UPDATE 1-European Goldfields narrows Q3 loss as prices rise - News

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UPDATE 1-European Goldfields narrows Q3 loss as prices rise

By: AFX | 10 Nov 2009 | 02:50 AM ET

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LONDON, Nov 10 (Reuters) - European Goldfields Ltd , which mines metals in Greece, posted a narrower third quarter loss on Tuesday due to a rise in metals prices. The London- and Toronto-listed firm posted a loss of $3.21 million for the three months to the end of September compared with loss of $5.3 million in the same period last year. The AIM-listed company produces silver, zinc and lead at its only producing mine, Stratoni, and is in the process of getting permits for its flagship Skouries and Olympias projects. The zinc price has rebounded by about 80 percent so far this year to around $2,150 per tonne, but is still well below last year's peak of $2,900. The firm said on Oct. 6 that it had won preliminary approval to build Skouries and Olympias, which would boost its gold output fivefold. The company has spent $120 million on the projects and needs a further $330 million to bring them into production by 2012. The firm said it had $124.1 million in cash and cash equivalents at the end of September, down from $170.3 million at the end of 2008. European Goldfields sold 21,734 tonnes of gold concentrates from stockpiles at Olympias in the quarter, up 71 percent over the same period last year. The group's London shares have gained 168 percent this year and closed on Monday up 7.2 percent to 425 pence as gold prices touched new record peaks. (Reporting by Eric Onstad; Editing by Erica Billingham) Keywords: EUROPEAN GOLDFIELDS/ (eric.onstad@thomsonreuters.com; +44 20 7542 7093; Reuters Messaging: eric.onstad.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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