GOLD STUDY: European Goldfields positive about Certej project

ROMANIA EUROPEAN GOLDFIELDS of Whitehorse, Yukon, says it is positive about the recent definitive feasibility study of its 80%-owned Certej project in Romania. The project is located in the Apuseni Mountains of Transylvania, 12 km from the town of Deva. The mine was operated until 2006 by the Romanian state mining company, and a valid operating permit is now held by Deva Gold, a European Goldfields subsidiary.

The study identifies 32.8 million tonnes of reserves grading 2.0 g/t Au and 11.4 g/t Ag. The ore is recoverable by open pit methods at a rate of 3.0 million t/y for 11.2 years. Processing will include flotation of a pyrite-gold-silver concentrate, fine grinding and standard CIL treatment. Production over the life of the mine will average 156,000 oz of gold and 814,000 oz of silver annually.

The project carries an initial capital investment of $217.7 million, and it will require an additional investment of $50.0 million in sustaining capital. Cash operating costs are estimated to be US$353/oz of gold (net of silver byproduct credits).

The company says it will seek financing for Certej as soon as the necessary environmental and construction permits are received. Details of the project are available at www.EGoldfields.com.