Finex ’08 Patrick Forward ~ GM Exploration Developing And Expanding In The Tethyan Belt.

Finex ’08Finex ’08Patrick Forward ~ GM ExplorationPatrick Forward ~ GM Exploration

Developing And Expanding In The Tethyan Developing And Expanding In The Tethyan BeltBelt

• Polymetallic projects:

Gold – Copper – Zinc – Lead – Silver

• Reserves of 9.8Moz gold

• Profitable production

• Cash: US$201M

• No Debt

• Shares: TSX/AIM “EGU”

– In S&P/TSX Global Gold Index

– 179.4M shares out (183.7M diluted)

2

EGU AT A GLANCE

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5

10

1 2 3 4

RESERVE & RESOURCE GROWTH

Gold (Moz) Silver (Moz) Lead & Zinc (Kt) Copper (Kt)

Total Reserves 9.8 78.0 1,600 800

Attributable Reserves 9.1 72.3 1,550 750

Total Resources 12.0 87.3 1800 1000

Attributable Resources 11.0 80.8 1700 990

-

5.00

10.00

15.00

20.00

25.00

1 2 3 4

Gold Reserves (Moz) Gold Equivalent Resources (Moz)

2004 2007 2004 2007

* Including gold-equivalent ounces assuming prices of US$550/oz gold, US$10/oz silver, US$1.15/lb copper, US$0.60/lb zinc and US$0.60/lb lead

10

0

20

15

10

5

0

25

5

4

OVERVIEW OF ASSETS

*All measured & indicated resources **Subject to sale of payable silver to Silver Wheaton

GreeceGreece95% interest *95% interest *

StratoniStratoni 0.4 Mt Lead + Zinc0.4 Mt Lead + Zinc12.9 Moz** Silver12.9 Moz** SilverIn productionIn production

SkouriesSkouries 5.0 Moz Gold5.0 Moz Gold1.0 Mt Copper1.0 Mt Copper

Feasibility projectFeasibility project

OlympiasOlympias 4.4 Moz Gold4.4 Moz Gold1.4 Mt Lead + Zinc1.4 Mt Lead + Zinc60.1 Moz Silver60.1 Moz Silver

Previously minedPreviously minedExisting infrastructureExisting infrastructure

Romania Romania 80% interest *80% interest *

CertejCertej 2.6 Moz Gold2.6 Moz Gold14.3 Moz Silver14.3 Moz Silver

Existing open pitExisting open pitROMANIAROMANIA

GREECEGREECE

BulgariaBulgaria

TurkeyTurkey

HungaryHungary

AustriaAustria

Ionian SeaIonian Sea

AdriaticAdriaticSea Sea

DELIVERY OF VALUE THROUGH GROWTH

5

20052005 2011201120062006 20072007 20082008 20092009 20102010

Certej permits

Greek permits

Olympias in production

Certej in

production

Skouries in

production

Certej feasibility

Certej mining permit

Greek PEIS

Refurbish Olympias plant

Raised US$180M in cash

Increased HG stake to 95%

Skouries feasibility complete

Secured long lead items

Skouries & Olympias BuP submitted

First net earnings

Increase Skouries reserve

Stratoni mining permit awarded

Resource to reserve co.

6

GOLD & BASE METAL CENTRE

Stratoni

Mavres Petres

Madem Lakkos

Olympias mine

Skouries

TownsRoads

N

10km10km

STRATONI MINE

• High grade zinc-lead-silver mine in ramp up to full capacity

• Mine infrastructure significantly improved

• Production ; Costs

• Plant at full capacity May/June

• Future production growth planned of 37%

Reserves: 2.2Mt @ 9.4% Zn, 7.3% Pb and 193g/t Ag= 0.37Mt Pb & Zn and 13.7Moz Ag

7

Production profileROM Cash cost

+15%

+26%

-9%

-6%

88

STRATONI: ADDING TO LIFE OF MINE

Mavres Petres Orebody

1.5km

HoleHole Intercept (m)Intercept (m) Pb (%)Pb (%) Zn (%)Zn (%) Ag (g/t)Ag (g/t)

SDD15 13.7 4.5 14.7 135

SDD1040-1 9.5 9.8 14.8 194

SDD1040-2 3.7 4.8 8.1 94

SDD1050-1 3.6 4.3 8.3 93

SDD1050-2 0.85 4.5 35.5 101

SDD1050-3 7.2 6.0 10.6 118

SDD1050-4 1.7 9.4 17.8 132

SDD1050-7 4.7 21.7 23.9 397

SDD1050-11 1.2 5.8 11.3 110

HoleHole Intercept (m)Intercept (m) Pb (%)Pb (%) Zn (%)Zn (%) Ag (g/t)Ag (g/t)

MP623/628 1 8 2.7 9.7 73

MP623/628 1 4 5.4 10.6 135

MP624/628 2 18 7.0 9.3 179

MP626/628 4 16 6.3 10.3 179

MP627/628 5 8 5.7 3.8 165

Drill results from eastern inferred

Drill results from western inferred

9

OLYMPIAS RE-OPENING

• Similar to Stratoni + gold

• Significant existing infrastructure

• Phased development

• Open down plunge – significant

upside along structural corridor

Reserves: 14.1Mt @ 8.6g/t Au, 120g/t Ag, 3.9% Pb and 5.2% Zn= 3.9Moz Au, 54Moz Ag and 1.3Mt Pb & Zn

Known Ore DepositsBiotite GneissMarbleAmphibolite GneissSchistsTargetsFaults

Shaft

Existing development

Drillholes

MASSIVE SULPHIDE MODEL

10

STRATONI FAULT

Madem LakkosMadem Lakkos

OlympiasOlympias

FOOTWALL COLLAPSE

Mavres PetresMavres Petres

PiavitsaPiavitsa

UPLIFT OF FOOTWALL BLOCK

Mineralising fluids

• Deformation led to thickening

of host marbles

• Uplifted block has undergone

footwall collapse

• Bounding faults channelled

mineralising fluids i.e. Stratoni

Fault

• Model links all massive

sulphide occurrences

PIAVITSA EM EXTENDS ZONE

11

NW Splay from EM

Extension from EM

Mineralised zone from drilling

• Previous limited drilling and mapping

outlined a 2km strike length

• Airborne EM shows conductors over

6km strike

• EM highlights NW Splay

5.5m @ 4.0g/t Au9m @ 2.7% Zn and 1% Pb

10.9m @ 7.9g/t Au7.9m @ 6.6% Pb and 15.8% Zn

8.4m @ 8.9g/t Au6.4m @ 3.2% Pband 9.9% Zn

MarbleMarble

Sch

ist

Surface levelSurface level

0 50m

A B

Ore

Amphibolite

schist

AA

BB

N

GEOLOGICAL MODEL

12

SKOURIES PROJECT• Au-Cu porphyry pipe

• Open pit strip ratio 0.6

• Permitting in progress

• Capex: US$300m

• Co-product cash cost: US$250-300/oz Au

• Production: ±200 Koz pa Au; ±40 Kt pa Cu

Reserves: 146Mt @ 0.8g/t Au and 0.5% Cu= 3.9Moz Au and 800Kt Cu

13

0 100 200

Metres

Gold grade profileGold grade profile

>1.5 g/t

1 - 1.5 g/t

< 0.7g/t

0.7 - 1 g/t

0 100 200

Metres

Copper grade profileCopper grade profile

>1.2%

0.8 - 1.2%

0.2 - 0.4%

0.4 - 0.8%

Proposed layoutProposed layout

SKOURIES DEVELOPMENT PLAN

• Simple metallurgy

• 8Mtpa operation from open pit

• 7Mtpa operation from underground

• Long lead items ordered

• Design engineers selected

• Expecting final PEIS

14

Production profile Au (Koz)Cu (t)

Ball Mill

15

EXPLORATION UPSIDE IN GREECE

• 20 targets identified from

previous work

• New airborne geophysics

completed

• Modelled magnetics

defines intrusive belt

• Ongoing processing will

prioritise targets 000000000

2km2km2km2km2km2km2km2km2km

ZONES OF MASSIVE SULPHIDES

OLYMPIAS

INTRUSIVE CORRIDOR

PIAVITSA

FISOKASKOURIES

Quaternary

Marbles

Gneiss

Amphibolite Gneiss

Mica Schist

Triassic Metasediments

Intrusives

Permit Boundary

Mine extensions

Follow-up targets

Conceptual targets

16

AIRBORNE GEOPHYSICS

MAGNETICS - REDUCED TO POLE

Intrusive belt

Potential complex

Skouries

N

0 2km

Permit boundary

Faults

Major Faults

Deposits

Targets

Fisoka

17

FISOKA

Northern porphyry – drillholes shown

Magnetic signature over Fisoka

• Northern porphyry only drilled:-

• 20 to 81m at 0.40 to 0.65% Cu

• Anomalous Cu in streams drains off central

porphyry

• Magnetic’s indicate potassic cores under central

and southern porphyry

• Cu-oxides and intense veining in outcrop on

central porphyry

• Biggest potential in central and southern

porphyries – exciting targets, yet to be drill

tested

Stream Sediments (ppm)

300 to 2,480

60 to 300

20 to 60

0 to 20

DrillholePorphyry

0m 500

Untested central and southern porphyry

Copper oxides High vein density

GEOPHYSICS UNDERLINES PORPHYRY POTENTIAL

18• Magnetics Highlights 17 x 6 km porphyry belt

Porphyry complex coalesces at depth Fisoka shows two untested cores

3km

3km5km

Skouries porphyry

• 3D model defines two major targets

Skouries porphyry

Intrusive complex

Fisoka

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ROMANIA – CERTEJ DEPOSIT

• Gold mining over 2000 years has produced 40Moz

• Excellent mining infrastructure and skills base

• 4 contiguous licenses covering 130km²

• 2.61Moz Au Certej deposit

• Ore body well defined

• Metallurgy understood

• Pursuing new opportunitiesEuropean GoldfieldsConcession

Porphyry

High Sulphidation

Low Sulphidation

0km 5 10

BuciumBuciumBuciumBuciumBuciumBuciumBuciumBuciumBuciumTarnitaTarnitaTarnitaTarnitaTarnitaTarnitaTarnitaTarnitaTarnita

TrampoieleTrampoieleTrampoieleTrampoieleTrampoieleTrampoieleTrampoieleTrampoieleTrampoiele

Fata Baii, Hanes, BreazaFata Baii, Hanes, BreazaFata Baii, Hanes, BreazaFata Baii, Hanes, BreazaFata Baii, Hanes, BreazaFata Baii, Hanes, BreazaFata Baii, Hanes, BreazaFata Baii, Hanes, BreazaFata Baii, Hanes, Breaza

Baia de AriesBaia de AriesBaia de AriesBaia de AriesBaia de AriesBaia de AriesBaia de AriesBaia de AriesBaia de Aries

BuciumBuciumBuciumBuciumBuciumBuciumBuciumBuciumBuciumRodu-FrasinRodu-FrasinRodu-FrasinRodu-FrasinRodu-FrasinRodu-FrasinRodu-FrasinRodu-FrasinRodu-Frasin

Rosia PoieniRosia PoieniRosia PoieniRosia PoieniRosia PoieniRosia PoieniRosia PoieniRosia PoieniRosia Poieni

SacarambSacarambSacarambSacarambSacarambSacarambSacarambSacarambSacaramb

Paraul Lui AvramParaul Lui AvramParaul Lui AvramParaul Lui AvramParaul Lui AvramParaul Lui AvramParaul Lui AvramParaul Lui AvramParaul Lui Avram

CertejCertejCertejCertejCertejCertejCertejCertejCertej

RosiaRosiaRosiaRosiaRosiaRosiaRosiaRosiaRosiaMontanaMontanaMontanaMontanaMontanaMontanaMontanaMontanaMontana

I zvorul AmpoiuluiI zvorul AmpoiuluiI zvorul AmpoiuluiI zvorul AmpoiuluiI zvorul AmpoiuluiI zvorul AmpoiuluiI zvorul AmpoiuluiI zvorul AmpoiuluiI zvorul Ampoiului

Valea TiseiValea TiseiValea TiseiValea TiseiValea TiseiValea TiseiValea TiseiValea TiseiValea Tisei

MuncaceascaMuncaceascaMuncaceascaMuncaceascaMuncaceascaMuncaceascaMuncaceascaMuncaceascaMuncaceasca

VoiaVoiaVoiaVoiaVoiaVoiaVoiaVoiaVoia

BolcanaBolcanaBolcanaBolcanaBolcanaBolcanaBolcanaBolcanaBolcana

DraidaDraidaDraidaDraidaDraidaDraidaDraidaDraidaDraidaCainelCainelCainelCainelCainelCainelCainelCainelCainel

BoitaBoitaBoitaBoitaBoitaBoitaBoitaBoitaBoita

MaguraMaguraMaguraMaguraMaguraMaguraMaguraMaguraMagura

RovinaRovinaRovinaRovinaRovinaRovinaRovinaRovinaRovina

ColnicColnicColnicColnicColnicColnicColnicColnicColnic

MasariuMasariuMasariuMasariuMasariuMasariuMasariuMasariuMasariu

CaraciCaraciCaraciCaraciCaraciCaraciCaraciCaraciCaraci

Magura TebiiMagura TebiiMagura TebiiMagura TebiiMagura TebiiMagura TebiiMagura TebiiMagura TebiiMagura Tebii

05

10

kilometers

European GoldfieldsConcession

Porphyry

High Sulphidation

Low Sulphidation

0km 5 100km 5 10
























05

10

kilometers
























05

10

kilometers

NN

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CERTEJ RESOURCES AND RESERVES

199 m 2.8 g/t including 199 m 2.8 g/t including 43 m @ 6.5 g/t43 m @ 6.5 g/t

240 m @ 2.6 g/t including 240 m @ 2.6 g/t including 8 m @ 6 g/t8 m @ 6 g/t

and 14 m @ 5.91 g/tand 14 m @ 5.91 g/t

191 m @ 2.7 g/t including 191 m @ 2.7 g/t including 10 m @ 4.3 g/t and 16 m @ 10 m @ 4.3 g/t and 16 m @

6.6 g/t 6.6 g/t

134 m @ 3.1 g/t including 134 m @ 3.1 g/t including 22 m @ 4.5 g/t22 m @ 4.5 g/t

and 30 m @ 4.9 g/tand 30 m @ 4.9 g/t

74 m @ 4.6 g/t including 74 m @ 4.6 g/t including 40 m @ 6.8 g/t40 m @ 6.8 g/t

Colour Coding for Au g/t

1 to 1.5

1.5 to 2

>= 2

0m 100

Tonnes MtTonnes Mt AuAug/tg/t

AgAgg/tg/t

AuAuMozMoz

AgAgMozMoz

Measured & Indicated ResourcesMeasured & Indicated Resources 41.541.5 2.02.0 1111 2.62.6 14.314.3

Resources at 0.8g/t cut-off, reserves from optimised pit at $425 Au AND $7 Ag

DEFINITIVE FEASIBILITY STUDY

21

Project Summary

Reserves32.8 Mt @ 2.0g/t Au 11.4g/t Ag

Strip ratio 3.1:1

Base Life of Mine 11.2 years @ 3mtpa

Overall recoveries 81% Au, 74% Ag

Production rate (oz) Au Ag

Yrs 1-3172,000720,000

LOM156,000814,000

Initial Capex €136.5M

Cash cost US$353/oz *

Post tax IRR 20.3%

* Net of by-product credits

Alternative layout for tailings FLOTATION TMF

ALBION TMF

PLANT SITE

Proposed Road (Surveyed)

OPEN PIT

Dump

Dump

22

REGIONAL POTENTIAL

European Goldfields

concessions

European Goldfields

concessions

Brad depositsBrad deposits

Deva porphyryDeva porphyry

Areas of regional potential

Areas of regional potential

0 10km

2323

TURKISH JOINT VENTURE

Existing Ariana licences

• EGU holds 51% of JV + operatorship

• Earn in to 80-90% of all projects

• Known Au-Cu porphyry target at Ardala

• Extension of mineral belts from Balkans

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EUROPEAN GROWTH POTENTIAL

Hellas Gold 12Moz Au, 1Mt Cu, 1.8Mt Pb-Zn

Sappes 0.8Moz AuPerama Hill 1.4Moz AuAda Tepe 0.8Moz Au

Kisladag 7Moz Au

Copler 3.8Moz Au

Cayeli 1Mt Zn

Chelopech 3.2 Moz Au

Rosia Montana 14.6Moz Au

Certej 2.6Moz Au

EGU/Ariana JV

25

NOTICES & DISCLAIMERIMPORTANT NOTICEIMPORTANT NOTICE

The information in this document is subject to updating, revision and amendment. This document neither constitutes nor forms nor should be constructed as constituting or forming part of any offer or invitation to sell or any solicitation of any offer to purchase or to

subscribe for any securities in European Goldfields Limited (the “Company”) or any other body corporate or an invitation or inducement to engage in investment activity under section 21 of the UK Financial Services and Markets Act 2000 nor shall it or any part of it form the basis of or be relied on in connection with any contract therefore. This document does not constitute an invitation to effect any transaction with the

Company nor to make use of any services provided by the Company. No reliance may be placed for any purpose whatsoever on the information contained in this document nor on assumptions made as to it completeness. No representation or warranty, express or implied, is given by the Company, any of its subsidiaries or any of its respective advisers, directors, officers, employees or agents, as to the accuracy,

fairness or completeness of the information or opinions contained or expressed in this document and no liability is accepted for any such information or opinions (which should not be relied upon) or for any loss howsoever arising, directly or indirectly, from any use of this

document or its contents or information and opinions contained in this document. The information and opinions contained in this document are provided as the date of this document and are subject to change without notice. This document has been prepared incompliance with

English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with this document.

FORWARD-LOOKING STATEMENTSFORWARD-LOOKING STATEMENTS

Certain statements and information contained in this document, including any information as to the Company’s future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute forward-looking

information under provisions of Canadian provincial securities laws. When used in this document, the words “anticipate”, "expect", "will", "intend", "estimate", “forecast”, “planned” and similar expressions are intended to identify forward-looking statements or information. Forward-

looking statements include, but are not limited to, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs and timing of development of new deposits, permitting time lines and expectations regarding metal recovery rates.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company

cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of the Company to be materially different from its estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not

guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the price of gold, base metals or certain other commodities (such as fuel and electricity) and currencies; uncertainty of mineral reserves, resources, grades

and recovery estimates; uncertainty of future production, capital expenditures and other costs; currency fluctuations; financing and additional capital requirements; the successful and timely permitting of the Company’s Skouries, Olympias and Certej projects; legislative, political,

social or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; the speculative nature of gold and base metals exploration and development, including the risks of diminishing quantities or grades of reserves; the risks normally involved in the exploration, development and mining business; and

risks associated with internal control over financial reporting. For a more detailed discussion of such risks and material factors or assumptions underlying these forward-looking statements, see the Company’s Annual Information Form for the year ended 31 December

2006, filed on SEDAR at www.sedar.com. The Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

www.egoldfields.com

Finex ’08 Patrick Forward ~ GM Exploration Developing And Expanding In The Tethyan Belt.

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Transcript of Finex ’08 Patrick Forward ~ GM Exploration Developing And Expanding In The Tethyan Belt.