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Tuesday, January 11, 2005

Canadian company European Goldfields Limited expands the right to extract gold

The Romanian subsidiary of the Canadian company European Goldfields Limited won a public auction for the right to extract gold from the Cainel mine in the Western Carpathians.

The National Agency for Mineral Resources organized an auction attended by three companies.

European Goldfields Romania SRL obtained a three-year license which may be extended by an additional three years. The license permits gold extraction from an area of around 31 square kilometers, ten kilometers outside the Certej area, where European Goldfields Romania owns 80% of the rights.

European Goldfields Limited will cede the rights for the Zlatna area, where work started in 1999 did not prove to be profitable. However, the company will focus on the Certej and Cainel gold mining areas.

European Goldfields has five mineral extraction areas in Romania. The Canadian company was founded in 2000 by the reorganization of Gabriel Resources Ltd., a Canadian company involved in work on the largest gold and silver mines in Rosia Montana, Western Romania.

Posted by Iulia Rasoiu : 1/11/2005 09:23:00 am