SOURCE: EURO Ressources

May 12, 2008 01:39 ET

EURO Ressources : FURTHER LIQUIDATION OF GOLD HEDGE

PARIS--(Marketwire - May 12, 2008) - FURTHER LIQUIDATION OF GOLD HEDGE

EURO Ressources S.A. (TSX: EUR) (Paris: EUR) today announced that it has now completed the liquidation of the remaining gold hedge for the third quarter of 2008. The recent decline in the gold price has allowed the liquidation of the hedge in accord with the board's previously announced policy of using available cash flow to liquidate EURO's gold hedge position.

The company expects to eliminate all or substantially all of the remaining hedge position by the end of 2008. Following the liquidation of the third quarter gold hedge, EURO has 27,500 ounces of gold derivative contracts outstanding, scheduled as 4,700 ounces settling in the fourth quarter of 2008 and 5,700 ounces for each calendar quarter in 2009.

About EURO

EURO is a French company, focused on owning royalties and similar interests on operating gold mines. EURO also holds certain gold mineral rights in French Guiana including Paul Isnard which comprises 8 concessions and a PER over 140 sq. km.

EURO has approximately 60.6 million shares outstanding.

Statements Regarding Forward-Looking Information: Some statements in this news release are forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties. Such statements include comments regarding the Company's intentions with respect to it reduction of its hedge position. There can be no assurance that future developments affecting the Company will be those anticipated by management.

Not for distribution to United States newswire services or for dissemination in the United States. The securities referred to herein have not been registered under the US Securities Act of 1933 and may not be offered or sold in the United States or to a US person absent registration or an applicable exemption from registration.

Additional information relating to EURO Ressources S.A. is available on SEDAR at www.sedar.com.

This information is provided by HUGIN

Contact Information

  • Further requests for information should be addressed to:
    James H. Dunnett
    Directeur-Général
    Tél.: +1 604 710 2242
    Email : Email Contact
    Susanne A. Hermans
    Vice-President Finance
    Tél.: +1 303 204 7771
    Email : Email Contact