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Strategies & Market Trends : Ride the Tiger with CD -- Ignore unavailable to you. Want to Upgrade?

To: Proud Deplorable who wrote (19335)	11/10/2004 4:25:00 AM
From: labbe	Read Replies (2) \| Respond to of 312466

EPM.U NEWS TSX TSX-VEN CDN Any US Canadian Company Press Releases EPM.U 2004-11-10 (provided courtesy of CCNMatthews .) register to receive future releases by email from CCNMatthews European Minerals Corporation: Bankable Feasibility Study at Varvarinskoye Complete Significant Reduction in Capital Costs 26% Increase in NPV LONDON, UNITED KINGDOM--(CCNMatthews - Nov. 10, 2004) - European Minerals Corporation (TSX:EPM.U) (LSE:EUM) ("EMC") is pleased to announce completion of the optimisation of its Bankable Feasibility Study ("Study") on its Varvarinskoye gold-copper project in Northern Kazakhstan. EMC owns 86% of the Varvarinskoye project. The optimised Study re-examined all aspects of the 1998 Bateman Feasibility Study, resulting in a very commercially robust project with proven and probable mineral reserves containing 2.345 million ounces of gold and 269 million pounds of copper. Highlights from the Study, using a gold price of US$375 per ounce and a copper price of US$1.00 per pound, are as follows: /T/ Financials --------------------------------------------------------------------- All equity case, Project Base Case: US$400 per ounce gold, before taxes US$375 per ounce gold, US$1.10 per pound and royalties US$1 per pound copper copper --------------------------------------------------------------------- NPV (0% discount) US$301 million US$371 million --------------------------------------------------------------------- NPV (10% discount) US$114 million US$147 million --------------------------------------------------------------------- IRR 35% 41% --------------------------------------------------------------------- Payback 26 months 22 months ---------------------------------------------------------------------