EIS Submitted
09/08/2010 7:00am
UK Regulatory
TIDMEGU
RNS Number : 7146Q
European Goldfields Ltd
09 August 2010
For Immediate Release
9 August 2010
European Goldfields Limited
FINAL EIS FOR GREEK PROJECTS SUBMITTED
STRATONI: ENVIRONMENTAL PERMIT EXTENDED AND RESERVES UPDATE
9 August 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European
Goldfields" or the "Company") is pleased to announce that the final
Environmental Impact Study ("EIS") for the Company's project in Halkidiki (the
"Project"), in North-Eastern Greece, has now been submitted to the Greek
Ministry of Environment, Energy and Climate Change ("MoE").
In late September 2009 the Greek authorities completed the Preliminary
Environmental Assessment and Evaluation based on the Preliminary Environmental
Impact Study ("PEIS") submitted by the Company's 95%-owned subsidiary Hellas
Gold SA, and issued a pre-approval of the construction and operation of the
Project.
The Project consists of:
· The development of mining and processing at the Skouries project.
· The next stages of the Olympias project, namely the mining and processing
of ore and metallurgical treatment of the concentrate, in accordance with the
business plan as originally submitted.
· Continuation of operations at the Mavres Petres deposit of the Stratoni
Mine.
· Development of the port facilities at Stratoni to service the above
projects' operations.
The completion and submission of the EIS is another landmark in European
Goldfields' development of the Project.
The EIS will now be subject to the final stages of a 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 Greek law.
Stratoni Environmental Permit Extended
The Environmental Permit for the Stratoni lead-zinc-silver mine has been
extended until the end of July 2012. The extended permit was received by the
company from the MoE and ensures production can continue until the granting of
the overall Environmental Permit for all of European Goldfields' projects in
Northern Greece.
Reserves Update
The Company also announces that new reserves have been estimated for the
Company's Stratoni operation as follows:
+----------------+-------+------+------+------+-------+-----+-------+
| Reserve |'000t | Ag | Ag |Pb % | Pb | Zn | Zn |
| Category | | g/t | Moz | |'000t | % |'000t |
+----------------+-------+------+------+------+-------+-----+-------+
| Proven |1,657 | 174 | 9.3 | 6.1 | 101 |8.5 | 141 |
+----------------+-------+------+------+------+-------+-----+-------+
| Probable | 103 | 225 | 0.7 | 8.7 | 9 |9.3 | 10 |
+----------------+-------+------+------+------+-------+-----+-------+
| Total |1,760 | 177 |10.0 | 6.3 | 110 |8.5 | 150 |
+----------------+-------+------+------+------+-------+-----+-------+
Mining depleted the reserve by a total of some 295,000 wet tonnes over the
course of 2009 and Q1 2010 compared to the January 2009 reserve detailed in the
June 2009 report. Additional tonnes were added through exploration to the lower
part of the mine but were offset by other sections of the mine being
inaccessible due to adverse geotechnical conditions. The deposit is open in
several directions and further expansion of reserves is planned through the 2010
exploration drilling programme.
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, VP
Projects & 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: info@egoldfields.comTom Fyson
Tel: +44 (0)20 7408 9534
Tel: +44 (0)20 3100 2000
Buchanan Communications Evolution
Securities Limited
Bobby Morse / Katharine Sutton Rob
Collins
e-mail: bobbym@buchanan.uk.com Tim Redfern
Tel: +44 (0)20 7466 5000
Tel: +44 (0)20 7071 4300
This information is provided by RNS
The company news service from the London Stock Exchange
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