EURO RESSOURCES 
By EURO Ressources S.A. (TSX:EUR) (Paris:EUR) reports that IAMGOLD Corporation advises that production of 83,438 ounces of gold was achieved at the Rosebel gold mine during the fourth quarter of 2007.
James H. Dunnett, Directeur-Général of EURO said: ?EURO is most pleased by the level of gold production during the fourth quarter of 2007, which was at an annual rate of over 330,000 ounces. Gold production in the quarter was 13.6% higher than the production achieved in the previous quarter and is the highest rate since early 2005. Further increases in production are anticipated in line with IAMGOLD's forecast and plant expansion. The Rosebel royalty recorded by EURO for the fourth quarter is $3,846,576, a 42% increase from the third quarter royalty amount of $2,705,949?.
EURO has previously given notice to IAMGOLD for an audit of the mine production results for the third quarter 2007. These results showed gold production from hard rock increased to over 25% of the total in July and August, a much higher proportion than in prior periods. The fourth quarter production results show a further increase to nearly 30% in gold production attributed to hard rock. EURO will await the results of the current audit before determining whether a further audit may be appropriate.
In calculating the Rosebel Royalty due for Q3 2007, IAMGOLD deducted from attributed gold production, certain monetary payments made by Rosebel to the Suriname Government. IAMGOLD made a further deduction arising from a retroactive and corresponding revision to attributable production previously used to determine the royalty payable under the Participation agreement from commencement of mine production in early 2004.
IAMGOLD has made a similar deduction from attributable gold production for Q4 2007, resulting in withholding of $108,707, conforming with the disputed approach made in Q3. EURO has objected to IAMGOLD's actions and is proceeding to arbitration on this matter: a resolution is anticipated during the current calendar quarter.
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 its dealings with IAMGOLD Corporation and anticipated developments at the Rosebel gold mine, which is operated by 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 under EURO's profile on SEDAR at www.sedar.com. Requests for further information should be addressed to:
James H. Dunnett,
Directeur-Général |
Susanne A. Hermans |
EURO Ressources S.A.
James H. Dunnett, +1-604-710-2242
Directeur-Général
jhdunnett@aol.com
Susanne
A. Hermans, +1-303-204-7771
Vice-President Finance
shermans@euroressources.net
