A good find for Ellaktor

European Goldfields? announcement that initial exploration results showed there is ?extensive high-grade mineralization? at Piavitsa, in northern Greece, is encouraging for Ellaktor, which holds a 19.5 percent stake in the company, brokers said on Friday.

Shares in Ellaktor, Greece?s largest construction group, outperformed the Athens bourse on Friday, rising 2.03 percent to 4.03 euros. The broader market dipped 0.80 percent.

?Obviously, this is a positive development for European Goldfields, which provides solid evidence of new probable gold, silver, lead and zinc reserves in the area,? National Securities said in a note to investors.

Proton Research said that the exploration results sound encouraging, adding that ?it is not easy to evaluate any potential benefit yet.?

?According to the company, the priority now is to proceed into more intensive drilling campaigns in order to define further the resources,? Proton added.

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