CERTEJ-SACARAMB

Reported in a Feasibility Study, the Certej project yields a positive return at US$650 /Oz gold and US$12 /Oz silver. Lower commodity prices represent a significant risk for the project and appropriate price mitigation should be put in place to ensure that capital repayments and operating margins are protected. The areas of cost opportunity should be investigated and confirmed as soon as possible.

Reported an extension to the life of the mine reservesfor the Certej deposit from 11 to 16 years and the acquisition of some additional 400 sq km of new prospecting permits. The new reserves at Certej increase total group reserves of gold to more than 10 million ounces.

European Goldfields has updated progress on its 80%-owned Certej gold-silver project in Romania. The company reports that the National Agency for Mineral Resources has approved the Certej Technical Feasibility Study. European Goldfields states that it is a very significant step forward in the development of the Certej project, as it effectively updates the mining permit and allows the reserve as outlined in the Technical Feasibility Study to be mined. Also announced was the environmental permitting process is now in its latter stage and its successful conclusion will allow for construction and full scale operation of the project.