EUROPEAN GOLDFIELDS $3.06 (Toronto symbol EGU; SI Rating: Speculative) (44 (20) 7408 9534; www.egoldfields.com; Shares outstanding: 179.4 million; Market cap: $548.9 million) holds a 95% interest in Hellas Gold. Hellas owns three gold and base metal deposits in Northern Greece. The deposits are the Stratoni zinc/ lead/silver property, the Olympias gold/zinc/lead/silver project and the Skouries copper/gold property.
Production started at Stratoni in September 2005. Permits to develop the Skouries and Olympias projects are moving steadily forward.
European Goldfields also owns 80% of the Certej gold/silver project in Romania, where it has completed a positive feasibility study, and applied for environmental approval and a mining permit. The company also owns 51% of a joint venture developing a goldcopper project in northeastern Turkey.
In the three months ended June 30, 2008, revenues fell 26%, to $18.5 million from $24.9 million. The decline came from the timing of concentrate sales and lower metal prices (All figures except share price and market cap in U.S. dollars.) Earnings per share fell to nil from $0.04. The company holds cash of $201 million or $1.12 a share to fund development.
European Goldfields is still a buy for aggressive investors.
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