<http://www.marketwatch.com/story/key-permit-secured-for-certej-project-2010
-03-16?reflink=MW_news_stmp>
http://www.marketwatch.com/story/key-permit-secured-for-certej-project-2010-
03-16?reflink=MW_news_stmp
16 March 2010
European Goldfields Limited
KEY PERMIT SECURED FOR CERTEJ PROJECT
16 March 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European
Goldfields" or the "Company") is pleased to announce a significant step
forward in the permitting of the Certej gold-silver project ("Certej") in
Romania.
The last remaining approval required for the grant of the Zonal Urbanisation
Plan ("PUZ") relating to Certej has been issued by the Regional Department
for Environmental Protection, Timisoara. Formal public notice of this
approval has been issued today in Romania and, at the next meeting of the
Certej council which is expected within the next week, the full PUZ permit
will be granted.
The grant of the PUZ will be a milestone which takes European Goldfields one
step closer to production. Certej contains 2.4 million reserve ounces of
gold, plus 17.3 million reserve ounces of silver, and lies in an area which
was a major gold producer historically and retains considerable future
potential. The Company is already well advanced in the next and final
substantive part of the permitting process for Certej, being the approval of
the full Environmental Impact Study.
The Company is grateful for the excellent and continued cooperation it has
enjoyed with national, regional and local authorities and will continue to
demonstrate its commitment to both the letter and principles of Romanian and
European Union requirements.
Commenting on this latest advance of Certej Martyn Konig, Executive Chairman
and President of European Goldfields said: "Our patience has been rewarded
with a unique achievement in the development of a gold project in Romania.
This is a landmark event. We appreciate that the Romanian authorities have
recognised both our competence and our productive collaboration throughout
this process. This high standard of performance and delivery continues as we
complete the final stage of the permitting process."
Certej Project Summary
The Certej project is an epithermal gold/silver deposit located in the
"Golden Quadrilateral" area of the Apuseni Mountains of Transylvania in
Western Romania, a highly prospective region which has historically produced
upwards of 30 million ounces of gold. The Certej deposit lies within a
brownfield site with excellent existing infrastructure and a history of
production which dates back 300 years; the open pit and plant were worked as
recently as 2006. The Certej orebody comprises four distinct ore zones,
amenable to extraction by 2 adjacent open pits that are well defined by
extensive drilling.
The Certej deposit has a calculated NI 43-101 compliant mineablereserve of
32.8 million tonnes of ore grading 2.0 g/t gold and 11.4 g/t silver,
representing 2.1 million ounces gold and 12.0 million ounces silver. A
further 4.1 million tonnes of ore from lower grade material and existing
dumps will contribute an additional 290,000 ounces of gold and 8.8 million
ounces of silver in the latter years of the mine. Reserves will be extracted
using a conventional open pit method with a strip ratio of 3.1:1. The
project will involve the processing of 3 million tonnes of ore per annum
over an open pit life of 11.5 years with an overall mine life of 16 years.
The ore will be processed using flotation to produce a pyrite gold
concentrate and then ultrafine grinding and ambient pressure oxidation using
the Albion Process developed by Xstrata to produce gold and silver dore on
site. Average annual production is expected to be 155,000 ounces of gold and
820,000 ounces of silver during the life of the open pit after which the
plant will be fed by lower-grade material, stockpile and dumps. The project
will involve an anticipated project capex of approximately $190 million
which includes pre-stripping in year 1. The Technical Study, required to
obtain the relevant construction permits, is currently underway with
completion anticipated in Q2 2010, ready for submission on approval of the
Environmental Impact Study. The project upside includes numerous drill ready
targets both near mine and within the wider licence area. Further long term
exploration potential exists within the Certej-Brad Belt.
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 and the sale of gold concentrates from Olympias.
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
<http://www.egoldfields.com/> www.egoldfields.com
For further information please contact:
European Goldfields:
Martyn Konig, Executive Chairman
e-mail: <mailto:[email protected]> [email protected]
Tel: +44 (0)20 7408 9534
Buchanan Communications:
Bobby Morse / Katharine Sutton
e-mail: <mailto:[email protected]> [email protected]
Tel: +44 (0) 20 7466 5000
RBC Capital Markets:
Josh Critchley
e-mail: <mailto:[email protected]> [email protected]
Matthew Coakes
e-mail: <mailto:[email protected]> [email protected]
Tel: +44 (0)20 7653 4000
Copyright C 2010 MarketWatch, Inc.
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