Immediate Release 13 May 2010
European Goldfields Limited
RESULTS FOR Q1 2010
13 May 2010 - European Goldfields Limited (AIM: EGU / TSX: EGU)
("European Goldfields" or the "Company") today reports its results for
the quarter ended 31 March 2010. The financial statements, as well as
the accompanying Management's Discussion & Analysis, are available for
review at http://www.egoldfields.com/egoldfields/en/media/news and
should be read in conjunction with this news release.
Operational highlights:
. Final permit approved for grant of the PUZ at Certej
. Mandate for Certej project finance signed
. Expansion of Certej Project Team
. Olympias surface stockpile sold
. Olympias plant refurbishment well advanced
. Stratoni production up 11%
Corporate activity:
. Increase in institutional shareholder base and traded free float
Financial highlights:
. Sales of $10.4 million excluding gold sales
. Return to gross profit versus Q1 2009
. Working capital of $129 million
Commenting on the results, Martyn Konig, Executive Chairman and
President of European Goldfields, said:"2010 is a year of delivery for
European Goldfields. We remain on
course to reach our targets of securing final permits in both Greece
and Romania within the year. During this quarter, we have demonstrated
steady progress on permitting, engineering and financing and over the
course of the next quarter we expect to demonstrate further progress as
we build on our achievements this year."
Click on, or paste the following links into your web browser, to view
the associated PDF documents.
http://www.rns-pdf.londonstockexchange.com/rns/8276L_1-2010-5-12.pdf
http://www.rns-pdf.londonstockexchange.com/rns/8276L_2-2010-5-12.pdf
http://www.rns-pdf.londonstockexchange.com/rns/8276L_3-2010-5-12.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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