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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
European Gold | LSE:EGU | London | Ordinary Share | CA2987741006 | COM SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 807.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5219J European Goldfields Ltd 27 September 2006 For Immediate Release 27 September 2006 URBANISATION CERTIFICATE RECEIVED FOR CERTEJ European Goldfields Limited (AIM: EGU / TSX: EGU) is pleased to announce that the Hunedoara County Council has issued a General Urbanisation Certificate for the company's 80%-owned Certej project in Romania. The certificate confirms the designation of Certej as an industrial mining area. In August 2006, European Goldfields announced that it expected to receive the Urbanisation Certificate by November 2006. Commenting on this award, David Reading, Chief Executive Officer of European Goldfields, said: "We are delighted to have received the Urbanisation Certificate, two months earlier than expected. This important milestone is the first official step in the permitting process for Certej." Clear path for permits at Certej - European Goldfields has recently completed all necessary Environmental Impact Assessments (Levels I and II) for the Certej project, and is now actively conducting various additional studies in support of its permit application, including: * a Social Impact Assessment Study, to be completed by November 2006 * an Archaeological Study, to be completed by the Ministry of Culture by January 2007 * an Environmental Impact Study (EIS), to be completed in Q1 2007 * a Romanian Feasibility Study (RFS), to be submitted to the government together with the EIS European Goldfields already holds a mining permit for Certej, which is currently being exploited in a small scale by Minvest S.A., the company's partner in Romania. Minvest, the state-owned mining company, owns the remaining 20% interest in Certej. In Q1 2007, European Goldfields plans to submit the RFS and EIS as part of its application for environmental and mining permits, allowing an increase in production at Certej and the processing of ore on site. The permits and a detailed urbanisation plan would then be expected by Q3 2007 following a standard public consultation process with the local community. Customary construction and public utility permits would follow later in 2007 when the detailed engineering design has been completed for the site plant. ECOIND and Cepromin, Romanian companies with proven track records in environmental research and permitting procedures, and the Technical University of Civil Engineering Bucharest have been employed to assist in preparing these studies. About European Goldfields European Goldfields is a resource company involved in the acquisition, exploration and development of mineral properties in Greece, Romania and the Balkans. Greece - European Goldfields holds a 65% interest in Hellas Gold S.A. Hellas Gold owns the three major gold and polymetallic deposits of Stratoni, Skouries and Olympias in Northern Greece. Hellas Gold commenced production at Stratoni in September 2005 and selling an existing stockpile of Olympias gold concentrates in July 2006. Hellas Gold is applying for permits to develop the Skouries and Olympias projects. Romania - European Goldfields owns 80% of the Certej project in Romania. Resources were recently converted into Canadian NI 43-101 compliant reserves, underpinning the value of the project. European Goldfields is now completing a feasibility study for submission to the Romanian government in Q1 2007, in support of a permit application to develop the project. For further information please contact: European Goldfields: website: www.egoldfields.com David Reading, Chief Executive Officer e-mail: info@egoldfields.com Office: +44 (0)20 7408 9534 Buchanan Communications: e-mail: bobbym@buchanan.uk.com Bobby Morse / Ben Willey Office: +44 (0)20 7466 5000 Renmark Financial Communication: website: www.renmarkfinancial.com Tina Cameron e-mail: tcameron@renmarkfinancial.com Office: +1 514 939 3989 Forward-looking statements Certain information included in this news release, 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 statements". The words "expect", "will", "intend", "estimate" and similar expressions identify forward-looking statements. 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 worldwide price of gold, base metals or certain other commodities (such as fuel and electricity) and currencies; 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; and the risks normally involved in the exploration, development and mining business. These factors are discussed in greater detail in the Company's Annual Information Form for the year ended 31 December 2005, filed on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. This information is provided by RNS The company news service from the London Stock Exchange END MSCDQLFLQKBXBBK
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