EURO RESSOURCES REPORTS EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2016 - Seite 3

Operating expenses during the fourth quarter of 2016 were €0.1 million compared to €0.4 million in the same period of 2015. The difference was mainly due to lower administrative costs, directors' fees and legal fees during 2016.

The amortization expense of €0.21 million during the fourth quarter of 2016 was higher than the amortization expense of €0.14 million recorded during the fourth quarter of 2015, mainly due to lower gold reserves at the Rosebel mine.

EURO recorded an income tax expense of €2.7 million during the fourth quarter of 2016 compared to €1.9 million during the fourth quarter of 2015.  The increase is mainly due to higher royalty revenues in 2016 compared to 2015 and translation adjustments.

Outlook   

The Rosebel royalty production is anticipated to be between 311,000 ounces and 321,000 ounces in 2017.  In 2017, the Rosebel royalty is expected to provide revenues to the Company of between approximately €25.8 million and €26.7 million (US$27.8 million and US$28.8 million).  These pre-tax numbers assume a gold price of US$1,250 per ounce and an exchange rate of €1 for US$1.08.  The impact of changes in the average gold price on EURO's annual revenues, based on an estimated production of 316,000 ounces, would be approximately US$3.1 million for each US$100 per ounce change in the gold price.  EURO's cash flow will primarily be affected by income tax payments, since there are no tax losses carried forward to offset any future revenue.  EURO expects its cash flow will be adequate to meet all corporate and related expenses.

About EURO

EURO is a French company whose principal asset is a gold production royalty from the Rosebel gold mine in Suriname (the "Rosebel royalty"). The Rosebel gold mine is 95%-owned by IAMGOLD Corporation ("IAMGOLD"), and is operated by IAMGOLD.  EURO has approximately 62.5 million shares outstanding.  At December 31, 2016, IAMGOLD France S.A.S., a wholly owned subsidiary of IAMGOLD, owned approximately 89.71% of all issued outstanding shares of EURO.

Statements Regarding Forward-Looking Information:   Some statements in this news release are forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties.   There can be no assurance that future developments affecting the Company will be those anticipated by management.

Not for distribution to United States newswire services or for dissemination in the United States. The securities referred to herein have not been registered under the United States Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold in the United States or to a U.S. person absent registration, or an applicable exemption from the registration requirements of the Securities Act.

Additional information relating to EURO Ressources S.A. is available on SEDAR at www.sedar.com.  Further requests for information should be addressed to:

EURO RESSOURCES REPORTS EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2016

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: EURO Ressources via Globenewswire