European Adds a Property

Article Excerpt

EUROPEAN GOLDFIELDS $5.77 (Toronto symbol EGU; SI Rating: Speculative) (44 (20) 7408 9534; www.egoldfields.com; Shares outstanding: 179.2 million; Market cap: $1.0 billion) has signed a joint development agreement with Ariana Resources plc of the UK to develop Ariana’s properties in northeastern Turkey, including the Ardala gold-copper project and 11 other licenses in the promising Pontides region. European Goldfields will initially acquire 51% of the joint venture properties in return for funding all development costs. However, upon completion of a bankable feasibility study on a project, its interest will rise to between 80% and 90%. European Goldfields has a 95% interest in Hellas Gold, which 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. European also owns 80% of the Certej gold/ silver exploration project in Romania. European Goldfields is still a buy. buy…