SOURCE: EURO Ressources

September 11, 2008 18:02 ET


PARIS--(Marketwire - September 11, 2008) - PAUL ISNARD DEVELOPMENTS

EURO Ressources S.A. (TSX: EUR) (Paris: EUR) today announced that it is completing the necessary filing in Paris of the documentation required by the Ministère de l'Ecologie du Développement et de l'Aménagement Durable to enable the renewal of the Paul Isnard Permis Exclusif de Recherches ("PER") to proceed. It is anticipated that the review process will take place in early October and a positive decision is anticipated to be announced shortly thereafter.

The renewal of the PER is requested for a 3 year period expiring November 2010 and requires aggregate exploration expenditures of EUR 600,000. The PER covers an area of 140 km2 and is adjacent to the 8 mineral concessions held by EURO through its wholly owned subsidiary, Société de Travaux Publics et de Mines Aurifères en Guyane S.A.R ("SOTRAPMAG").

James H. Dunnett, Directeur-Général of EURO Ressources, commented: "The commitments which EURO has now made to the Ministry, in substitution of earlier commitments that were expected to be made by Golden Star Resources Ltd. ("Golden Star"), should facilitate the renewal of the Paul Isnard PER to proceed in a timely manner.

"As previously announced, the work undertaken by Golden Star in terms of their commitments on Paul Isnard was successful in identifying a significant mineralised target adjacent to the previously established gold resource at Montagne d'Or. While this is not "nothing", considerable further work is required to better delineate this target and refine its economics. Given the current review of mining activities in French Guiana being undertaken by the French Government, Golden Star has indicated its reluctance to commit to such a program. Further, Golden Star has not completed a feasibility study as required by its agreement with EURO: discussions with Golden Star are continuing."

Separately, EURO has been aware for some time of increased activity by illegal miners at Paul Isnard. It has recently registered a complaint with the State Prosecutor in Cayenne requesting assistance in curtailing this activity. As part of EURO's response to these developments, EURO has recently commissioned consultants to prepare a report recommending the most appropriate course of action. This report is anticipated before the end of September.

The mining of alluvial materials has been undertaken by COTMIG, a local Cayenne operator, on the Paul Isnard property at Elysée which operations have provided a small royalty income for SOTRAPMAG. This activity started in 2000, however the agreement expired during August 2008 and terms for its renewal have not yet been agreed. The consultants commissioned by EURO to report on the security situation will also prepare an independent report on the remediation work which may be required by COTMIG following its activities.

Mr Dunnett added "These developments at Paul Isnard emphasise the active nature of EURO's interests in French Guiana. The renewal of the PER will assist in allowing further work on defining the identified mineral target. It is well known that Paul Isnard has hosted historical mining activity and the ecological framework is not as sensitive as that at Camp Caiman."

Management continues the process of evaluating the Company's response to IAMGOLD's proposed offer and to consider alternative transactions. Shareholders are advised to await the Board's formal recommendation before taking any action in respect to their shares in EURO.

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 EURO's intentions with respect to mining activities in French Guiana and with respect to IAMGOLD Corporation. 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 Further requests for information should be addressed to:

James H. Dunnett


Tél.: +1 604 710 2242

Email :

Susanne A. Hermans

Vice-President Finance

Tél.: +1 303 204 7771

Email :

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