European Mine Developers — 1 Buy, 1 Hold

Article Excerpt

EUROPEAN GOLDFIELDS $5.06 (Toronto symbol EGU; SI Rating: Speculative) (44 (20) 7408 9534; www.egoldfields.com; Shares outstanding: 179.3 million; Market cap: $907.0 million) owns properties in Greece and Romania. The company is headquartered in the UK. European Goldfields holds a 65% interest in Hellas Gold. Hellas owns three gold and base metal deposits in Northern Greece. The deposits are the Stratoni zinc/ lead/silver property, the Olympias gold/zinc/lead/silver project and the Skouries copper/gold property. Production started at Stratoni in September 2005. Permits to develop the Skouries and Olympias projects are moving steadily forward. European Goldfields also owns 80% of the Certej gold/silver project in Romania, where it has completed a positive feasibility study, and applied for environmental approval and a mining permit. The company also owns 51% of a joint venture developing a goldcopper project in northeastern Turkey. In the three months ended March 31, 2008, revenues fell 25.6%, to $12.7 million from $17.1 million a year earlier. The decline came from the timing of concentrate…