For Immediate
Release
10 November 2009
EUROPEAN GOLDFIELDS LIMITED
RESULTS FOR Q3 2009
MAJOR PERMITTING SUCCESS IN GREECE
SKOURIES CONTRACT COMPLETED
STRONG GOLD SALES
10 November 2009 - European Goldfields Limited (AIM: EGU / TSX: EGU)
("European Goldfields" or the "Company") today reports its results for
the quarter ended 30 September 2009.
Financial highlights:
* Strong base metal concentrate sales, up by 21% against Q2 2009
* Operating profits of USD3.6 million for the period, up 12% on Q2
2009
* Working capital of USD146 million
* USUSD 23 million invested in projects during the quarter
Operational highlights:
* Greece: PEIS covering all projects and operations has been approved
by the Greek State
* Martyn Konig appointed Executive Chairman. Bruce Burrows joins
board of Directors
* Skouries: Equipment deliveries continue from Outotec
* Olympias: Strong gold sales. Rehabilitation studies on the Mine and
Process Plant have commenced
* Stratoni: Mine infrastructure essentially complete, Process Plant
operating well
* Certej: Basic Engineering for the Process Plant completed
* Certej: Commencement of Technical Study for application for
Construction Permit
Commenting on the results, Martyn Konig Executive Chairman of European
Goldfields, said:"We have entered an exciting period for this Company. We
aim to
deliver the right valuation and performance for our Company
through achieving the twin objectives of permitting and financing with
a renewed and realistic approach in the coming months."
European Goldfields will host a conference call at 10:00 a.m. ET / 3:00
pm (London, UK time) today to update investors and analysts on its
results. Participants may join the call by dialing one of the three
following numbers, approximately 10 minutes before the start of the
call.
From North America: (toll free) 1888 935 4575
From UK, Austria, Belgium, Denmark, France, Germany, Ireland, Italy,
Netherlands, Norway, Sweden & Switzerland: +44 20 7806 1951
(or toll free from the UK) 0800 028 1243
Participant pass code: 5323840
A live audio webcast of the call will be available on the following
link, and a replay will be available on the same link from 12:00pm ET /
5:00pm (London, UK time):
http://mediaserve.buchanan.uk.com/2009/eg101109/registration.asp
For further information please contact:
European Goldfields: e-mail: info@egoldfields.com
Martyn Konig, Executive Chairman Tel: +44 (0)20 7408 9534
Buchanan Communications: e-mail: bobbym@buchanan.uk.com
Bobby Morse / Katharine Sutton Tel: +44 (0)20 7466 5000
RBC Capital Markets: e-mail: sarah.wharry@rbccm.com
Sarah Wharry Tel: +44 (0)20 7653 4804
SELECTED FINANCIAL DATA
Quarter ended 30 September
(in thousands of US dollars, 2009 2008
except per share amounts) USD USD
Statement of profit and loss
Sales 17,037 18,461
Gross profit 3,563 3,470
(Loss)/Profit before income tax (1,332) 242
Income taxes (1,847) 644
(Loss)/Profit after income tax (3,179) 886
Non-controlling interest 56 (74)
Profit for the period (3,123) 812
Earnings per share (0.02) 0.00
30 September 2009 31 December 2008
(in thousands of US dollars)
USD USD
Balance sheet
Working capital 146,158 192,675
Total assets 749,870 766,095
Please follow the link below to view the full details of the
Results for Q3 2009;
http://www.rns-pdf.londonstockexchange.com/rns/2342C_1-2009-11-9.pdf
European Goldfields' unaudited consolidated financial statements and
management's discussion and analysis for the three month periods ended
30 September 2009 and 2008 are filed on SEDAR at www.sedar.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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