26 May 2010 16:27
For immediate release 26 May 2010
Suite 200, Financial Plaza
204 Lambert Street
Whitehorse, Yukon
Canada Y1A 3T2
UPDATE ON CERTEJ PERMITTING
APPOINTMENT OF SENIOR INDEPENDENT NON EXECUTIVE DIRECTOR
26 May 2010 - European Goldfields Limited (AIM: EGU / TSX: EGU) ("European Goldfields" or the "Company") is pleased to announce the achievement of the next milestone in permitting for its Certej gold project in Romania.
The approval process for the full Zonal Urbanisation Plan ("PUZ") permit for Certej has now concluded with final sign off by the competent local authorities.
In September 2009, European Goldfields initiated the Environmental Impact Study ("EIS") process for the Certej project by submitting a technical summary of the project for review by the relevant authorities. This technical summary has undergone the required detailed review by the regional Environmental Department in Timisoara, which has issued guidelines for the final EIS document. This document is almost complete and will be submitted in the near future. This will then lead to appropriate public consultation as part of the normal Environmental Impact Assessment ("EIA") process.
Satisfactory completion of the EIA process would lead to the granting of the Environmental Permit that is required to obtain the Construction Permit for the Certej Project.
Corporate Update
The Company is pleased to report the appointment of Alfred Vinton as Senior Independent Director ("SID") as defined by the English Financial Reporting Council's Combined Code on Corporate Governance. See Appendix at the end of this release for further information on Mr. Vinton's current and past directorships.
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.
For further information please see the Company's new website at www.egoldfields.com
Appendix
Mr. Alfred Merton Vinton, 71, 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
In accordance with the AIM Rules, the Company confirms that there are no additional matters relating to Mr. Vinton that would require disclosure under Schedule 2(g).
For further information please contact:
European Goldfields: RBC Capital Markets:
Sally Schofield, VP Investor Relations Josh Critchley
e-mail: info@egoldfields.com e-mail: joshua.critchley@rbccm.com
Tel: +44 (0)20 7408 9534 Tel: +44 (0)20 7653 4000
Buchanan Communications: Matthew Coakes
Bobby Morse / Katharine Sutton e-mail: matthew.coakes@rbccm.com
e-mail: bobbym@buchanan.uk.com Tel: +44 (0)20 7653 4000
Tel: +44 (0)20 7466 5000
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 2009, 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.