European Minerals Corporation
TSX : EPM
AIM : EUM

European Minerals Corporation

December 27, 2007 10:10 ET

European Minerals Achieves First Gold Pour on 22 December

Governor of Kustanai Oblast attends gold pour ceremony

LONDON, UNITED KINGDOM--(Marketwire - Dec. 27, 2007) - European Minerals Corporation ("EMC or the Company") (TSX:EPM)(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.

Contact Information

  • Investor Information:
    United Kingdom
    European Minerals Corporation
    Tony Williams
    Chairman
    +44 (0) 20 7529 7508 or Cell: +44 (0) 7733 365 016
    or
    European Minerals Corporation
    Bert Kennedy
    President & CEO
    +44 (0) 20 7529 7508
    or
    CanaccordAdams Limited
    Mike Jones/Robin Birchall
    +44 (0) 20 7050 6500
    or
    North America:
    Vanguard Shareholder Solutions Inc.
    Keith Schaefer
    1-866-448-0780
    Email: ir@vanguardsolutions.ca