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It is winter, but the ice is thin---ie EGU

Chart Forum » Gold & Precious Metals » It is winter, but the ice is thin---ie EGU

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Username: ehmu

Post Number: 304
Registered: 08-2010

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Friday, February 25, 2011 - 05:15 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)

Gold is at resistance, and gold producers pulling back.

There were many Europeans betting on European Goldfields, as witnessed by its strong price chart over recent months. It doesn't take much to swallow an entire shareholder population.

'tis a fragile world at present.

2/24/2011 1:17 PM - Canada NewsWire

WHITEHORSE, Feb. 24, 2011 (Canada NewsWire via COMTEX News Network) --
European Goldfields Limited (AIM: EGU / TSX: EGU) (the "Company") notes today's report on Thomson Reuters referring to the permitting process in Greece.

European Goldfields confirms that it has not been officially notified by the Greek authorities that there is any issue regarding the permitting process or the timing of such.

The Company notes the clarification from the Greek Ministry for Environment, Energy and Climate Change ("MOE") that has since been issued.

The Minister, Ms Birbili has been further quoted in a news briefing later this afternoon as stating that "the Environmental Study is under evaluation and the Ministry will issue the terms [of the permit] once that is complete".

The Company confirms that it has not been asked to provide any additional information by the MOE regarding groundwater or groundwater pollution. The Company has previously received confirmation from a Special Technical Committee of the MOE that the final Environmental Impact Statement ("EIS") conformed with all technical requirements under Greek and EU environmental legislation.

In addition, the Company wishes to highlight that after full public consultation, on 10 December 2010 the local prefectural council unanimously supported the EIS and passed the same to the MOE for final approval.

European Goldfields has full confidence in the integrity of the permitting process in Greece and will keep the market informed as necessary.

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.

To view this news release in HTML formatting, please use the following URL:

SOURCE: European Goldfields Ltd.

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