Company Overview
European Goldfields is a developer-producer with 10 million ounces of gold reserves located within the European Union. The Company has a cashflow positive operating mine in Greece and expects to evolve into a mid-tier producer through responsible development of 3 significant gold and base metal deposits in Greece and Romania. The Company plans to build on its operating assets by expanding current mining operations, bringing development projects on stream and conducting an aggressive exploration programme.
Highlights
- Gold reserves of 10 Moz
- Gold equivalent resources of 24 Moz
- EIS for the development of Greek assets approved by Ministry
- Working capital: US$70m (31 March 2011); No Debt
- Project pipeline: 3 projects
- Basic Engineering complete on 2 projects
- 1 former operation with existing infrastructure
- Total project investment US$47 million during 2010
- In production at Stratoni, a cash flow positive polymetallic mine
- Selling Pb-Zn concentrates
- Shares: TSX/AIM “EGU”
- 183.8 million shares outstanding
Gold equivalent price assumptions: Gold US$1,000/oz; silver US$20/oz; copper US$3.25/lb; zinc US$1,500/t; lead US$1,500/t
