EUROPEAN GOLDFIELDS $3.53 (Toronto symbol EGU; SI Rating: Speculative) (44 (20) 7408 9534; www.egoldfields.com; Shares outstanding: 179.4 million; Market cap: $633.2 million) holds a 95% interest in Hellas Gold.
Hellas owns three gold and base-metal deposits in northern Greece: the Stratoni zinc/ lead/silver property, the Olympias gold/zinc/lead/silver project and the Skouries copper/gold property.
Production at Stratoni started 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.
In the three months ended September 30, 2008, European Goldfields’ revenues fell 25.7%, to $16.1 million from $21.7 million. (All figures except share price and market cap in U.S. dollars.) The decline came from the timing of metal sales and lower prices. European Goldfields lost $0.03 a share, compared to a profit of $0.07. It holds cash of $187.6 million, or $1.05 a share, and it has no debt.
European Goldfields is still a buy for aggressive investors.
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