Lero updates on Karchiga Copper VMS project

European Minerals Corporation (EMC) and Lero Gold Corp. have entered into a binding heads of agreement pursuant to which EMC will acquire all of the outstanding common shares of Lero in exchange for common shares of EMC pursuant to a plan of arrangement (the “Acquisition”). The directors of EMC and Lero believe that the Acquisition will create a well-financed gold/copper mining and production, development and exploration company with an exciting growth profile focused on regional consolidation in the countries of the former Soviet Union.

Lero Gold Corp. reports a National Instrument 43-101 compliant resource estimate for its Karchiga VMS deposit northeast Kazakhstan.

The resource incorporates the 1,879m of confirmation diamond drilling completed by Lero in Q4 2007 and 86 historical Soviet diamond drillholes and trenches totalling 10,330m. At a 0.50% copper cut-off, the Indicated resource is 4.75Mt @ 2.46% Cu while the Inferred resources total 2.81Mt @ 1.81% Cu.

Central lodes contain 4.75Mt @ 2.46% Cu of the resource within sulphide (Indicated) and 0.71Mt @ 1.49% Cu within oxide (Inferred) material at a 0.50% Cu cut-off. The balance of the resource is contained within an Inferred sulphide resource at Karchiga northeast. The north eastern lodes, which are blind to surface, are located some 200m across strike and lie 150m stratigraphically above the Karchiga Central mineralised zone.

The mineralisation is located within a series of stacked shallow-dipping massive and disseminated sulphide bodies, primarily consisting of chalcopyrite-pyrrhotite and pyrite mineralisation. The lodes have a strike of in excess of 1km and are intersected at depths reaching 200m. The majority of the high grade sulphide mineralisation is concentrated within 100m from surface. Indication of the presence of easterly-plunging higher grade copper shoots is evident from the modelling completed to date and follow-up drilling is planned to evaluate the down dip potential during the 2008 field season.

The resource was calculated using Ordinary Kriging on composite drillhole samples selected within a 0.5% Cu wireframe. All wireframe models were constructed from interpretation of geology and grade boundaries and used to assign block categories within the grade interpolation model. Material types and samples data was subsequently extracted and subset within discrete lodes and grade interpolation constrained to each individual lode separately. A total of seven separate wireframes were constructed to constrain drillhole data. Specific gravity measurements were carried out for the different material types collected from Karchiga diamond drill core and an in-situ bulk density value assigned to the block model.