Wednesday, 10th October 2007 (1673 views)

A 20 per cent increase in gold reserves at the Certej mining property in Romania has prompted European Goldfields to extend the estimated life of the mine from nine years to 11 years.

Following the completion of metallurgical test work on the site, which improved metallurgical recoveries, a more accurate conversion of resources to reserves was recently recorded.

A previous estimate, published in April 2006, was based on the direct sale of a gold-bearing flotation-based concentrate, a less economical development option for the site.

David Reading, chief executive officer of European Goldfields, said the company was pleased with the improved estimates.

"We are delighted to report a 20 per cent increase in gold reserve ounces and in mine life at Certej," he said.

Mr Reading added: "Our four projects in Greece and Romania now contain reserves of almost ten million ounces of gold."

Canada-based European Goldfields is planning an open pit mine for the Certej property, which is expected to produce around 160,000 ounces of gold for each year of the mine life.

 

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