Big win for EGU

Article Excerpt

EUROPEAN GOLDFIELDS $12.57 (Toronto symbol EGU; TSINetwork Rating: Speculative) (44 (20) 7408 9534; www.egoldfields.com; Shares outstanding: 182.8 million; Market cap: $2.3 billion; No dividends paid) got a big boost recently when Greece’s Ministry of Environment, Energy and Climate Change said it will grant the company a long-delayed permit to build new mines on two of its mineral deposits in Greece. The Olympias mine could start up later this year, followed by a new mine at Skouries in 2012. The two mines should boost the company’s gold output from 70,000 ounces per year to over 420,000 ounces. The new mines could also make it a takeover target. European Goldfields is a buy. buy…