http://www.marketwatch.com/news/story/european-goldfields-limited---updated/
story.aspx?guid=%7B07C0C1DB-E7EF-4F5B-AED4-9CF0528E695A%7D
<http://www.marketwatch.com/news/story/european-goldfields-limited---updated
/story.aspx?guid=%7B07C0C1DB-E7EF-4F5B-AED4-9CF0528E695A%7D&dist=hppr>
&dist=hppr
European Goldfields Limited - Updated Mining Permit for Certej Project
Last update: 7:14 a.m. EDT Sept. 3, 2008
WHITEHORSE, YT, Sept 03, 2008 /PRNewswire-FirstCall via COMTEX/ -- 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.
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 <http://www.egoldfields.com/goldfields/resources.jsp>
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 <http://www.sedar.com/>
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.
SOURCE EUROPEAN GOLDFIELDS LTD.
Copyright (C) 2008 PR Newswire
----------------------------
Vali
"Noble blood is an accident of fortune; noble actions are the chief mark of
greatness."
"When the power of love overcomes the love of power, the world will know
peace."
Aboneaza-te la <mailto:[EMAIL PROTECTED]> ngo_list: o
alternativa moderata (un pic) la [ngolist]
Please consider the environment - do you really need to print this email?
