Hot holes for European Goldfields

Drilling at European Goldfields‘ (EGU-V) Certej and Sacaramb projects in western Romania has resulted in several long, gold-rich intersections.

Highlights from the first four reverse-circulation holes are as follows:

— 56 metres grading 6.88 grams gold and 32 grams silver per tonne in hole 164, which was drilled to a depth of 140 metres;

— 54 metres of 2.11 grams gold and 2 grams silver, followed by 52 metres of 3.03 grams gold and 3 grams silver in hole 165, which was drilled to 285 metres depth;

— 116 metres of 2.14 grams gold and 6 grams silver, and 92 metres of 3.5 grams gold and 6 grams silver in hole 336, which was drilled to 336 metres.

Buoyed by this success, European Goldfields is stepping up the pace at Certej by adding a second drill rig and sufficient crew members to allow for around-the-clock drilling.

During the current 6-month, US$3.3-million phase of exploration, the company intends to carry out 54,800 metres of drilling in 206 holes. About 80% of this work will be reverse-circulation; the remainder, diamond drilling.

To date, US$9.2 million has been spent at Certej, resulting in 162 drill holes.

In the eastern and western portions of Certej, the indicated resource is estimated to be 44.1 million tonnes grading 1.9 grams gold and 10 grams silver, equivalent to 2.6 million oz. gold and 13.5 million oz. silver. A further 14 million tonnes grading 1.5 grams gold and 3.7 grams silver are in the inferred category.

Four kilometres southeast of Certej, at the Sacaramb property, ongoing infill drilling produced several mineralized intercepts. These include 10 metres of 3.75 grams gold and 3 grams silver in hole 27 and 2 metres of 14.13 grams gold and 24 grams silver in hole 41.

At this early stage, European Goldfields believes Sacaramb could serve as a potential satellite orebody for mining at Certej.

European Goldfields has an 80% stake in Certej and Sacaramb, with the Romanian government holding the remainder. The properties are in the region known as the Golden Quadrilateral.

European Goldfields, which was originally spun off as a vehicle for the less-advanced exploration assets of Gabriel Resources (gbu-t), recently underwent some changes to its management: Ed Baer, a former director of TVX Gold, was appointed president and executive director, and directors Clive Donner, Simon Lawrence, Gordon Toll and Michael van Rens subsequently resigned. The new board of directors consists of Baer, David Grannell, Larry Kornze, Glenn Featherby and Louis Montpellier.