FINAL EIS FOR GREEK PROJECTS SUBMITTED-Replacement

 

TIDMEGU 
 
RNS Number : 7769Q 
European Goldfields Ltd 
09 August 2010 
 

 
 
 
+-----------------------------------+-----------------------------------+ 
| Immediate Release                 |                     9 August 2010 | 
+-----------------------------------+-----------------------------------+ 
 
 
This is a re issue of RNS 7146Q released today for European Goldfields Ltd at 
0700GMT on 9th August 2010. The title of the release has been changed to Greek 
Projects EIS Submitted to reflect the content of the press release. The body of 
the announcement has not been changed. 
 
                          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: [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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