APPROVAL OF PRELIMINARY ENVIRONMENTAL IMPACT STUDY
October 06 2009 - 1:00AM
UK Regulatory
TIDMEGU
RNS Number : 2752A
European Goldfields Ltd
06 October 2009
For Immediate Release
6 October 2009
European Goldfields Limited
APPROVAL OF PRELIMINARY ENVIRONMENTAL IMPACT STUDY BY GREEK STATE
6 October 2009 - European Goldfields Limited (AIM: EGU / TSX: EGU) ("European
Goldfields" or the "Company") is pleased to announce the successful conclusion
of the principal phase of the permitting process for the Skouries and Olympias
Projects in Greece.
The Ministry of Environment, Physical Planning and Public Works, based on the
Preliminary Environmental Impact Study ("PEIS") submitted by the Company's
95%-owned subsidiary Hellas Gold SA, has completed the Preliminary Environmental
Assessment and Evaluation and issued a positive official endorsement of the
construction and operation of the Project in the province of Halkidiki, in
North-Eastern Greece.
The "Project", consists of:
?. Continuation of operations at the Mavres Petres deposit of the Stratoni Mine.
?. 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.
C. The development of mining and processing at the Skouries project.
D. The port facilities at Stratoni in service of the above projects' operations.
This official assessment and positive evaluation of the Project, successfully
concludes the major stage of approvals and will lead to the preparation and
submission of the Environmental Impact Study ("EIS") and the supporting studies
required by Greek and European Legislation.
The EIS will be based on terms of reference as now defined by the PEIS. The EIS
will be submitted to the relevant authorities for review and the normal European
Union public consultation requirements in the near future. The Company is
confident that the extensive detail of the successful PEIS process can in turn
now optimise approval of the EIS.
Commenting on this development, David Reading, Chief Executive Officer of
European Goldfields, said: "Approval of the PEIS is a great achievement that
represents the fulfilment of several years work by Hellas Gold. It signifies a
substantial part of the approval process and sets out a clear path for the
future development of our gold projects in Greece".
About European Goldfields
European Goldfields Limited is a resource company involved in the exploration,
acquisition, mining and development of mineral properties in Greece, Romania and
South-East Europe.
Greece - European Goldfields holds a 95% interest in Hellas Gold S.A. Hellas
Gold owns three major gold and base metal deposits in Northern Greece. The
deposits are the polymetallic operation at Stratoni, the Olympias project which
contains gold, zinc, lead and silver, and the Skouries copper/gold porphyry
project. Hellas Gold commenced production at Stratoni in September 2005 and
started selling an existing stockpile of gold concentrates from Olympias in July
2006. Hellas Gold is applying for permits to develop and build the Skouries and
Olympias projects.
Romania - European Goldfields owns 80% of the Certej gold/silver project in
Romania. In July 2008, the National Agency of Mineral Resources approved the
technical feasibility study in support of its permit application and issued a
new mining permit for the Certej project.
For further information please contact:
+------------------------------------+--------------------------------------+
| European Goldfields: | e-mail: info@egoldfields.com |
| David Reading, Chief Executive | Tel: +44 (0)20 7408 9534 |
| Officer | |
+------------------------------------+--------------------------------------+
| Buchanan Communications: | e-mail: bobbym@buchanan.uk.com |
| Bobby Morse / Katharine Sutton | Tel: +44 (0)20 7466 5000 |
| | |
+------------------------------------+--------------------------------------+
| RBC Capital Markets: | e-mail: sarah.wharry@rbccm.com |
| Sarah Wharry | Tel: +44 (0)20 7653 4804 |
| | |
+------------------------------------+--------------------------------------+
Forward-looking statements
Certain statements and information contained in this document, 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 information under provisions of Canadian
provincial securities laws. When used in this document, the words "anticipate",
"expect", "will", "intend", "estimate", "forecast", "planned" and similar
expressions are intended to identify forward-looking statements or information.
Forward-looking statements include, but are not limited to, the estimation of
mineral reserves and resources, the timing and amount of estimated future
production, costs and timing of development of new deposits, permitting time
lines and expectations regarding metal recovery rates. 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 price of gold, base metals or certain other commodities (such as fuel and
electricity) and currencies; uncertainty of mineral reserves, resources, grades
and recovery estimates; uncertainty of future production, capital expenditures
and other costs; currency fluctuations; financing and additional capital
requirements; 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; the risks normally involved in the exploration, development and mining
business; and risks associated with internal control over financial reporting.
For a more detailed discussion of such risks and material factors or assumptions
underlying these forward-looking statements, see the Company's Annual
Information Form for the year ended 31 December 2008, filed on SEDAR at
www.sedar.com. The Company does not intend, and does not assume any obligation,
to update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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