SOURCE: European Goldfields Ltd

November 10, 2009 06:11 ET

EUROPEAN GOLDFIELDS LTD: RESULTS FOR Q3 2009

WHITEHORSE, YUKON--(Marketwire - November 10, 2009) -


With respect to RNS Number: 2334C European Goldfields Limited would
like to clarify that the Q3 2008 comparison figures in the Selected
Financial Data table on page 2 have been amended.



                      SELECTED FINANCIAL DATA


                                     Quarter ended 30 September
(in thousands of US dollars,            2009              2008
except per share amounts)                USD               USD

Statement of profit and loss
Sales                                 17,037            16,101

Gross profit                           3,563             1,393
(Loss)/Profit before income tax      (1,332)           (4,859)
Income taxes                         (1,847)             (451)
(Loss)/Profit after income tax       (3,179)           (5,310)
Non-controlling interest                  56               267
Profit for the period                (3,123)           (5,043)
Earnings per share                    (0.02)            (0.03)

                           30 September 2009  31 December 2008
(in thousands of US dollars)
                                         USD               USD

Balance sheet
Working capital                      146,158           192,675
Total assets                         749,870           766,095


For Immediate Release                           10 November 2009

                          EUROPEAN GOLDFIELDS LIMITED
                              RESULTS FOR Q3 2009

                       MAJOR PERMITTING SUCCESS IN GREECE
                           SKOURIES CONTRACT COMPLETED
                                STRONG GOLD SALES

10 November 2009 - European Goldfields Limited (AIM: EGU / TSX: EGU)
("European Goldfields" or the "Company") today reports its results for
the quarter ended 30 September 2009.

Financial highlights:
  -     Strong base metal concentrate sales, up by 21% against Q2 2009
  -     Operating profits of USD3.6 million for the period, up 12% on Q2
        2009
  -     Working capital of USD146 million
  -     USUSD 23 million invested in projects during the quarter

Operational highlights:

  -     Greece: PEIS covering all projects and operations has been
        approved by the Greek State
  -     Martyn Konig appointed Executive Chairman. Bruce Burrows
        joins board of Directors
  -     Skouries: Equipment deliveries continue from Outotec
  -     Olympias: Strong gold sales. Rehabilitation studies on the
        Mine and Process Plant have commenced
  -     Stratoni: Mine infrastructure essentially complete, Process
        Plant operating well
  -     Certej: Basic Engineering for the Process Plant completed
  -     Certej: Commencement of Technical Study for application for
        Construction Permit

Commenting on the results, Martyn Konig Executive Chairman of European
Goldfields, said:"We have entered an exciting period for this Company.  We
aim to
deliver the right valuation and performance for our Company
through achieving the twin objectives of permitting and financing with
a renewed and realistic approach in the coming months."

European Goldfields will host a conference call at 10:00 a.m. ET / 3:00
pm (London, UK time) today to update investors and analysts on its
results.  Participants may join the call by dialing one of the three
following numbers, approximately 10 minutes before the start of the
call.

From North America: (toll free) 1888 935 4575

From UK, Austria, Belgium, Denmark, France, Germany, Ireland, Italy,
Netherlands, Norway, Sweden & Switzerland: +44 20 7806 1951 (or toll
free from the UK) 0800 028 1243

Participant pass code: 5323840

A live audio webcast of the call will be available on the following
link, and a replay will be available on the same link from 12:00pm ET /
5:00pm (London, UK time):

http://mediaserve.buchanan.uk.com/2009/eg101109/registration.asp

For further information please contact:

European Goldfields:             e-mail: info@goldfields.com
Martyn Konig, Executive Chairman Tel: +44 (0)20 7408 9534

Buchanan Communications:         e-mail: bobbym@buchanan.uk.com
Bobby Morse / Katharine Sutton   Tel: +44 (0)20 7466 5000

RBC Capital Markets:             e-mail: sarah.wharry@rbccm.com
Sarah Wharry                     Tel: +44 (0)20 7653 4804

                       SELECTED FINANCIAL DATA

                                      Quarter ended 30 September
(in thousands of US dollars,             2009                2008
except per share amounts)                 USD                 USD

Statement of profit and loss

Sales                                  17,037              16,101

Gross profit                            3,563               1,393

(Loss)/Profit before income tax       (1,332)             (4,859)
Income taxes                          (1,847)               (451)

(Loss)/Profit after income tax        (3,179)             (5,310)

Non-controlling interest                   56                 267

Profit for the period                 (3,123)             (5,043)

Earnings per share                     (0.02)              (0.03)

                            30 September 2009    31 December 2008
(in thousands of US dollars)              USD                 USD
Balance sheet

Working capital                       146,158             192,675

Total assets                          749,870             766,095

Click on, or paste the following link into your web browser, to view the
associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/2652C_1-2009-11-10.pdf

European Goldfields' unaudited consolidated financial statements and
management's discussion and analysis for the three month periods ended
30 September 2009 and 2008 are filed on SEDAR at www.sedar.com.


                    This information is provided by RNS
          The company news service from the London Stock Exchange

END

Contact Information