In its search for precious metals, including gold and silver, the Canadian company European Goldfields has invested more than 36 million dollars (about 30 million euros) in exploration works in five areas in Romania, Nicolae Stanca, general manager of Deva Gold SA, told Ziarul Financiar.
Within two weeks, the Canadians will have the results of the assessment from deposits in the Apuseni mountains. The results will help them decide where to focus their further investments and tell them the size of the deposits.
If they strike gold in Romania, the Canadian company plans to sell it abroad, according to Stanca.
The areas run by the Canadians in Romania contain gold ores of around 40 million tonnes, according to initial estimates.
"Against a quotation of 450 euro/ounce, even an average of one gramme of gold extracted from one tonne of gold ore is profitable from an economic point of view. Below this quotation, the minimum economic profitability of the ore would stand at about two grammes," explains Stanca. One ounce has 28.5 grammes. The current price on international markets is 350 euros/ounce.
According to the Canadian company, previous studies indicated the existence of resources of 34.7 million tonnes at the Certej mine, with a profitability rate of around 2.1 grammes per tonne of gold.
European Goldfields started operations in Romania in 2001 and since then has covered all its operational costs and its own risk. They run the five areas through a joint-venture with Deva Gold SA, in which they own 80%. Other shareholders are Minvest Deva with 19.5% and Cartel Bau Cluj-Napoca, a constructions firm which belongs to a forest roads company based in Deva, Comat Bistrita.
"The exploration works in the areas are aimed at identifying commercially exploitable deposits of non-ferrous metals, namely gold, silver, copper and lead deposits," said Stanca.
European Goldfields has exploration operations in the Balkan region, with the most important ones in Romania and Greece.
The Canadian company, whose shareholders also include businessman Frank Timis with a stake of 11%, is listed on the London Stock Exchange in the AIM segment, where a share on Tuesday was worth 146 pounds Sterling (206 euros). The company's stock is also traded on Toronto TSX Venture Exchange.
adrian.mirsanu@zf.ro
