TIDMEGU
RNS Number : 7648I
European Goldfields Ltd
18 March 2010
For Immediate Release
18 March 2010
European Goldfields Limited
RESULTS FOR 2009
18 March 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European
Goldfields" or the "Company") today announces its results for the
year ended 31 December 2009. The financial statements, as well as
the accompanying management's discussion and analysis, are available for review
at http://www.egoldfields.com/egoldfields/en/financials/annuals and should be
read in conjunction with this news release.
Q4 and 2009 Highlights
Greece
· Preliminary Environmental Impact Study approved by Greek State
· Record Olympias gold sales
· Skouries basic engineering complete; project advances to detailed
engineering
· All major capital development at Stratoni in place
Romania
· PUZ process significantly advanced with recent granting of final permit
· Basic engineering substantially complete
· Technical Report for construction permit application initiated
· Independent Consultant completes audit for Bank Finance
Exploration
· Group wide, 2010 exploration budget of US$15 million
· Focus on adding resource ounces near to existing development projects
· Greece - geophysical survey confirms significant anomaly at Piavitsa
extending 8 km
· Romania - surface work identifies new highly prospective epithermal and
porphyry gold targets
· Turkey - high grade gold zone identified
Corporate
· Martyn Konig appointed as Executive Chairman & President
· Bruce Burrows and Fred Vinton appointed as Non-Executive Directors
· Strategic review determines management priorities; build out of technical
team and progression of financing. Investor Relations and Treasury function
established, rebranding of all corporate communications
· Added to S&P TSX Global Gold Index
· Further strengthened relationship and synergies with Aktor
Financial
· Sales of US$62.7m in 2009
· Gross profit up 107% 2009 vs 2008
· Project investment of US$47 million in 2009
· Strong balance sheet with working capital of US$145 million
Martyn Konig, Executive Chairman and President, commented:
"2009 saw significant progress in European Goldfields' strategy of realising
value from its 10 million ounces of gold reserves in Europe. The Board and
management team has been strengthened in preparation for the Company's
transition into a mid-tier producer, with a focus on delivering key milestones
and the de-risking of its substantial assets in Greece and Romania. With
significant progress being made in the permitting process in both countries we
are confident that 2010 will be the most important year yet for advancing
European Goldfields' development projects towards production."
European Goldfields will host a conference call on Thursday 18 March 2010 at
11:00 a.m. ET / 3:00 pm (London, UK time) to update investors and analysts on
its results.
Participants may join the call by dialling one of the three following numbers,
approximately 10 minutes before the start of the call.
From North America: (toll free) 1 888 935 4577
From UK: (toll free) 0800 028 1277
From rest of world: +44 (0)20 7806 1957
Participant pass code: 3174447
A live audio webcast of the call will be available on:
http://mediaserve.buchanan.uk.com/2010/eg180310/registration.asp
A replay of the webcast will be available on the same link from 5pm on Thursday
18 March 2010.
SELECTED FINANCIAL DATA
+-----------------------+-------------+--------------+
| | Year ended 31 December |
| | |
+-----------------------+----------------------------+
| (in thousands of US | 2009 | 2008 |
| dollars, | $ | $ |
| except per share | | |
| amounts) | | |
+-----------------------+-------------+--------------+
| Statement of profit | | |
| and loss | | |
+-----------------------+-------------+--------------+
| Sales | 62,712 | 60,044 |
+-----------------------+-------------+--------------+
| Gross profit | 11,670 | 5,647 |
+-----------------------+-------------+--------------+
| (Loss)/Profit before | (8,351) | (11,599) |
| income tax | | |
+-----------------------+-------------+--------------+
| Income taxes | (3,376) | 16,639 |
+-----------------------+-------------+--------------+
| (Loss)/Profit after | (11,727) | 5,040 |
| income tax | | |
+-----------------------+-------------+--------------+
| Non-controlling | (56) | 479 |
| interest | | |
+-----------------------+-------------+--------------+
| (Loss)/Profit for the | (11,783) | 5,519 |
| period | | |
+-----------------------+-------------+--------------+
| (Loss)/Earnings per | (0.07) | 0.03 |
| share | | |
+-----------------------+-------------+--------------+
+----------------------+-------------+--------------+
| | 31 December | 31 December |
| (in thousands of US | 2009 | 2008 |
| dollars) | $ | $ |
+----------------------+-------------+--------------+
| Balance sheet | | |
+----------------------+-------------+--------------+
| Working capital | 144,899 | 192,675 |
+----------------------+-------------+--------------+
| Total assets | 744,100 | 766,095 |
+----------------------+-------------+--------------+
European Goldfields' audited consolidated financial statements and management's
discussion and analysis for the years ended 31 December 2009 and 2008 are filed
on SEDAR at www.sedar.com.
GREECE SUMMARY
Permitting - Preliminary Environmental Impact Study Approved
In late September the then Ministry of Environment, Physical Planning and Public
Works, 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 "Pre-Approval") in the province
of Halkidiki, in North-Eastern Greece.
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, to produce gold dore on
site.
· Continuation of operations at the Mavres Petres deposit of the Stratoni
Mine.
· The expansion of existing port facilities at Stratoni in service of the
above projects' operations.
This Pre-Approval of the Project successfully concludes the major stage of
assessment by the authorities and will lead to the preparation and submission of
the Environmental Impact Study ("EIS") and supporting studies required by Greek
and European Legislation. The EIS will be based on terms of reference as now
defined by the Pre-Approval. 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 Pre-Approval process will in turn now optimise approval
of the EIS.
Completion of sales of gold concentrates
Hellas Gold has now completed the sale of the Olympias pyrite gold concentrate
stockpile. Sales of gold concentrates during the year were as follows:
+------------------------+---------+---------+
| | 2009 | 2008 |
+------------------------+---------+---------+
| Sales | | |
+------------------------+---------+---------+
| Gold concentrate (dry | 114,882 | 63,533 |
| tonnes) | | |
+------------------------+---------+---------+
Sales of Olympias gold concentrate will resume once Hellas Gold receives the
permits to process 2.4Mt of stockpiled tailings arising from the previous
operations at Olympias and when plant rehabilitation is completed. Reprocessed
tailings will produce approximately 350,000 tonnes of concentrates (containing
238,000 oz of gold) over approximately a three year period. Subsequently, the
resumption of underground primary mining operations at Olympias will produce
more gold bearing pyrite concentrates for sale. The Company has submitted an
Environmental Impact Study ("EIS") to allow the early processing of these
existing tailings and allow the rehabilitation of a significant area of the
Olympias valley. It is planned that this re-processing will commence in
parallel with refurbishment of underground infrastructure to recommence primary
mining production.
Since Olympias already benefits from extensive mining and plant infrastructure
including a concentrator plant, a shaft and a decline, the project can be
brought back into efficient operation quickly and at relatively modest cost.
Hellas Gold has commenced engineering work to rehabilitate the Concentrator
starting with a structural review. Scott Wilson Mining Consultants has completed
an initial underground mine refurbishment study which is being optimised. Life
of mine schedules, plant refurbishment plans and cost studies for the Olympias
project are under technical and financial review with a view to accelerating the
construction of the gold doré plant.
Development Projects
During 2009, Outotec completed the fabrication of the SAG and ball mills, motors
and thickeners, which represents the bulk of the process plant for the Skouries
project. Process equipment is held at a storage facility in Thessaloniki which
has been approved by Outotec. With the majority of the process plant fabricated
the Company is in a position to minimise the build time upon receipt of final
permits. The Greek engineering group ENOIA has issued the Basic Engineering
package to schedule.
Outotec is also well advanced with the Detailed Engineering of instrumentation
and control systems for the concentrator plant and ENOIA is coordinating the
overall control package including equipment outside of Outotec's supply to
provide a fully integrated system.A hydrogeological study by IGME, the Greek
geological survey, has been also been completed and detailed design of all civil
construction activity including the tailings management facility ("TMF") is
currently being undertaken by Omikron Kappa.
The project utilises established technology and has a simple flow-sheet. The
involvement of Outotec through the engineering and construction phases, together
with its process guarantee, will enable a smooth advancement to production and
ensure the technical performance of the plant. The balance of the project
represents a large-scale civil construction project which the company believes
represents low technical risk and can easily be sub-contracted.
Production at Stratoni
The Company's cash flow positive mining operations at Stratoni continue to
demonstrate European Goldfields' permitting and environmental capabilities and
commitment to the highest levels of social responsibility.
The Company's 95%-owned subsidiary Hellas Gold mined a total of 231,397 wet
tonnes in 2009 (2008 - 271,660). Sales from Stratoni were as follows:
+----------------------+---------+-----------+
| | 2009 | 2008 |
+----------------------+---------+-----------+
| Production | | |
+----------------------+---------+-----------+
| Ore mined (wet | 231,397 | 271,660 |
| tonnes) | | |
+----------------------+---------+-----------+
| Sales | | |
+----------------------+---------+-----------+
| Zinc concentrate | 37,132 | 44,838 |
| (tonnes) | | |
+----------------------+---------+-----------+
| - Containing | 15,276 | 18,496 |
| payable: Zinc | | |
| (tonnes)* | | |
+----------------------+---------+-----------+
| Lead concentrate | 17,001 | 22,321 |
| (tonnes) | | |
+----------------------+---------+-----------+
| - Containing | 10,867 | 14,086 |
| payable: Lead | | |
| (tonnes)* | | |
+----------------------+---------+-----------+
| Silver (oz)* | 823,191 | 1,077,550 |
+----------------------+---------+-----------+
| Inventory (end of | | |
| period) | | |
+----------------------+---------+-----------+
| Ore mined (wet | 1 | 1,778 |
| tonnes) | | |
+----------------------+---------+-----------+
| Zinc concentrate | 2,817 | 2,975 |
| (tonnes) | | |
+----------------------+---------+-----------+
| Lead/silver | 824 | 488 |
| concentrate (tonnes) | | |
+----------------------+---------+-----------+
* Net of smelter payable deductions
Ore production rates from underground were lower than 2008 due to unexpected
poor geotechnical conditions, particularly in the upper levels and in previously
mined areas found not to be backfilled. Grade was also affected as the poor
geotechnical conditions forced the operation to mine lower grade areas.
The 220 decline and sump, the 360 adit and the main internal ramp at Mavres
Petres were completed and connected during the year. The main fans were
installed in the 360 adit affording the operation much improved access,
ventilation and supply facilities. The internal ramp has been extended downwards
to the 142 level from the 220 decline to orebody extensions enabling additional
large, more productive stopes to be designed and mined. Second accesses from the
main internal ramp to an additional number of levels have been mined in 2009 to
provide more mining faces enhancing flexibility.
ROMANIA SUMMARY
PUZ permit approvals complete
The last remaining approval required for the grant of the Zonal Urbanisation
Plan ("PUZ") relating to Certej was recently issued by the Ministry of
Environment. Formal public notice of this approval has been issued in Romania
and the full PUZ permit will be granted at the next meeting of the Certej
council.
The grant of the PUZ will be a significant milestone which takes European
Goldfields one step closer to production. Certej contains 2.4 million reserve
ounces of gold, plus 17.3 million reserve ounces of silver, and lies in an area
which was a major gold producer historically and retains considerable future
potential. The Company is already well advanced in the next and final
substantive part of the permitting process for Certej, which is the approval of
the full Environmental Impact Study.
Basic engineering substantially complete
The Basic Engineering ("BE") contract for the Certej project process plant and
associated infrastructure awarded to Aker Solutions Engineering & Construction
was completed in September 2009. The BE covers the entire process plant
engineering, encompassing all three main areas of processing: the concentrator
area, the Albion section and gold-silver doré production by CIL. Xstrata
Technology, who are the owners of the Albion Process, were part of the BE team
leading the design of the Albion section of the plant. The capital and operating
costs calculated deviated little from previously estimated in-house calculations
developed from the 2008 Cost & Definition study, also conducted by Aker
Solutions. Basic design continues on the civil engineering and infrastructure
components of the project. This includes geotechnical investigations with the
assistance of Golder Associates UK ("Golder") for the TMF, dumps and pump tests
carried out by Golder's PasteTec(TM) division on tailings which will allow the
detailed design of the tailings pumping and delivery system.
Technical Report in preparation for Construction Permit application initiated
The Romanian contractor Cepromin has been appointed to prepare the Technical
Report, which involves advancing the BE level studies. This work is due for
completion in 2010, which together with the environmental permits will be
required for issuing the Construction Permit.
An audit has also been completed by an independent Technical Consultant which
was required in order to obtain bank finance. This audit looked at every
material aspect of the project and has confirmed the validity of the Company's
technical approach to the project.
Project Finance
European Goldfields commissioned an Independent Consultant to undertake an audit
for the Bank Financing of Certej which is now complete and will form the basis
for the conclusion of a project finance facility. Negotiations with a group of
financing institutions are well advanced: a detailed term sheet has been agreed
along with the roles for each institution within the facility. The Company will
make further announcements as financing milestones are achieved.
Exploration summary
The Board of Directors has approved a group wide, results driven exploration
budget of US$15 million for 2010.
Greece
The Stratoni project, the Olympias and Skouries development projects and three
drill-ready exploration targets are hosted within European Goldfields' 317 km²
Greek Licence Area. The total 2010 exploration budget for Greece is US$9.2
million and an aggressive drilling and exploration plan has been developed with
the aim of defining new massive sulphide and porphyry style resources in the
indicated and inferred categories.
Results of an airborne geophysics survey have significantly increased the number
and extent of conductive anomalies identified within the Licence Area. Some of
these anomalies are already known to host mineralisation and others are
currently untested. The EM survey had already successfully confirmed an anomaly
extending eight kilometres of strike at the Piavitsa massive sulphide target;
two kilometres of this strike length have massive sulphide drill intercepts
which correspond exactly with the EM anomaly. To put this new exploration
target in context, the massive sulphide mineral reserves at Olympias have a
strike length which totals two kilometres. This historic drilling has indicated
that the grade, mineralogy and geometry of the Piavitsa mineralisation is
similar to that at Olympias.
In addition, the magnetic component of the survey has already identified a 17
kilometre by six kilometre belt of porphyry intrusives over which a three
dimensional model has been completed defining two other major targets, Fisoka
and Tsikara. Follow-up reconnaissance mapping on the ground has confirmed the
presence of porphyry style mineralisation. Historic drill results at Fisoka
show mineralisation but Tsikara is a virgin target. The identification of open
pittable porphyry style copper and gold resources has the potential to defer the
underground development costs of the Skouries project.
Romania
In Romania a results driven exploration programme has been designed with a total
cost of some US$4.4 million with the aim of testing current targets and
delineating early project stage resources.
Along the volcanic belt which hosts the Certej project, surface work including
extensive soil sampling, geophysical surveys and re-interpretation of existing
data has outlined a series of epithermal gold targets proximal to the Certej
deposit and the historic Brad mines.
In addition porphyry style mineralised targets have been identified around the
Deva porphyry which historically produced some 20Mt at 0.8% Cu and with the gold
grade unrecorded.
Turkey
An exploration budget of US$2.2 million covering a results driven programme of
drilling, trenching and continued surface exploration and licence acquisition
has been approved for Turkey.
Mapping and sampling has confirmed that porphyry mineralisation continues to the
south of the previously recognised outcrops, and this additional extension
increases the size potential of the porphyry system. A high-grade gold zone has
also been identified at some three km to the southwest of the Ardala porphyry.
Trenching has returned bedrock intercepts of between 6 and 46 metres at grades
of between 2.8 and 9.6 g/t gold (using a 0.5g/t gold lower cut-off and no upper
cut-off grade) over a 360m strike length with mineralisation open to the south.
The Company continues to consolidate ground to the south of the Ardala licence
and has finalised an agreement with Aldridge Minerals Inc ("Aldridge") for the
joint development of Aldridge's Derinkoy properties, which covers an area of 40
km² adjacent to the Company's Ardala Licences. The Company continues to look for
new opportunities in Turkey and the exploration team has conducted a number of
exploration site visits to various portfolios, properties and deposits, both
within the Ariana JV area of interest and elsewhere in Turkey.
CORPORATE UPDATE
Board Changes
The Company is pleased to announce that it has appointed Alfred Merton Vinton to
its Board of Directors. The appointment of Mr. Vinton as our third Independent
Non-Executive Director will add valuable industry experience and insight to the
Board.
Mr. Vinton (aged 71) is Deputy Chairman of The Unipart Group of Companies. He is
also a director of Dinamia SCR S.A, GP Investments Ltd, and Hochschild Mining
plc, as well as a number of Latin American and European investment funds. From
1995-2009 he was Chairman of Electra Partners, the well-known private equity
firm. Prior to 1995, he had served as Chief Executive of Quilvest Ltd, Chief
Operating Officer of N M Rothschilds, and for 25 years worked for J P Morgan,
latterly as Senior Vice President responsible for the bank's business in the UK
and Scandinavia. See Appendix A at the end of this section for further
information on Mr. Vinton's current and past directorships.
Mr. Vinton is a highly respected and well known industry executive whose
appointment will augment the Board's commercial and operational experience. Mr.
Vinton has already joined the Company's Audit, Compensation and Nominating and
Corporate Governance Committees.
In addition the Company is pleased to announce the appointment of Varshan Gokool
as Vice President, Treasurer. Mr. Gokool brings corporate banking, trading and
industry experience to the management team. Prior to joining European
Goldfields, Mr. Gokool was Treasurer at Katanga Mining Limited where he was
responsible for the treasury activities of the Company which included the
arrangement of funding for its Kamoto Copper Project in the Democratic Republic
of Congo. Mr. Gokool is a graduate of the University of Cape Town with a
B.Bus.Sci (Finance), and is a CFA Charterholder.
European Goldfields added to S&P/TSX Global Gold Index
The Company is pleased to announce that, as a result of Standard & Poor's
Canadian index changes following the quarterly S&P/TSX Composite Index review,
European Goldfields has been added to the S&P Global Gold Index. The change will
be effective on Monday, March 22, 2010.
Positive update on legal proceedings
As reported previously in June 2005, certain residents of Stratoniki village
submitted a request for the annulment of the Greek government's joint
ministerial decision approving the EIS for the Stratoni mine (the "JMD
Approval"). In November 2005, the same petitioners submitted a request for the
annulment of the decision of the Minister of Development approving the technical
study for the exploitation of the Mavres Petres mine that forms part of the
Stratoni complex (the "MOD Approval"). The JMD Approval and the MOD Approval
are necessary for the continued operation of the Stratoni mine. In both cases
the petitioners alleged a lack of legal basis for the approvals and potential
harm to the environment and their properties. The Greek government, supported
by the Company, the Association of Extractive Companies, and two workers'
unions, has taken a position that the approvals are valid. In December 2005,
the petitioners requested an injunction to stop work on the Stratoni project
pending the hearing of the requests for annulment, but the court rejected the
request. A hearing on both requests for annulment was held in late 2009 and the
Company is now pleased to confirm that the Council of State has published its
judgement to reject both requests for annulment in all respects.
Long term incentive plan
European Goldfields is currently finalising a Long Term Incentive Plan ("LTIP")
for employees. As benefits under the LTIP will not take effect for some time
the Board has agreed to approve a Special Grant of RSUs and Share Options to
inter alia Messrs Rachovides and Morgan-Wynne being Directors and Officers of
the Company and to Messrs Forward and Dimitriadis being Officers of the Company.
The Company is examining longer term options such as an Employee Benefit Trust
in the context of developing the LTIP plan. Details of the Special Grant will
be finalised and the grant will be actually made once the Company has decided
upon these arrangements and this is expected by 31 March 2010. Options issued
under the Special Grant will be priced at $6.03 reflecting the stipulations of
the Company's Option Plan at the time of Board approval. Further details will
be disclosed at the time the Special Grant is actually made.
Outlook and Strategy
The Company initiated a Strategic Review in November 2009 which was completed in
January 2010. The review focused on assessing the Company's key resource
requirements - personnel, infrastructure and finance - in order to prepare for
the next phase of the Company's development as it moves towards becoming a
mid-tier producer. As a consequence of this review, the Company has already
established a new Investor Relations and Treasury function and further key hires
will be made in the near future. European Goldfields has been through a
rebranding process and the new website and communication materials better
support the Company's intention to reposition itself in the market. We have
already expanded our positive research coverage by brokers in the UK and North
America and are in the process of further broadening our exposure.
A major part of the Strategic Review was to prepare a highly detailed technical
roadmap and resourcing plan which will be implemented as we further progress
with permitting. In addition, the Company continues to advance discussions on
the financing of its project portfolio with initial focus on Certej.
There is considerable potential to significantly add to the Company's gold
resource inventory during 2010. The Company already benefits from an unusually
high level of reserves and a high resource to reserve conversion ratio.
However, the broader potential around its current operational and development
assets is currently untested and newly identified drill ready targets present
the opportunity to fast track the Company's US$15 million 2010 exploration
program with a view to increasing resource ounces.
The management of European Goldfields continues to demonstrate its ability to
deliver on permitting, further derisking a globally significant gold reserve
base and adding shareholder value. As the Company nears the conclusion of the
permitting process for its development stage projects, management's priority
will be to fully realise the potential of its current assets. This
demonstration of permitting ability will be brought to bear on any new
opportunities presented by the exploration programme or by acquisition.
Appendix A
Mr. Vinton currently holds the following directorships:
+--------------------------------+
| Emergent Asset Management Ltd |
+--------------------------------+
| UGC Ltd |
+--------------------------------+
| Applerigg Ltd (Formerly Sand |
| Aire) |
+--------------------------------+
| NAMS1 Private Equity |
| International Ltd |
+--------------------------------+
| Dinamia, SCR S.A. |
+--------------------------------+
| American Museum in Britain |
+--------------------------------+
| GP Investments Ltd |
+--------------------------------+
| MBA Latin America Opportunity |
| Fund |
+--------------------------------+
| EQMC Europe Development |
| Capital Fund PLC |
+--------------------------------+
| MBA Multistrategy Investment |
| Fund |
+--------------------------------+
| Hochschild Mining plc |
+--------------------------------+
Previous directorships held during the last 5 years:
+--------------------------------+
| Sand Aire Private Equity |
+--------------------------------+
| Amerindo Internet Fund |
+--------------------------------+
| Lambert Howarth Group plc |
+--------------------------------+
| Patagonia Argentine Recovery |
| Fund |
+--------------------------------+
| EP Private Equity |
+--------------------------------+
Save as set out above, there is no information in relation to Mr. Vinton's
appointment required pursuant to Schedule 2 paragraph (g) of the AIM rules for
Companies.
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 and the sale of gold concentrates from Olympias. 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.
For further information please see the Company's new website at
www.egoldfields.com
For further information please contact:
European Goldfields:
Buchanan Communications:
Sally Schofield, VP Investor Relations
Bobby Morse / Katharine Sutton
e-mail: info@egoldfields.com
e-mail: bobbym@buchanan.uk.com
Tel: +44 (0)20 7408 9534
Tel: +44 (0)20 7466 5000
RBC Capital Markets:
Josh Critchley
e-mail: joshua.critchley@rbccm.com
Matthew Coakes
e-mail: matthew.coakes@rbccm.com
Tel: +44 (0)20 7653 4000
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.
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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