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http://www.investegate.co.uk/Article.aspx?id=201103150902399462C
http://www.investegate.co.uk/Article.aspx?id=201103150902129460C
http://moneyam.uk-wire.com/cgi-bin/articles/201102241734178376B.html
Permits delayed as well...
what the hell is going on???
Heard the EU commission has fined them 21m USD for privatising the firm too cheaply.
Anyone seen any info on this move??
18 February 2011 - European Goldfields Limited (AIM: EGU / TSX: EGU) (the "Company") has noted the recent movement in its share price following speculation in the market regarding the progress of our Greek permits. European Goldfields continues to make substantial progress on all of its assets and is looking forward to announcing the conclusion of the permitting process for its Business Plan in Greece. The Company is confident that the permitting process in Greece is coming to a successful conclusion and expects to be able to make a further announcement in the near future. The permitting process involves a detailed Business Plan that covers several assets and activities and entailed the largest Environmental Impact Study ("EIS") hitherto submitted in Greece. The Company has complete confidence in the integrity of what has been a long, complex and detailed evaluation and approval process. In preparation for the anticipated receipt of permits, the Company is finalizing an update to the Business Plan and Reserve and Resource Statement (NI 43-101) to reflect both prevailing commodity prices and costs.
Post Permitting: initial NAV upside to £12.80/shr. EGU appears to be at the “end-game” for permit approvals in Greece. With permits in place we would estimate EGU’s NAV at £8.54/shr and as it nears production, we would initially expect it to trade to £12.80/shr (1.5x NAV). EGU trades on US$238/oz of reserve, whereas its London peers trade on an average of US$432/oz. Even on its (albeit producing) peers’ average this would imply EGU’s shares at £13.47/shr. However we see very tangible potential for the addition of new ozs, most notably from Piavitsa, where we anticipate an initial resource some time in 2011. If Piavitsa is eventually able to define reserves as large as Olympias (3.6Moz), this could imply EGU’s EV at US$5.5bn or £18.77/shr.
www.investegate.co.uk/article.aspx?id=201102031029226288A&fe=1
Liberium Mining team have a £19.45 price target, met management team on Friday and permits due any day now and should targets be hit.
didn't expect this, I would have predicted it from January....may be off the back of Shares Magazine recommending as a big tip for 2011?
Evolution Securities reiterated its "buy" recommendation for European Goldfields (EGU) with a 1,000p target price. The broker notes that, in concluding the public consultation process, the miner has overcome a significant challenge in progressing the Olympias and Skouries projects into the development stage. That said, 2010 has been a year of real progress for the group, Evolution added, and the permitting process for the Greek projects is now on the cusp of completion.
http://www.investegate.co.uk/Article.aspx?id=201011110700139943V
http://www.investegate.co.uk/Article.aspx?id=201011110700189949V
Predators are circling as Goldfields glitters EUROPEAN Goldfields will reveal as early as this week that it has received $300 million (£185 million) of funding to begin mining in Greece, raising the prospect that it may become a bid target. Sources close to the miner said acquiring the debt facility and expecting a permit for the Skouries project by the end of the year would make it attractive to a number of buyers. Anglo American, Freeport-McMoRan and Eldorado Gold Corporation are thought to be circling what is expected to become Europe's biggest gold miner. The expectation of an offer for the company, coupled with the continued rise in the world gold price, has seen European Goldfield's share price more than double since the summer to close at 921p on Friday, giving it a market valuation of £1.67 billion. The spot price of gold hit a record high of $1,394 an ounce on Friday. Chief Executive Martyn Konig said European Goldfield's, the largest company on the junior Aim market, would seek a full market listing next year. He said the company was still waiting to get a date for a public hearing on the Skouries project, as well as for its smaller Certej gold and silver project in Romania. 'We expect the permits to be granted by the end of the year' he said. Konig added that European Goldfield's already has a committed loan of $135 million out of a required $190 million investment needed to fund the Certej project. In March, the company said it had won an environmental permit for the Romanian project taking it a step closer to production. Very positive - speaks for itself As always DYOR Ambience
Anyone outhere following this share? Hopefully see positive Greek licence/permit update early Nov 2010 to see things move on. See GS have a positive broker note on this, BUY and a tprice of 1100p and Centamin 270p.
I knew I should have bought more at 200p :(
http://www.investegate.co.uk/Article.aspx?id=200906081626075524T
European Goldfields Limited (AIM: EGU / TSX: EGU) is pleased to announce that it has signed a Heads of Agreement with Aldridge Minerals Inc ('Aldridge') for the joint development of Aldridge's Derinkoy properties in North-Eastern Turkey, comprising licences covering a total area of 40 square kilometres. The licenses are located in the Pontides region of Turkey, a highly prospective geological terrain containing several major deposits. The properties themselves show encouraging styles of gold mineralisation and are adjacent to the Company's Ardala porphyry target, held in joint venture with Ariana Resources plc.
yesterday...4 pg feature on "Why Investors should join the next big gold rush" pg 26 European Goldfields tipped "EGU is developing various properties in Greece and Romania. It has no debt although it will have to raise some money later this year. Management is solid and its mines are economic, even at lower metal prices. The group has some cash flow now but by 2011 four mines should be in production with, if all goes to plan, 500,000 ounces a year of gold and four million ounces of silver, aswell as significan amounts of copper, lead and zinc. Buy below $3 or at £1.65."
Nice to see gold recovering. If anyone wants to watch the price live can find it here http://www.kitco.com/charts/livegold.html
Subject of last post. Hello.
You may find this article of interest. In particular the recommendations at the end. http://www.gold-eagle.com/editorials_08/zihlmann010709.html ATB.
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