TIDMEGU
RNS Number : 4505K
European Goldfields Ltd
15 July 2011
Suite 200, Financial Plaza
204 Lambert Street
Whitehorse, Yukon
Canada Y1A 3T2
For Immediate Release
Resources and Reserves Updated
Economics Confirmed
Chief Operating Officer Appointed
Goldman Sachs Appointed
15 July 2011 - European Goldfields Limited (AIM: EGU / TSX: EGU)
("European Goldfields" or "the Company") is pleased to make the
following announcements now that the Environmental Impact Study
("EIS") submitted by the Company's 95% owned subsidiary Hellas Gold
S.A, has received the approval of the Ministry of Environment,
Energy and Climate Change ("MOE"):
-- The Company has completed an update to its Resource and
Reserve Statement ("NI 43-101") for the Skouries and Olympias
projects to reflect the current environment for costs and commodity
prices, to account for the timing in the receipt of the permit and
the implementation of the Business Development Plan approved under
the EIS.
The key elements of the update for the Greek assets are as
follows:
- A net increase in the total Skouries and Olympias Measured and
Indicated Mineral Resources (over previously filed NI 43-101
report) to 9.6 million ounces of gold and 1,205kt of copper. In
addition there is a newly declared Inferred Resource of 828,000
ounces of gold and 288,000t of copper at Skouries;
- This update increases the Company's total Measured and
Indicated Resources inclusive of Reserves to 23.8 million gold
equivalent ounces and attributable Proven and Probable Reserves to
18.1 million gold equivalent ounces;
- Projected total initial capital expenditures to primary gold
production of US$300 million for Skouries and US$165 million for
Olympias;
- Forecast combined average life of mine cash operating costs in
the lowest quartile globally at US$350-US$400/oz.
-- David Cather has been appointed as Chief Operating Officer
with immediate effect. Mr. Cather has a 25 year track record in the
mining industry and previously worked for De Beers and Anglo
American.
-- Goldman Sachs International has been appointed to assist in
the evaluation of a potential move from AIM to the Main Market of
the London Stock Exchange. Lazard & Co., Limited will also
provide financial advice in connection with such evaluation.
Commenting on the announcements, Martyn Konig, Executive
Chairman & President, noted:
"We are delighted to have received approval of our EIS from the
MOE following the comprehensive review and public consultation
process in Greece. The importance of this approval cannot be
overstated and we are extremely grateful to our Greek colleagues at
Hellas Gold, for their huge and tireless efforts throughout this
lengthy and rigorous process. It allows us to progress towards our
goal of becoming the largest primary gold producer in Europe and
will provide the Greek economy with much needed and significant
investment, contributing to both the financial and social
environment in the region as new long-term jobs are created.
As we embark upon the development of our Greek projects, we have
undertaken a comprehensive Resource and Reserve update. This has
involved a thorough capital and operating cost review reflecting
the EIS approval and prevailing economics of our projects. The
update will show that we have been able to largely avoid the
current capital cost and operating cost inflation being experienced
by the mining industry globally. As a result, we are pleased to
announce that our forecast average cash costs of production (on a
gold equivalent basis) remain well within the lowest quartile of
the global average, notwithstanding some fairly significant scope
changes. For example, we have opted for an underground mining
method at the end of the Skouries open pit life, that we believe is
best suited to the prevailing economic climate and underscores our
commitment to the best practices of environmental stewardship.
We are also very happy that David Cather has accepted the
position of COO and we are confident that his vast experience
gained with De Beers, Anglo American and Miller Mining will be
invaluable to us in bringing the development projects into
production on time and on budget.
Finally, from a corporate development perspective, the potential
move to the London Main Board is a logical step for the Company. We
firmly believe that there is a considerable level of European
investor demand for exposure to our unique proposition of EU based
gold production."
Conference call details
European Goldfields will host a conference call to update
investors and analysts on the contents of this release. The call
will be held today, Friday 15 July at 8:00am EDT / 1:00pm London,
UK time.
Participants may join the call by dialling the number below,
approximately 5 minutes before the start of the call.
Participant dial in: +44 (0) 1452 561 263
Conference ID: 83667798
Olympias & Skouries Resource and Reserve Update (NI
43-101)
The Company is pleased to announce an update to Resources and
Reserves for its Olympias and Skouries assets in North-Eastern
Greece. The update reflects improved commodity prices and current
costs in accordance with the Company's Business Development Plan
and approved EIS.
Olympias
-- Olympias Resources and Reserves
The table below outlines the updated Resource and Reserve
Statement in respect of Olympias. The change to the previously
declared Resources and Reserves is due to the effect of updated
commodity prices and production costs on the cut-off grade rather
than any re-interpolation of drilling or sampling data. This has
led to an increase in Proven & Probable Mineral Reserves of 13%
in all metals, including an increase of 460,000 oz of gold.
Au Au Ag Ag Pb Pb Zn Zn
Resources '000t g/t Moz g/t Moz % '000t % '000t
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Olympias
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Measured 8,137 10.0 2.60 147 38.5 4.9 400 6.6 535
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Indicated 4,298 10.0 1.39 161 22.3 5.4 230 7.1 304
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Total
(underground) 12,435 10.0 3.99 152 60.8 5.1 630 6.7 839
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Measured
Tailings 2,408 3.4 0.27 14 1.1 - - - -
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Total M&I 14,843 - 4.26 - 61.9 - 630 - 839
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Inferred 1,666 8.9 0.47 155 8.3 5.4 90 7.2 120
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Au Au Ag Ag Pb Pb Zn Zn
Reserves '000t g/t Moz g/t Moz % '000t % '000t
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Olympias
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Proven 8,886 8.7 2.47 128 36.5 4.3 380 5.7 508
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Probable 4,686 8.7 1.32 140 21.2 4.7 219 6.2 288
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Total
(underground) 13,572 8.7 3.79 132 57.7 4.4 599 5.9 796
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Proven
Tailings 2,408 3.4 0.27 14 1.1 - - - -
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
Total 15,980 - 4.06 - 58.8 - 599 - 796
--------------- ------- ----- ----- ---- ----- ---- ------ ---- ------
For further detail on Resource and Reserve calculations see
Notes to Mineral Resource and Reserve Statementin Appendix
A below.
===============================================================================
The Olympias Reserve now incorporates approximately two million
tonnes of additional ore at similar gold grades (8 to 9g/t gold) to
the rest of the Reserve. Inspection of the core by the Company
indicates that there is lower-grade mineralisation enveloping the
modelled zones and therefore the current assumption of dilution at
zero grade is conservative; raising the dilution grade will afford
the opportunity to raise the overall Reserve grade.
-- Olympias Capital and Operating Costs
The Company has reconfirmed its Business Development Plan for
Olympias as follows:
- Olympias Tailings Retreatment and Olympias Concentrator
Refurbishment - with expected first gold production from Olympias
during Q2 2012;
- Olympias Underground Mine Refurbishment - with expected
primary production from the underground mine at a run rate (ROM) of
400,000t per annum by Q4 2015 through the existing Olympias
concentrator;
- Olympias Underground and Infrastructure Expansion - with
expected expansion of the underground mine to a run rate of
850,000t per annum and new Stratoni Concentrator by 2020;
- Mine life extended by 25% as a result of additional
Reserves.
The table below outlines the expected associated capital
expenditure, operating cash costs and production from Olympias:
Unit Amount
---------------------------------------------------- ------------- ---------
Capital Expenditure
---------------------------------------------------- ------------- ---------
Tailings retreatment and Concentrator Refurbishment
Capital
(Up to Q2 2012) US$ million 15
---------------------------------------------------- ------------- ---------
Underground Mine Refurbishment(1)
(Up to Q4 2015) US$ million 150
---------------------------------------------------- ------------- ---------
Total Initial Capital to Underground ROM
rate of 400ktpa US$ million 165
---------------------------------------------------- ------------- ---------
Underground Mine Expansion
(From 2016 -- 2020) US$ million 108
---------------------------------------------------- ------------- ---------
Production -- recovered metal (average
per year)
------------------------------------------------------------------- ---------
Tailings Retreatment ounces 70,000
(Q2 2012 -- Q4 2015) ounces 31,000
Gold in concentrate
Gold Equivalent Production (2)
---------------------------------------------------- ------------- ---------
Underground Mine Refurbishment -- 400ktpa ounces 119,000
ROM ounces 1.7m
(Q4 2015 -- Q4 2020) tonnes 16,000
Gold in concentrate tonnes 21,000
Silver ounces 120,000
Lead
Zinc
Gold Equivalent Production(2)
---------------------------------------------------- ------------- ---------
Underground Mine Expansion -- 850ktpa ROM ounces 200,000
(2021 to end of Life of Mine) ounces 3.2m
Gold in concentrate tonnes 33,000
Silver tonnes 44,000
Lead ounces 225,000
Zinc
Gold Equivalent Production(2 3)
---------------------------------------------------- ------------- ---------
Operating Costs per Gold Equivalent Ounce
(2)
------------------------------------------------------------------- ---------
Tailings Retreatment US$/oz 400-450
Underground Mine Refurbishment & Expansion US$/oz 250-300
---------------------------------------------------- ------------- ---------
1. Mine Capital includes estimated expenditure to refurbish the
existing underground mine to produce up to 400,000 tonnes per
annum ROM ore to feed the refurbished Olympias plant. This also
includes some long lead development capital for the expansion
project up to 850,000 tonnes per annum ROM ore.
2. For further detail on exchange rates & gold equivalent calculations,
please see Notes to Exchange Rate & Operating Costsin Appendix
A.
3. The effect of the proposed gold plant on production has not
been included, which is expected to increase the payability of
gold in concentrate and gold equivalent production, and increase
operating income.
==============================================================================
Skouries
-- Skouries Resources and Reserves
The table below outlines the updated Resource and Reserve
Statement in respect of Skouries. The change to previously
disclosed Resources and Reserves include an increase in Measured
& Indicated Mineral Resources of 310,000 oz of gold and
162,000t of copper and a newly declared Inferred Mineral Resource
of 828,000 oz of gold and 288,000t of copper, set against a
decrease in Reserves of 320,000 oz of gold and 53,000t of copper,
due to the approved mining method under the EIS approval.
Au Cu Cu
Resources '000t g/t Au Moz % '000t
------------ --------- ----- ------- ----- -------
Skouries
------------ --------- ----- ------- ----- -------
Measured 39,480 1.24 1.57 0.67 266
------------ --------- ----- ------- ----- -------
Indicated 206,870 0.57 3.77 0.45 939
------------ --------- ----- ------- ----- -------
Total M&I 246,350 0.67 5.34 0.49 1,205
------------ --------- ----- ------- ----- -------
Inferred 115,777 0.22 0.83 0.25 288
------------ --------- ----- ------- ----- -------
Au Cu Cu
Reserves '000t g/t Au Moz % '000t
------------ --------- ----- ------- ----- -------
Skouries
------------ --------- ----- ------- ----- -------
Proven 34,444 1.25 1.38 0.68 233
------------ --------- ----- ------- ----- -------
Probable 103,918 0.66 2.21 0.48 503
------------ --------- ----- ------- ----- -------
Total 138,362 0.81 3.59 0.53 736
------------ --------- ----- ------- ----- -------
For further detail on Resource and Reserve
calculations see Notes to Mineral Resource
and Reserve Statementin Appendix A below.
=======================================================
A more rigorous approach has been applied to the classification
of Resources. This has had two effects:
- The Company is now able to report a new Inferred Mineral
Resource of 116 million tonnes containing 828,000 oz of gold and
288,000t of copper;
- More than 106,000 oz of gold and 33,000t of copper Inferred
Mineral Resources is contained within the planned open pit and the
Company expects that this can be converted to M&I Mineral
Resources with a modest drilling campaign. Should this infill
drilling show that the M&I Mineral Resources in proximity to
the planned open pit are more extensive than currently indicated,
the approved EIS allows for a larger open pit, providing potential
for extending the open pit life.
The Skouries Reserve estimate contemplates underground mining
using Sub-Level Open Stoping following the current six year open
pit life. Two mining methods were proposed in the EIS, Sub-Level
Caving and Sub-Level Open Stoping and approval was sought and given
for Sub-level Open Stoping.
There are a number of advantages to Sub-Level Open Stoping with
back-fill, including the method being amenable to mechanisation. It
is safer, easier to ventilate and has a high recovery rate with
minimal dilution. Further, as underground voids are backfilled, it
reduces land disturbance, minimises tailings facilities,
environmental footprint and reduces the risk of subsidence.
Finally, it is in line with the EU Waste Directive and uses Best
Available Techniques. This mining method has led to a mine life
extension of around 35%.
This mining method requires the use of pillars many of which may
carry high grades, and the final underground mine design during
detailed engineering is expected to allow optimisation of the size,
positioning and recovery of these pillars. As a result, the Company
anticipates that higher-grade material currently excluded as
pillars can be scheduled back into the Reserves during detailed
design optimisation.
-- Skouries Capital and Operating Costs
The Company has reconfirmed its Business Development Plan for
Skouries as follows:
- Skouries Open Pit and Infrastructure Development - with
expected first gold production from Skouries during Q1 2014;
- Skouries Underground - this will follow the open pit and is
currently expected to start in 2020.
The table below outlines the expected associated capital
expenditure, operating cash costs and production from Skouries:
Unit Amount
---------------------------------------- ------------- ---------
Capital Expenditure(1)
---------------------------------------- ------------- ---------
Open Pit Capital (including pre-strip) US$ million 61
---------------------------------------- ------------- ---------
Plant Capital US$ million 202
---------------------------------------- ------------- ---------
TMF, Infrastructure and Roads US$ million 21
---------------------------------------- ------------- ---------
Owner's Costs & Sustaining US$ million 16
---------------------------------------- ------------- ---------
Total Construction Capital US$ million 300
---------------------------------------- ------------- ---------
Production Contained in Concentrate
(average per year)
------------------------------------------------------- ---------
Open Pit ounces 153,000
(From Q1 2014 -- Q4 2019) tonnes 33,000
Gold ounces 356,000
Copper
Gold Equivalent Production (2)
---------------------------------------- ------------- ---------
Underground ounces 106,000
(2020 to end of Life of Mine) tonnes 24,000
Gold ounces 255,000
Copper
Gold Equivalent Production (2)
---------------------------------------- ------------- ---------
Operating Costs per Gold Equivalent
Ounce (2)
------------------------------------------------------- ---------
Open Pit US$/oz 250-300
Underground US$/oz 400-450
---------------------------------------- ------------- ---------
1. The capital expenditure for Skouries covers the period
from 2011 to 2013 until first cash flow is produced
from the open pit.
2. For further detail on gold equivalent calculations,
please see Notes to Exchange Rates and Operating Costsin
Appendix A.
==================================================================
Expected Business Development Plan Optimisation
As an on-going process, the Company continually works on the
optimisation of its assets through its Business Development Plan.
The EIS approval will allow the Company to continue exploration and
test work to develop the following:
- The Skouries underground mine plan will continue to be
reviewed and the Company expects to identify areas where further
optimisation and operational improvements can be implemented. This
review will also include a re-examination of the open pit and
underground interface and the underground mining ore extraction
techniques to ensure that best available technologies and practices
are adopted and value maximised;
- Further development work and design will be done in respect of
the Olympias Gold plant, as approved in the EIS, to take the gold
concentrate to a final product, thereby maximising the return from
the contained gold. When the engineering work currently being
undertaken in conjunction with Outotec is complete, we would expect
to revise our NI 43-101 reports to reflect that information;
- Piavitsa - Previous drilling has outlined a high grade
Olympias style polymetallic deposit, and the Company plans to
commence a new drill programme immediately to define a maiden
mineral resource estimate. Given Piavitsa's close proximity to the
Stratoni operation, it could ultimately be exploited via existing
underground mine infrastructure;
- At Fisoka, three porphyry centres have been identified. The
more northerly has been drill tested and historic assaying gave
over 100 metres thickness of copper only mineralisation of 0.4 to
0.6% Cu in a supergene blanket type zone from which gold has been
leached. Mapping and sampling of the central and southern
porphyries indicate copper and gold mineralisation and porphyry
style alteration and veining. The Company plans to drill test these
promising porphyry copper-gold targets immediately in parallel with
drilling at Piavitsa;
- At Tsikara, mapping and grab sampling has indicated areas of
strong porphyry style veining and alteration in outcrop over an
area of magnetic anomaly with a similar signature to the Skouries
porphyry. The Company plans to investigate the longer term
potential of these porphyry-style deposit anomalies for the
definition of mineral resources via an open pit within trucking
distance of the Skouries plant. Drilling is expected to commence
shortly after that at Piavitsa and Fisoka.
Appointment of Chief Operating Officer
The Company is pleased to announce the appointment of David
Cather C.Eng, MIMMM as Senior Vice President in the newly created
role of Chief Operating Officer.
Mr. Cather graduated from the Royal School of Mines, Imperial
College, London in 1981 with a first class degree in mining
engineering. Over a career spanning more than 25 years, Mr. Cather
has gained extensive senior level project development experience
and management skills in both open pit and underground
operations.
His early career with De Beers provided him with extensive
underground mining and mine development experience. His expertise
and experience developed further during 10 years in a senior
management role at Redland Aggregates Ltd, after which, as
Development Director of Miller Mining, Mr. Cather spearheaded the
development of a portfolio of open-cast coal mines. Mr. Cather
spent the next 9 years with Anglo American where, as Technical
Director of Anglo American's Industrial Minerals Division, he was
responsible for Tarmac Group (construction materials in 13
countries), Cleveland Potash (fertiliser operations in the UK) and
Copebras Brazil. Since 2006, Mr. Cather has acted as a retained
mining consultant to Grafton Resources, a London based natural
resources fund with major investments in gold projects in Russia,
India and the Philippines, Brazilian iron ore and a Bulgarian water
project.
Corporate Development
European Goldfields is reviewing its corporate structure with a
view to facilitating better access to, and servicing of, the UK and
international capital markets. The Company has appointed Goldman
Sachs International to assist with this review which will include
the evaluation of a potential upgrade of the current AIM Listing to
the Main Market of the London Stock Exchange and a potential
re-domiciliation of the Company. Lazard & Co., Limited will
also provide financial advice in connection with such
evaluation.
Appendix A
Notes to Mineral Resource and Reserve Statement
(1) The Company owns the Stratoni, Skouries and Olympias
projects through Hellas Gold, a 95% owned subsidiary.
(2) Mineral Reserves and Mineral Resources are classified in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum's "CIM Standards on Mineral Resources and Mineral
Reserves, Definitions and Guidelines" and with Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore
Reserves (the 'JORC Code') as per the requirements of Canadian
National Instrument 43-101 ("NI 43--101").
(3) All quoted Mineral Resources are inclusive of the Mineral
Reserves.
(4) Disclosure of Mineral Resources and Mineral Reserves
(effective date 14 July 2011) for Hellas Gold's Skouries deposit is
derived from a technical report dated 14 July 2011 prepared by
independent consultants URS Scott Wilson Ltd, under the supervision
of David Smith (of URS Scott Wilson Ltd) and Patrick Forward, the
Company's Vice President Projects and Exploration, each "Qualified
Persons" under NI 43-101. Disclosure of Mineral Resources and
Mineral Reserves (effective date 14 July 2011) for Hellas Gold's
Olympias deposit is derived from a technical report dated 14 July
2011 prepared under the supervision of Patrick Forward, the
Company's Vice President, Projects and Exploration, a "Qualified
Person" under NI 43-101.
(5) Mineral Reserves are estimated using projected process
recoveries, operating costs and mine plans that are unique to each
property and include estimated allowances for dilution and mining
recovery.
(6) For further information including data verification, see the
technical reports referred to in Note 4, which may be obtained on
www.sedar.com.
(7) Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
(8) Figures in the tables may not sum due to rounding.
(9) Mineral Resources and Reserves for the projects have been
calculated based on the following metal prices and cut-off
criteria:
Gold Silver Lead Zinc Copper
US$/oz US$/oz US$/lb US$/lb US$/lb
---------- -------- -------- -------- -------- --------
Olympias $1,000 $15.0 $0.68 $0.68 -
---------- -------- -------- -------- -------- --------
Skouries $1,000 - - - $2.5
---------- -------- -------- -------- -------- --------
Notes to Exchange Rate and Operating Costs
1. The Company has assumed a Euro to US$ conversion rate of US$
1.35 per 1 Euro for all euro denominated costs.
2. Gold Equivalent Ounces are calculated by taking net revenues
derived from all metals produced and dividing by the assumed gold
price. Net revenue is calculated as gross revenue, calculated as
the product of the market price of each metal and each of the
payable metals contained in shipped products, less realisation
costs which include costs incurred post mine gate, including
freight, marketing expense, deductions and smelting and refining
costs (TC/RC's). The Company has assumed a gold price of US$1,000
per ounce, a silver price of US$20 per ounce, a copper price of
US$3.25 per pound, a zinc price of US$1,500 per tonne and a lead
price of US$1,500 per tonne.
3. Cash Operating Costs include direct cash costs of producing
paid metal, incorporating mining, processing, environmental and
mine site general and administrative costs up to mine gate.
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.
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 conversion of mineral resources
to mineral reserves, the timing and amount of estimated future
production, costs and timing of development of the Skouries and
Olympias projects, 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.
Forward-looking statements are based on the reasonable
assumptions, estimates, analysis and opinions of management made in
light of its experience and its perception of trends, current
conditions and expected developments, as well as other factors that
management believes to be relevant and reasonable in the
circumstances at the date that such statements are made, but which
may prove to be incorrect. Management believes that the assumptions
and expectations reflected in such forward-looking statements are
reasonable. Assumptions have been made regarding, among other
things: the Company executing its exploration and development plans
in accordance with its budgets; the Company being able to obtain
sufficient financing when required and on reasonable terms; the
Company being able to convert existing Mineral Resources into
Proven or Probable Mineral Reserves; that Proven and Probable
Mineral Reserves can be economically exploited based on
management's anticipated operating and capital costs; applicable
environmental and other laws and other regulations not being
amended; key management continuing to serve in their respective
roles with the Company; title to the Skouries and Olympias projects
not being challenged; there being no significant disruptions
affecting operations, whether due to labour disruptions, supply
disruptions, damage to equipment or otherwise and no adverse
changes occurring to the price of metals that might adversely
affect the prospects for developing and operating the Skouries and
Olympias projects or which might make it uneconomic to proceed with
the planned development.
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 receipt in a timely fashion of any
further permitting for the Company's 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 2010, 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.
***
Goldman Sachs International is acting exclusively for the
Company and no-one else in connection with the Company's corporate
structure review and will not regard any other person as its client
in relation to that review or any transaction that may result from
it and will not be responsible to anyone other than the Company for
providing the protections afforded to its clients, or for providing
advice in relation to that review, the contents of this
announcement or any transaction, arrangement or other matter
referred to herein.
None of Goldman Sachs International or any of its affiliates or
any of its directors, officers, employees, advisers or agents
accepts any responsibility or liability whatsoever for, or makes
any representation or warranty, express or implied, as to the
truth, accuracy or completeness of the information in this
announcement (or whether any information has been omitted from the
announcement) or any other information relating to the Company, its
subsidiaries or associated companies, whether written, oral or in a
visual or electronic form, and howsoever transmitted or made
available or for any loss howsoever arising from any use of this
announcement or its contents or otherwise arising in connection
therewith.
***
Lazard & Co., Limited ('Lazard'), which is authorised and
regulated in the United Kingdom by the UK Financial Services
Authority, is acting exclusively for European Goldfields and no-one
else in connection with the Company's corporate structure review
and will not be responsible to any other person for providing the
protections afforded to clients of Lazard nor for providing advice
in relation to that review or any other matter referred to in this
announcement. Neither Lazard nor any of its affiliates owes or
accepts any duty, liability or responsibility whatsoever to any
person who is not a client of Lazard in connection with this
announcement, any statement contained herein or otherwise.
The scientific and technical information contained in this press
release has been prepared under the supervision of Patrick Forward,
the Company's Vice President Projects and Exploration. Mr. Forward
is a "Qualified Person" under NI 43-101.
For further information please contact:
European Goldfields Liberum Capital Limited
Steve Sharpe, SVP Business Development Simon Atkinson
e-mail: info@egoldfields.com Tom Fyson
Tel: +44 (0)20 7408 9534 Tel: +44 (0)20 3100 2000
Brunswick Evolution Securities Limited
Carole Cable / Fiona Micallef-Eynaud Tim Redfern
e-mail: egoldfields@brunswickgroup.com Neil Elliott
Tel: +44 (0)20 7404 5959 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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