EURO Ressources S.A.
Press Release PR 09-02 Page 1 of 2
A Gold Resource Royalty
EURO RESSOURCES HAS RECORD EARNINGS FOR THE
YEAR ENDED DECEMBER 31, 2008
PARIS, France, March 3, 2009: EURO Ressources S.A. (TSX: EUR) (Paris: EUR) today
announced its unaudited consolidated financial results for the year ended 31 December
2008 prepared in accordance with International Financial Reporting Standards as
adopted by the European Union. EURO reported record earnings of €4.68 million for
2008, and earnings of €0.46 million for the fourth quarter of 2008; this compares to a
loss of €0.76 million for 2007 and €0.58 million for the fourth quarter of 2007. All
financial amounts are expressed in €uros.
The following comments on the results for the quarter and twelve months ended
December 31, 2008, are taken from our Management’s Discussion and Analysis:
Three months ended December 31, 2008 compared to three months ended
December 31, 2007
EURO recorded revenue of €3.217 million in the quarter ended December 31, 2008,
compared to €2.80 million in the fourth quarter of 2007, an increase of 15%. Substantially
all of this revenue is derived from the Rosebel royalty. The Rosebel gold mine achieved
record production of 89,651 ounces of gold in the fourth quarter of 2008, a 7% increase
from the 83,438 ounces of gold achieved in the fourth quarter of 2007.
The average gold price for the quarter was $794.76 per ounce of gold which compares to
$786.25/ounce for the same period last year, an increase of less than 1%.
EURO had no scheduled gold hedging maturities during the fourth quarter of this year,
compared to hedging costs from scheduled maturities of €1.32 million during the same
quarter last year. In the fourth quarter of 2008, EURO liquidated the gold hedges
scheduled to mature in the second quarter of 2009 and half of the gold hedge scheduled
to mature in the third quarter of 2009. The liquidated loss of €2.74 million associated with
the early liq