European Goldfields announces Exploration Update

June 11, 2010 By Leave a Comment

For Immediate Release 10 June 2010

European Goldfields Limited

GROUP EXPLORATION UPDATE
DRILL PERMIT APPROVED FOR GREEK PROJECTS
GROUP WIDE US$15 MILLION EXPLORATION PROGRAMME UNDERWAY

10 June 2010 – European Goldfields Limited (TSX / AIM: EGU) (“European
Goldfields” or the “Company”) is pleased to announce the approval of an
exploration drill permit within its 317 km2 Greek Licence Area which
hosts the Stratoni mine, the Olympias and Skouries development projects
and three drill-ready exploration targets.

The Company plans to advance a pipeline of highly prospective
exploration targets, all located within 10km of the Company’s producing
mine and development projects. The Board of Directors has approved a
US$9.2 million exploration budget for Greece with the primary objective
of increasing gold resource ounces to add to the 7.6 million proven and
probable gold reserve ounces already defined at Olympias and Skouries.

An airborne geophysics survey, commissioned by European Goldfields,
identified a total of 28km of anomalies within the Licence Area, some
of which are already known to host mineralisation and others are
currently untested. The 3 main targets, Piavitsa, Fisoka and Tsikara,
are described below:

Piavitsa

Piatvitsa is comparable in mineralisation style and geophysical
characteristics to Olympias, which hosts proven and probable reserves
of 3.7 Moz gold, 1.2 Mt lead and 52.1 Moz silver

– Historic drill results confirm Olympias-style gold-lead-zinc-silver
mineralisation at Piavitsa, with a strong correlation between
mineralisation and the extensive geophysical anomaly
– Piavitsa anomaly is 3 times the strike length of the Olympias
massive sulphide orebody
– A 23,000m drill programme aims to demonstrate continuity of
mineralisation along the Piavitsa anomaly and delineate resources

Fisoka & Tsikara

The magnetic component of the airborne survey also identified a 17km by
6km belt of porphyry intrusives which highlights two other major
porphyry targets, Fisoka and Tsikara.

– Copper-gold porphyry targets located in the same intrusive belt
which hosts Skouries
– Phase one drilling of 4,200m to test grade and width
– Phase two drilling of 13,500m aimed at delineating resources

The Company’s 317 km2 Licence Area is well served by a network of roads
and power lines and a number of the proposed drill sites have excellent
access via existing roads and tracks which will permit the rapid
commencement of the exploration programme.

A detailed map showing the location and potential of these previously
drilled and drill-ready targets can be seen at

http://www.egoldfields.com/egoldfields/en/operationsprojects/greece/exploration.

Romania

European Goldfields’ Romanian exploration programme is focused on
epithermal and porphyry targets with the potential to host
multi-million ounce deposits. A series of drill targets have been
identified including:

– Extensions to gold-bearing systems historically exploited within
the Brad area. Historic production from Brad is estimated to be
several million ounces of gold from veins which include high-grade
bonanza zones with extensive free-milling gold
– Previously unrecognised ‘blind’ porphyry and epithermal targets
– Massive sulphide deposits previously untested for gold and silver

Following infill sampling a programme of drill and trench testing will
be carried out in Q3 and Q4 with a total approved budget of US$4.4
million for 2010.

Turkey

As with Romania, European Goldfields’ 2010 exploration strategy is
based on the identification of epithermal and porphyry targets with the
potential to host multi million ounce deposits. Detailed surface work
has defined a number of new targets on licences held in Joint Venture
agreements with Ariana Resources and Aldridge Minerals. These targets
will be drilled during the second half of 2010 under the approved
US$2.2 million exploration budget.

About European Goldfields

European Goldfields is a developer-producer with globally significant
gold reserves located within the European Union. The Company generates
cash flow from its 95% owned Stratoni operation, a high grade lead/zinc
/silver mine in North-Eastern Greece and the sale of gold concentrates
from Olympias. European Goldfields will evolve into a mid tier producer
through responsible development of its project pipeline of gold and
base metal deposits at Skouries and Olympias in Greece and Certej in
Romania. The Company plans future growth through development of its
highly prospective exploration portfolio in Greece, Romania and Turkey.

Resources & reserves parameters

For additional information on the resource and reserve estimates quoted
in this news release, please refer to the Company’s Resources &
Reserves Declaration at:
www.egoldfields.com/egoldfields/en/operationsprojects/state Patrick
Forward, General Manager, Exploration
of the Company, was the Qualified Person under Canadian National
Instrument 43-101 responsible for reviewing the disclosure of resource
and reserve estimates quoted in this news release.

For further information please see the Company’s website at
www.egoldfields.com

For further information please contact:

European Goldfields: Liberum Capital Limited
Sally Schofield, VP Investor Relations Simon Atkinson
e-mail: info@egoldfields.com Michael Rawlinson
Tel: +44 (0)20 7408 9534 Tel: +44 (0)20 3100 2000

Buchanan Communications: Evolution Securities Limited
Bobby Morse / Katharine Sutton Rob Collins
e-mail: bobbym@buchanan.uk.com Tim Redfern
Tel: +44 (0)20 7466 5000 Tel: +44 (0)20 7071 4300

Forward-looking statements

Certain statements and information contained in this document,
including any information as to the Company’s future financial or
operating performance and other statements that express management’s
expectations or estimates of future performance, constitute
forward-looking information under provisions of Canadian provincial
securities laws. When used in this document, the words “anticipate”,
“expect”, “will”, “intend”, “estimate”, “forecast”, “planned” and
similar expressions are intended to identify forward-looking statements
or information. Forward-looking statements include, but are not limited
to, the estimation of mineral reserves and resources, the timing and
amount of estimated future production, costs and timing of development
of new deposits, permitting time lines and expectations regarding metal
recovery rates. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable
by management, are inherently subject to significant business, economic
and competitive uncertainties and contingencies.

The Company cautions the reader that such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause the actual financial results, performance or achievements of
the Company to be materially different from its estimated future
results, performance or achievements expressed or implied by those
forward-looking statements and the forward-looking statements are not
guarantees of future performance. These risks, uncertainties and other
factors include, but are not limited to: changes in the price of gold,
base metals or certain other commodities (such as fuel and electricity)
and currencies; uncertainty of mineral reserves, resources, grades and
recovery estimates; uncertainty of future production, capital
expenditures and other costs; currency fluctuations; financing and
additional capital requirements; the successful and timely permitting
of the Company’s Skouries, Olympias and Certej projects; legislative,
political, social or economic developments in the jurisdictions in
which the Company carries on business; operating or technical
difficulties in connection with mining or development activities; the
speculative nature of gold and base metals exploration and development,
including the risks of diminishing quantities or grades of reserves;
the risks normally involved in the exploration, development and mining
business; and risks associated with internal control over financial
reporting. For a more detailed discussion of such risks and material
factors or assumptions underlying these forward-looking statements, see
the Company’s Annual Information Form for the year ended 31 December
2009, filed on SEDAR at www.sedar.com. The Company does not intend, and
does not assume any obligation, to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required by law.

This information is provided by RNS
The company news service from the London Stock Exchange

END

Contacts:
RNS
Customer
Services
0044-207797-4400
rns@londonstockexchange.com

http://www.rns.com

Copyright 2010, Market Wire, All rights reserved.

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Aurcana Expands Resource Potential at La Negra

June 10, 2010 By Leave a Comment

VANCOUVER, BRITISH COLUMBIA, Jun 09 (MARKET WIRE) —
Aurcana Corporation (“Aurcana” or the “Company”) (TSX
VENTURE: AUN) is pleased to announce that first quarter underground
drilling directed towards extending the boundaries of existing ore-bodies
and testing other promising exploration targets at the La Negra Mine has
intersected significant mineralization in the La Cruz and Sofia Deposits.

La Cruz Deposit

Drilling was designed to follow up evidence of copper mineralization
during the mapping and sampling of historic workings in the La Cruz
deposit area. Four holes were drilled to trace the vertical extent of a
copper rich replacement zone at the contact with a diorite dyke.
Intersected widths (see table below) range from 7.90m to 13.00m with an
average intersected width of 9.94m. Mineralization was traced over a
vertical interval of 85.0m, from the 2100 level to the 2015 level. The
zone is interpreted to be moderately folded, based on the spatial
distribution of intersections, and the actual length of the zone exceeds
its vertical extent. Further support for the continuity of grade is
provided by development drifts into the zone on the 2080 level which
produced 3,281 tonnes (“t”) of ore grading 58g/t Ag, 0,04% Pb,
0.07% Zn, 0.87% Cu.

LA CRUZ ZONE INTERSECTIONS

—————————————————————————-
Hole No. From To Interval m. Ag g/t Pb % Zn % Cu %
—————————————————————————-
DCOB-78 64.05 73.90 9.85 70.00 0.27 0.09 0.58
—————————————————————————-
DCOB-79 49.05 56.95 7.90 56.00 0.06 1.26 0.80
—————————————————————————-
DCOB-80 33.65 46.65 13.00 70.00 0.10 0.08 0.95
—————————————————————————-
DCOB-81 51.50 60.50 9.00 36.00 0.06 0.19 0.87
—————————————————————————-
-Intersected widths do not represent true thicknesses

Additional drilling is necessary to define the full strike and dip
extent of the mineralization in order to calculate a resource; however
the potential for delineating an additional 150,000 t(ii) of well
mineralized material appears reasonable. The new zone is already
contributing mill feed to daily production due to its proximity to the
main haulage level.

Sofia Deposit

Excellent additional tonnage potential was discovered at the Sofia
Deposit during the quarter. Exploration drifting parallel to the
Maravillas dyke on the 2025 level has encountered replacement
mineralization at the footwall contact for a strike length of 110m
averaging 74g/t Ag, 0.20% Pb, 0.97% Zn, 0.58% Cu based on channel
sampling. Five short Packsack holes drilled to establish the thickness of
the mineralized zone returned a weighted average intersection of 9.84 m
grading 40 gm/t Ag, 0.01% Pb, 1.00% Zn, 0.92% Cu. Further drilling to
test the vertical continuity and strike extent of the zone, as well as
the prospective hangingwall of the dyke contact is pending. The potential
for delineating an additional 50,000 t(ii) of well mineralized material
appears very reasonable.

SOFIA ZONE INTERSECTIONS

—————————————————————————-
Hole No. From To Interval m. Ag g/t Pb % Zn % Cu %
—————————————————————————-
PSOF-78 21.15 27.15 6.00 49 0.01 0.75 1.17
—————————————————————————-
PSOF-80 0.00 12.30 12.30 35 0.01 0.18 0.82
—————————————————————————-
PSOF-81 0.00 10.10 10.10 58 0.01 0.30 1.35
—————————————————————————-
PSOF-82 0.00 13.00 13.00 31 0.01 1.38 0.71
—————————————————————————-
PSOF-84 5.00 12.80 7.80 33 0.01 2.74 0.70
—————————————————————————-
-Intersected widths do not represent true thicknesses

A second Diamec 232 drill has been ordered to beef up the operations
drilling capacity to evaluate the multiple underground targets at La
Negra. The use of in house drill crews and equipment has reduced the
drill cost per meter by more than 50% compared to historic contractor
costs. The contact margins of the numerous dykes and intrusive bodies
continue to present excellent targets for growing the future resources of
the La Negra Mine.

The underground drilling was conducted with drill equipment owned and
operated by Minera La Negra, and core was assayed by the mine assay
laboratory which is operated by Minera La Negra qualified personnel.
Analytical QA-QC controls are maintained through the use of duplicates,
blanks, and commercial standards.

(ii)The reader should be cautioned the potential quantity and grade is
conceptual in nature. There has been insufficient drilling to define a
mineral resource and it is uncertain if further exploration will result
in discovery of a mineral resource.

About Aurcana Corporation:

The Shafter Silver Mine is scheduled to start up production within 18
months of securing permits and financing, producing 3.9 million ounces
silver in the first year. It has a NI 43-101 measured and indicated
resource of 24.6 million ounces of silver (2,900,000 tons at 8.48Ag opt)
and an inferred resource of 22.8 million ounces of silver (2,167,000 tons
at 10.52 Ag opt) using a 4.0 ounce per ton cut off. The 92% owned La
Negra silver-lead-zinc-copper mine is on target to increase production to
over 2 million ounces Silver Equivalent annually when expansion to 1,500
t/d, is completed by mid year. The reader should be cautioned the Company
has not completed a feasibility study confirming the projected production
capacity for La Negra and there is no certainty the Company’s plans will
be economically viable. Ron Nichols, P.Eng. a Director and Senior Vice
President for Aurcana, and a Qualified Person as defined by National
Instrument 43-101, supervised the preparation of the technical
information in this release.

ON BEHALF OF THE BOARD OF DIRECTORS OF

AURCANA CORPORATION

Lenic Rodriguez, President

NR#10-09

Caution Regarding Forward-Looking Statements – This news release contains
certain forward-looking statements, including statements regarding the
business and anticipated financial performance of the Company. These
statements are subject to a number of risks and uncertainties. Actual
results may differ materially from results contemplated by the
forward-looking statements. Factors that could cause actual results to
differ materially from those in the forward-looking statements include
unsuccessful exploration results, changes in metal prices, changes in the
availability of funding for mineral exploration and development,
unanticipated changes in key management personnel and general economic
conditions. When relying on forward-looking statements to make decisions,
investors and others should carefully consider the foregoing factors and
other uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to update any
forward-looking statements, oral or written, made by itself or on its
behalf.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Contacts:
Aurcana Corporation
Jack Barnes
Corporate Relations
(604) 331-9333 or Toll Free: (866) 532-9333
(604) 633-9179 (FAX)
jbarnes@aurcana.com
www.aurcana.com

Copyright 2010, Market Wire, All rights reserved.

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Continental Gold Begins 2010 Drill Program at Buritica Gold Project, Colombia

June 3, 2010 By Leave a Comment

TORONTO, ONTARIO, Jun 02 (MARKET WIRE) —
Continental Gold Limited (TSX: CNL) (“Continental” or “The
Company”) is pleased to announce that it has begun an aggressive
drill program at its flagship Buritica gold property near Medellin in
northwestern Colombia. A total of four drills will be in operation – one
underground and three surface drills, which are scheduled to complete a
minimum 23,000 metre program by the end of 2010. Continental’s previous
17,600 meters of drilling and 1200 meters of underground development have
defined several high grade veins and a mineralized breccia body. The
current drill campaign will complete step-out and infill drilling on the
San Antonio, Sur, B, and Centena veins and a portion of the breccia.
Additionally, several geochemical soil anomalies will be drill tested.
This work, along with ongoing underground development, will form the
basis of a resource calculation scheduled for early 2011.

Since exploration began on the 18,000 hectare (44,475 acre) Buritica
property in 2008, Continental has outlined a 2 x 2 kilometer carbonate
base metal-type gold vein/breccia system related to a center of
porphyry-style alteration. To date several of the larger veins have been
tested over a 200-450 meter vertical range and all are open at depth.
World-wide, the larger mineralized systems of this type have economic
potential in the veins over significant vertical ranges. This down-dip
vertical extension of the veins is one of several additional highly
prospective exploration targets which will be tested with the remaining
drill meters. Other 2010 drill priorities include follow up drilling of
the Yaragua diatreme breccia, a portion of which has average grades of 3
grams per tonne gold, the La Mano and San Augustine prospects which have
potential for bulk tonnage in zones of replacement mineralization, and
several high priority soil geochemical anomalies.

“Because we are in the extremely fortunate position of having
multiple high-priority drill targets, we intend to remain flexible with
respect to increasing the number of drills we may require as well as
increasing the overall drilling campaign to properly cover the target
areas,” commented Stuart Moller, Vice President, Exploration .
“Our mandate is resource definition drilling program on the known
mineralized veins and any other mineralization we encounter, so it’s very
important that we be able to add drills at short notice as we advance
this project. For that reason, as well as others, we chose to work with
Major Drilling Group International Inc., which has the capacity we need
for this flexibility.”

New Addition to Management Team

Continental Gold also announces that Naomi Nemeth has been appointed Vice
President, Investor Relations. Ms. Nemeth has worked in the mining and
mineral exploration industry for the past six years with a focus on
investor relations and corporate management. She has held senior Investor
Relations positions with Homeland Energy Group (coal, South Africa),
African Copper PLC (copper, Botswana), Wolfden Resources (gold and base
metal exploration, Canada), Sanatana Diamonds (Canada) and Desert Sun
Mining (gold producer, Brazil). Prior to returning to the mining field in
2004, Ms Nemeth held senior investor relations and communications roles
in the pharmaceutical (GSK, Biovail, MDS) and financial services
(Manulife Financial, Clarica-Sunlife Financial) sectors. Ms Nemeth began
her career as a field exploration geologist in the Yukon and northern
Ontario following completion of an Honours BSc in Geology and Biology at
Brock University. Subsequent to that, Ms Nemeth earned a Masters degree
in Journalism from the University of Western Ontario.

Qualified Person

Stuart Moller, PGeo, is the Qualified Person for the information
contained in this press release and is a Qualified Person within the
meaning of National Instrument 43-101.

Additional details on the Buritica project and the rest of Continental
Gold’s suite of gold exploration properties is available at
www.ContinentalGold.com.

About Continental Gold Limited

Continental Gold Limited is an advanced-stage exploration company with
eight gold projects covering 190,000 hectares in Colombia. Spearheaded by
a management team with over 40 years of exploration and mining experience
in South America, the Company plans to conduct an aggressive exploration
program to its extensive portfolio with a focus on its flagship
high-grade gold project, Buritica and its drill-ready program, Berlin.

Forward-Looking Statements

“This press release contains or refers to forward-looking
information, including statements regarding the estimation of mineral
resources, exploration results, potential mineralization, exploration and
mine development plans, timing of the commencement of operations and
estimates of market conditions, and is based on current expectations that
involve a number of business risks and uncertainties. Factors that could
cause actual results to differ materially from any forward-looking
statement include, but are not limited to, failure to convert estimated
mineral resources to reserves, capital and operating costs varying
significantly from estimates, the preliminary nature of metallurgical
test results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political risks,
uncertainties relating to the availability and costs of financing needed
in the future, changes in equity markets, inflation, changes in exchange
rates, fluctuations in commodity prices, delays in the development of
projects and the other risks involved in the mineral exploration and
development industry. Forward-looking statements are subject to
significant risks and uncertainties, and other factors that could cause
actual results to differ materially from expected results. Readers should
not place undue reliance on forward-looking statements. These
forward-looking statements are made as of the date hereof and the Company
assumes no responsibility to update them or revise them to reflect new
events or circumstances other than as required by law.”

Contacts:
Continental Gold Limited
Naomi Nemeth
Vice President, Investor Relations
416.643.7638
info@continentalgold.com
www.continentalgold.com

Copyright 2010, Market Wire, All rights reserved.

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