Resource News
Breakthrough for gold miners in Greece
By resourceINTEL · October 7, 2009 · 6:23 am · Leave a Comment
“Greece” has been a bad word in the gold industry for a long time, as political and local opposition has made life extremely tough for gold mining companies. But there was a huge breakthrough yesterday, as the government approved a preliminary environmental impact study from European Goldfields Ltd., which wants to develop the Skouries and Olympia projects. These are massive deposits with more than 8 million ounces of gold reserves.
Investors are treating this announcement as a major positive, and so is Canaccord Adams analyst Nick Chalmers.
“Although not quite the final piece of the permitting jigsaw, in our view today’s news represents a major de-risking event — we believe it is now more a question of when, not if, permitting is concluded,” he wrote in a note to clients…read more at the Financial Post
