December 27, 2007
Trading Symbols EPM (TSX), EUM (London AIM)
European Minerals Achieves First
Gold Pour on 22 December
LONDON, UNITED KINGDOM--(Dec. 27, 2007) - European Minerals Corporation
("EMC or the Company") (TSX: EPM.TO)(AIM: EUM) is
pleased to report that on 22 December, 2007, the first gold was poured at its
Varvarinskoye gold/copper project in Kazakhstan.
The gold pour was attended by the Governor of Kustanai Oblast, Mr Sergey
Kulagin who has been a frequent visitor to Varvarinskoye and a constant
supporter of the project throughout its development. Governor Kulagin was
welcomed to site by Bert Kennedy, President and CEO of EMC, Saken Ashirbekova,
General Director of EMC's Kazak operating company, JSC Varvarinskoye
("JSCV"), Howard Nicolson, Technical Manager of EMC, Bakhrom Dzaldov,
Process Manager of JSCV, who has overall responsibility for plant
commissioning, and Alan Baker, Project Manager of JSCV.
Governor Kulagin addressed the workforce and emphasised the importance of the
Varvarinskoye project to the Kustanai Oblast and congratulated everyone on the
success achieved.
In thanking the Governor for attending the gold pour, Mr Kennedy once again
paid tribute to all employees and contractors who have been responsible for the
achievements to date and reiterated EMC's thanks and appreciation for the
support and assistance which JSCV has received from the responsible Kazak State
Agencies.
Project Update
All process plant construction and mine infrastructure is now complete. Mechanical
commissioning of the process plant has been successfully concluded and ore is
being crushed and introduced into the plant. This "hot" commissioning
phase will continue throughout the Christmas and New Year holiday period with
further gold production during the commissioning phase.
Commissioning of the flotation circuit will commence in January 2008, with the
objective of building up daily throughput tonnage of ore in both the gold leach
and copper flotation circuits until the process plant reaches its design rate
of 4.2 million tonnes of ore per annum. The Company expects to reach this
initial annual throughput rate during Q2 2008, assuming no delays are
experienced in commissioning.
Bert Kennedy, President and CEO commented today:
"The Company has met its target to pour gold during December 2007. However
we do not underestimate the challenges remaining in completing the
commissioning over the winter months. So far we have consistently met our construction and
commissioning targets and we remain confident that our staff will once again
meet the remaining challenges successfully.
We are on target to reach the initial annual throughput rate during Q2 2008, a
remarkable achievement given the difficulties we have overcome and in light of
the challenges the whole mining industry faced in 2007. We will complete our
evolution to a commercial mining company in the coming months and although I
paid tribute on site to everyone concerned with the financing and development
of this project I would like to do so again here."
About Varvarinskoye
The Company regularly updates its website at www.europeanminerals.com with
photographs illustrating the progress at site. We invite you to visit the site
to gain a visual impression of the project progress since the start of
construction.
Additional information with respect to Varvarinskoye including the
"Varvarinskoye Gold/Copper Project Bankable Feasibility Study" dated
November 2004 and the independent estimates of current estimated mineral
resources and reserves can be obtained from EMC's filings on SEDAR at www.sedar.com.
Bert Kennedy, the Company's President and Chief Executive Officer, is the
"qualified person" (as such term is defined in National Instrument
43-101) responsible for the technical and scientific information in this press
release.
Forward-Looking Statements
This news release
contains or refers to forward-looking statements. All statements, other than
statements of historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur in the
future are forward-looking statements. Such forward-looking statements include
statements contained in this news release regarding targets, estimates and/or
assumptions in respect of future annual production of gold and copper, timing
of completion of "hot" commissioning and commencement of operations
and future operational plans and objectives. These forward-looking statements
reflect the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking statements are subject to a
number of risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that could cause actual
results or events to differ materially from current expectations include, but
are not limited to: the grade and recovery of ore which is mined varying from
estimates; capital and operating costs varying significantly from estimates;
inflation; changes in exchange rates; fluctuations in commodity prices; delays
in the commissioning of, and the commencement of operations at, the Company's
Varvarinskoye Project caused by unavailability of equipment, labour or
supplies, weather and climatic conditions, delays in the delivery and
installation of plant and equipment or otherwise; termination or suspension of
the Company's debt facility; and other factors. Any forward-looking statement
speaks only as of the date on which it is made and, except as may be required
by applicable securities laws, the Company disclaims any intent or obligation
to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
For further information please contact:
Investor Relations, Vanguard Shareholder Solutions
Tel: 1-866-448-0780
Email: ir@vanguardsolutions.ca
European Minerals
Vanguard Shareholder Solutions
