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July 25, 2008
First, though, the little issue of the share price. At 160p, the market is valuing the company at just £292 million, on a fully diluted basis, yet European Goldfields has US$219 million in cash, two operating mines another two in development. What’s more it made a profit of over US$4 million in the first quarter of 2008. Mr Rachovides says the company has checked all the major shareholders and none of them are selling.
In fact the European Goldfields shareholder base is quite...
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