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Additional Information
Market:ASX
Sector:Gold Mining
EPIC:EUG
Latest Price: 0.10  (-9.09% Descending)
52-week High:0.25
52-week Low:0.10
Market Cap:8.68M
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Eurogold

Eurogold Limited is a public company, listed on ASX Limited. Eurogold has disposed of its only remaining asset and the Directors are actively pursuing new opportunities for the Company.

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Eurogold banks $6 million profit from mining investments

Friday, June 12, 2009
Eurogold banks $6 million profit from mining investments

Despite not proceeding with acquisitions in the gold mining sector, Eurogold (ASX: EUG) has been able to realise a $6.4 million profit on investments held in resource based companies.

The Company’s major investment was a holding of 131,851,506 shares in Tanami Gold NL. (ASX: TAM).

The company’s cash position has therefore increased to approximately $14.5m or 23c/share This, together with the current value of its unrealised share portfolio of approximately $5.2m results in a net asset backing per share of approximately 28.0c/share after tax.

The NTA per share of 28 cents compares to the current share price of Eurogold of 17 cents.

Eurogold will receive US$3,000,000 (A$3.75 million) on the disposal of its Ukrainian gold mining assets to Resource Invest LLC (“RIL”) in July 2007. The funds are payable upon a regulatory milestone relating to the advancement of the Saulyak Gold Project being met. This receipt has not been included in the calculation of the net asset position above and is equivalent to an additional 5.8c / share.

The Company is actively seeking and reviewing resource projects for possible investment by the Company.

It is not the intention of the Board that the primary business of Eurogold will be that of a passive portfolio investor in other companies that own resource projects.

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