Hot holes in Romania for European Goldfields

A resumption of drilling in early November at European Goldfields‘ (EGU-V) 80%-owned Certej and Sacaramb gold projects in western Romania’s Golden Quadrilateral region has already paid off with several long, gold-rich intersections.

The first four reverse-circulation holes reported at Certej were highlighted by:

* 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; and

* 116 metres of 2.14 grams gold and 6 grams silver, and 92 metres of 3.50 grams gold and 6 grams silver in hole 336, which was drilled to 336 metres.Buoyed by this success, European is stepping up the pace at Certej by adding a second drill rig and sufficient crew members to allow for around-the-clock drilling.

In the current six-month, US$3.3-million phase of exploration, the company plans on carrying out 54,800 metres of drilling in 206 holes, of which 80%of metreage will be reverse-circulation and 20% will be diamond drilling.

To date, US$9.2 million has been spent on the Certej concession, including the drilling of 162 holes.

In the East and West portions of Certej, there is an indicated resource of 44.1 million tonnes grading 1.9 grams gold and 10 grams silver, for 2.6 million contained oz. gold and 13.5 million contained oz. silver. A further 14 million tonnes grading 1.5 grams gold and 3.7 grams silver lie in the inferred category.

Four kilometres southeast of Certej at the Sacaramb property, ongoing infill drilling produced several mineralized intercepts, including 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 that Sacaramb could serve as a potential satellite orebody for future mining operations at Certej.European Goldfields has an 80% stake in Certej and Sacaramb, with the Romanian government holding the remainder.

There’s been quite a shake-up in management over the past month at European Goldfields, which was originally spun off as a vehicle for the less-advanced exploration assets of Gabriel Resources (GBU-T).

Ed Baer, a former director of TVX Gold, assumed the positions of president and executive director on November 10, and, two weeks later, directors Clive Donner, Simon Lawrence, Gordon Toll and Michael van Rens resigned.

European Goldfields’ new board of directors consists of Baer, David Grannell, Larry Kornze, Glenn Featherby and Louis Montpellier.