CERTEJ EIS SUBMITTED

 

TIDMEGU 
 
RNS Number : 3174Q 
European Goldfields Ltd 
02 August 2010 
 

For Immediate Release 
                      02 August 2010 
 
 
                          European Goldfields Limited 
 
                              CERTEJ EIS SUBMITTED 
 
2 August 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European 
Goldfields" or the "Company") is pleased to announce that the Environmental 
Impact Study ("EIS") for the Company's Certej Project in Romania has been 
submitted. This follows the issue of the Zonal Urbanisation Plan ("PUZ") 
planning document by local authorities in May 2010, which included an 
environmental summary and public consultation, and the subsequent definitive 
confirmation of final guidelines for the EIS. The completion and submission of 
the final EIS report is another landmark in European Goldfields' development of 
the Certej Project. 
 
The EIS will now be subject to the final stages of a Romanian decision-making 
process that conforms to the EU Directive on Environmental Impact Assessment. 
In summary the EIS is reviewed by the competent authorities and is subject to 
public consultation, the requirements for which are set out in this EU Directive 
and embodied in Romanian law. 
 
Feasibility work on the Certej Project, which has proven reserves of 2.4 million 
ounces gold and 17 million ounces silver, was completed in 2009 followed by 
basic engineering of the plant by Aker Solutions. Current work is focused on 
detailed design of the tailings facilities, other infrastructure and detailed 
engineering of the plant. Under Romanian requirements, the detailed design is 
supervised by the designated Romanian Engineering institute, Cepromin, with 
input from international engineering groups. In June 2010, the Company announced 
receipt of formal letters of commitment to underwrite a US$135 million financing 
package to part fund the development costs of the Certej project from 
Caterpillar Financial SARL, ING Bank N.V., Investec Bank plc, UniCredit Bank AG, 
London Branch and WestLB AG, London Branch. 
 
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 the open pit and plant were worked as 
recently as 2006. 
 
The Certej deposit has a calculated NI 43-101 compliant mineable reserve 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. The reserve also includes a 
further 14.1 million tonnes of ore from lower grade in-pit 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.  Further project 
details can be found 
at 
http://www.egoldfields.com/egoldfields/en/operationsprojects/romania/certej 
 
 
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. 
 
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: 
www.egoldfields.com/egoldfields/en/operationsprojects/state 
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. 
 
For further information please see the Company's website at www.egoldfields.com 
 
For further information please contact: 
 
European Goldfields 
Liberum Capital Limited 
Steve Sharpe, VP Business Development                             Simon Atkinson 
e-mail: [e-mail] Fyson 
Tel: [phone] 
Tel: [phone] 
 
Buchanan Communications                                                Evolution 
Securities Limited 
Bobby Morse / Katharine Sutton                                             Rob 
Collins 
e-mail: [e-mail]                                      Tim Redfern 
Tel: [phone] 
Tel: [phone] 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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