,108 for the nine-month period ended 30
September 2004 has been included in the consolidated statement of loss and
deficit.
* Goodwill represents the difference between the price the Company paid for
the business, using the purchase method of accounting, and the fair value
of the net tangible assets and identifiable intangible assets acquired. The
Company will test goodwill annually for impairment, rather than amortise
goodwill over a specific period.
Acquisition of Investments
In February 2004, the Company acquired a 37.98% (30% on a fully-diluted basis)
interest in Hellas Gold, a joint venture company established for the purposes of
acquiring the Stratoni, Olympias and Skouries mines, in Chalkidiki, Greece from
the Greek government. Hellas Gold S.A. completed the acquisition of these
interests on January 28, 2004.
On 26 October 2004, the Company announced that it had conditionally agreed to
acquire an additional 35% interest in Hellas Gold, increasing its total interest
in Hellas Gold to 65%. The acquisition is expected to be completed on 30
November 2004 and is conditional, inter alia, upon the approval of the
disinterested shareholders of the Company which is to be sought at a Special
Meeting of Shareholders to be held on Friday, 26 November 2004.
Risks and Uncertainties
The risks and other uncertainties affecting the Company are substantially
unchanged from those disclosed in the Company's Management's Discussion and
Analysis for the second quarter of 2004.
Outlook
In Romania, the Company has identified a number of extensively mineralised zones
within its principal properties and has completed regional exploration
programmes, including resistivity, induced polarisation, airborne geophysics,
geological mapping, soil geochemical surveys, trenching, rock chip and channel
sampling and drilling, throughout its licence areas. The Company's primary focus
is to advance the Certej deposit to a pre-feasibility stage.
In Greece, the Company intends to update existing feasibility studies on Hellas
Gold's mineral properties to permit up to date estimation of the reserves,
review tailing management and prepare baseline environmental studies. Upon
completion of this review, the Company intends to commence a work programme to
develop Hellas Gold's mineral properties and produce a budget to meet financial
requirements through to production.
In the Balkans, the Company is considering various other mining prospects with a
view, where possible, to acquire the most compatible properties.
Outstanding Share Data
As at the date of this document, the Company's outstanding voting or equity
securities and other securities convertible into such voting or equity
securities, are as follows:
Preferred shares: Nil
Common shares: 50,940,803
Common share options 4,200,000
Common share broker warrants: 415,498
Forward-looking Statements
This document contains certain forward-looking statements concerning the
Company's future operations, economic performances, financial conditions and
financing plans. These statements are based on certain assumptions and analyses
made by the Company in light of its experience and its perception of historical
trends, current conditions and expected future developments as well as other
factors the Company believes are appropriate in the circumstances. However,
whether actual results and developments will conform with the Company's
expectations and predictions is subject to a number of risks, uncertainties and
assumptions. Consequently, all of the forward-looking statements made in this
document are qualified by these cautionary statements, and there can be no
assurance that the results or developments anticipated by the Company will be
realised or, even if substantially realised, that they will have the expected
consequences to or effects on the Company and its subsidiaries or their
businesses or operations. The Company undertakes no obligation and does not
intend to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be required under
applicable law.
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release and the information contained herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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