European Minerals Corporation
TSX : EPM
AIM : EUM

European Minerals Corporation
Lero Gold Corporation
TSX VENTURE : LER

Lero Gold Corporation

June 11, 2008 09:00 ET

European Minerals Corporation Learns of Possible Claim, Lero Gold Corp. Reschedules Shareholder Meeting to June 12, 2008

LONDON, UNITED KINGDOM--(Marketwire - June 11, 2008) - European Minerals Corporation ("EMC") (TSX:EPM)(AIM:EUM) announces that it has learned of a Statement of Claim (the "Claim") issued in the Ontario Superior Court of Justice (Court File No. 58422CP) against EMC and two of its officers. The Claim, which has not yet been served on any of the defendants, names Bernard Szuszkiewicz as a proposed representative plaintiff in a proposed class proceeding on behalf of persons who acquired securities of EMC during the period from May 16, 2007 until March 31, 2008. The Claim relates to the announcement by EMC on March 31, 2008 that it was reviewing its accounting for derivatives to ensure compliance with certain provisions of the CICA Handbook and that it anticipated that such review would result in a restatement of EMC's interim financial statements for the first three fiscal quarters of 2007. The financial statements were restated and were subsequently issued by EMC on April 11, 2008 and filed on SEDAR (www.sedar.com). The plaintiff is claiming general and special damages in the amount of CAD$50,000,000 and punitive damages in the amount of CAD$5,000,000. The claim has not yet been certified as a class action. EMC believes that the Claim is without merit and intends to vigorously dispute the Claim if and when it is served.

Lero Gold Corp. ("Lero") (TSX VENTURE:LER) has reviewed the Claim with EMC. Each of Lero (after taking advice from its financial advisor Canaccord International Ltd.), its special committee (after taking advice from its financial advisor PI Financial Corp.) and EMC (after taking advice from its financial advisor Endeavour Financial International Corporation), continue to support the business combination between Lero and EMC. Accordingly, Lero is proceeding to consider the proposed business combination at a reconvened meeting of its shareholders to be held on Thursday, June 12, 2008, after the meeting was adjourned from June 10, 2008. The reconvened meeting will be held at 9:00 am (Vancouver time) on Thursday, June 12, 2008 at 2nd Floor, 888 Dunsmuir Street, Vancouver, British Columbia.

Contact Information

  • European Minerals Corporation - United Kingdom
    Tony Williams
    Chairman
    +44 (0) 20 7529 7508
    or
    European Minerals Corporation - United Kingdom
    Bert Kennedy
    President and CEO
    +44 (0) 20 7529 7508
    Website: www.europeanminerals.com
    or
    EMC's Nomad - United Kingdom
    Grant Thornton Corporate Finance
    Gerry Beaney/Colin Aaronson
    +44 (0) 20 7383 5100
    or
    Lero Gold Corp. - United Kingdom
    Dr. Sergey V. Kurzin
    Chairman
    +44 (0) 20 7514 0590
    or
    Lero Gold Corp. - United Kingdom
    Alexander Yakubchuk
    CEO
    +44 (0) 20 7514 0590
    or
    Lero Gold Corp. - United Kingdom
    Gavin Dallas
    Investor Relations
    +44 (0) 20 7514 0590
    Website: www.lerogold.com
    or
    Bankside Consultants - United Kingdom
    Michael Padley/ Michael Spriggs
    +44 (0) 20 7367 8888
    or
    Vanguard Shareholder Solutions Inc. - North America
    Keith Schaefer
    1-866-448-0780
    Email: ir@vanguardsolutions.ca