CERTEJ EIS SUBMITTED
02 August 2010 - 4:00PM
UK Regulatory
TIDMEGU
RNS Number : 3174Q
European Goldfields Ltd
02 August 2010
For Immediate Release
02 August 2010
European Goldfields Limited
CERTEJ EIS SUBMITTED
2 August 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European
Goldfields" or the "Company") is pleased to announce that the Environmental
Impact Study ("EIS") for the Company's Certej Project in Romania has been
submitted. This follows the issue of the Zonal Urbanisation Plan ("PUZ")
planning document by local authorities in May 2010, which included an
environmental summary and public consultation, and the subsequent definitive
confirmation of final guidelines for the EIS. The completion and submission of
the final EIS report is another landmark in European Goldfields' development of
the Certej Project.
The EIS will now be subject to the final stages of a Romanian 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 Romanian law.
Feasibility work on the Certej Project, which has proven reserves of 2.4 million
ounces gold and 17 million ounces silver, was completed in 2009 followed by
basic engineering of the plant by Aker Solutions. Current work is focused on
detailed design of the tailings facilities, other infrastructure and detailed
engineering of the plant. Under Romanian requirements, the detailed design is
supervised by the designated Romanian Engineering institute, Cepromin, with
input from international engineering groups. In June 2010, the Company announced
receipt of formal letters of commitment to underwrite a US$135 million financing
package to part fund the development costs of the Certej project from
Caterpillar Financial SARL, ING Bank N.V., Investec Bank plc, UniCredit Bank AG,
London Branch and WestLB AG, London Branch.
Certej Project Summary
The Certej project is an epithermal gold/silver deposit located in the "Golden
Quadrilateral" area of the Apuseni Mountains of Transylvania in Western Romania,
a highly prospective region which has historically produced upwards of 30
million ounces of gold. The Certej deposit lies within a brownfield site with
excellent existing infrastructure and the open pit and plant were worked as
recently as 2006.
The Certej deposit has a calculated NI 43-101 compliant mineable reserve of 32.8
million tonnes of ore grading 2.0 g/t gold and 11.4 g/t silver, representing 2.1
million ounces gold and 12.0 million ounces silver. The reserve also includes a
further 14.1 million tonnes of ore from lower grade in-pit material, and
existing dumps will contribute an additional 290,000 ounces of gold and 8.8
million ounces of silver in the latter years of the mine. Further project
details can be found
at
http://www.egoldfields.com/egoldfields/en/operationsprojects/romania/certej
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, 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.
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
END
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