European Gold Share Discussion Threads

[nermil] 14/9/2011 09:55

Does anyone have any thoughts on the impact of EGU should Greece leave the Eurozone and go back to the drachma? There would very likely be a devaluation of the drachma after it is re-introduced from the fixed exchange rate set for its move to Euro. Apparantly 345 drachma bought you 1 euro back then. Some costs at EGU will fall if they are 'local' costs. But again since oil is a major input cost a devaluation of the drachma would mean in effect higher oil prices for EGU, wouldn't it?

Has anyone done any research into this or have an opinion on what impact such a move could have on EGU? Anyone read anything interesting on the impact of a Greek exit from eurozone on companies operating in Greece?

[manics] 06/9/2011 16:19

saaaaaaah-weet!

[foot in mouth] 06/9/2011 16:03

Nice rise - we're hopefully in a nice uptrend now.

We are also the 20th biggest riser on the LSE at this moment in time!

20 EGU European Gold 777.50 7.61% 55.00

[zangdook] 30/8/2011 04:52

8. Number of securities in issue

Share Structure - 30 June 2011

Common Shares (issued)

183,840,513

Share Options

6,445,331

Restricted Share Units

1,961,164*

Common Shares (fully-diluted)

192,247,008

[foot in mouth] 24/8/2011 09:11

I've tried to look for an exact figure too but can't find it. Exactly why do you need it? are you contemplating making a bid?:~0

[manics] 14/8/2011 14:40

Gold price rockets but investors in mainstream funds miss out

Read more:

[goodboke] 12/8/2011 12:55

Thanks Maxim and Tam.Saw $126 mill total liabilities in accounts to 30 jun which bothered me.

[tamboerskloof] 12/8/2011 11:56

Goodbloke - My book price is £9.16 yes I'm down on my initial investment but I'm not worried still topping up as these will fly once on the main board and there is NO debt, so fill your boots NO advice intended all IMHO.

[maxim1999] 12/8/2011 11:49

Good grief!!There is no debt. They have a debt facilicity of $435 m which they can draw on if they want. This stock is going to 1500p

[goodboke] 12/8/2011 07:48

Considering getting into these but worried about the debt level.Is this a source of concern for anyone and can this be financed easily from cash flow?

[manics] 12/8/2011 07:10

2 parts:



RNS Number : 2453M
European Goldfields Ltd
12 August 2011

RESULTS FOR Q2 2011

12 August 2011 - European Goldfields Limited (TSX / AIM: EGU) ("European Goldfields" or the "Company") today reports its results for the quarter ended 30 June 2011. The financial statements, as well as the accompanying management's discussion and analysis, are available for review at and should be read in conjunction with this news release.

Highlights

Greece
· Greek State delivers Joint Ministerial Decision to formally approve EIS
· Major progress on Olympias plant refurbishment
· On schedule at Olympias for first gold production Q2 2012
· Bid document for Skouries project construction ready for issue

Romania
· Local public consultation complete, final cross-border consultation well advanced
· Pre-qualification of equipment suppliers complete
· Expansion of project team with technical software training underway

Exploration
· Aiming to define maiden resource at 3 targets in Greece in 2012

Financial
· Sales of US$11.1 million
· Gross profit of US$2.8 million
· Working capital US$31 million

Corporate
· Appointment of David Cather as COO
· London Main Market evaluation initiated

Martyn Konig, Executive Chairman and President, commented:

"The recent formal approval of our Greek EIS in the form of the final Joint Ministerial Decision announced by the Greek Government is a key milestone for European Goldfields. This approval represents the culmination of over five years of tireless effort, particularly on the part of our Greek colleagues at Hellas Gold, and allows us to progress towards our goal of becoming the largest primary gold producer in Europe. With build-out timelines clearly defined, we were able to revisit our business plan, review our reserve base and update the project economics. Accordingly, we have increased our total mineral resource base by approximately 10% to 24 million oz gold equivalent and while the majority of the industry is experiencing rising capital costs, we have successfully contained both our operating and capital costs at highly competitive levels. With the EIS approval in hand and under the stewardship of our newly appointed COO, we have hit the ground running both at Olympias and Skouries and we are firmly on schedule for first gold production from our Olympias tailings project in Q2 2012.

In Romania, we have been building out the technical team and intensive training on project management software is currently underway. Our longer term exploration programmes are focused on increasing our resource base significantly over the coming years. We are looking forward to drill testing near mine targets in Greece and also working toward defining a resource at our three advance-stage exploration targets, with Piavitsa our first priority. We also aim to provide an update on drilling in Turkey in the next couple of months."

[tamboerskloof] 11/8/2011 19:58

Nice lift to-day chaps, traffic will increase once its on the main board interesting will be divi, thats if there is one in the future time will tell.

[maxim1999] 11/8/2011 14:07

Anybody got anymore upto date views on this stock? I am convinced it will get bid for. Even on the day of the issue of the permits management were saying that that it would now attract attention as a target. It would therefore see a deal a north of 1500p. Any other thoughts or views from anyone? Odd there is so little traffic on this co.!

[kickstart] 10/8/2011 23:56

very strong close in Canada even given the huge falls on the indecese.

[manics] 09/8/2011 19:10

Well it's not fun being sold down with the rest of the AIM.
Soon however we will be on a main board and we can enjoy being sold off with all the blue chips instead.

[foot in mouth] 09/8/2011 16:59

Gold is still rising though we're being sold down the river. VERY frustrating!

[tamboerskloof] 22/7/2011 15:31

LOL Oh dear what wonderful humour made my day thanks for that. great posts all round lets hope they're about right.

[manics] 22/7/2011 14:55

Also what is an "i-year"? Do Apple make calendars now?

[foot in mouth] 22/7/2011 14:05

Do you have a link for dooby's - otherwise i'm dubious!

[zangdook] 22/7/2011 11:41

Is he one of the Doobie Brothers?

[trader horne] 22/7/2011 11:21

I'm into this as it's one of Dooby's (Goldstockanalyst) Top Ten gold stocks. He has a i-year target of $49 ~ 3000p