SOURCE: European Goldfields Ltd

November 10, 2009 02:04 ET

European Goldfields Q3 2009 Results

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

For Immediate
10 November 2009






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
  * 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

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):

For further information please contact:

European Goldfields:             e-mail:
Martyn Konig, Executive Chairman Tel: +44 (0)20 7408 9534
Buchanan Communications:         e-mail:
Bobby Morse / Katharine Sutton   Tel: +44 (0)20 7466 5000
RBC Capital Markets:             e-mail:
Sarah Wharry                     Tel: +44 (0)20 7653 4804


                                      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           18,461
Gross profit                           3,563            3,470
(Loss)/Profit before income tax       (1,332)             242
Income taxes                          (1,847)             644
(Loss)/Profit after income tax        (3,179)             886
Non-controlling interest                  56              (74)
Profit for the period                 (3,123)             812
Earnings per share                     (0.02)            0.00

                            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

Please follow the link below to view the full details of the
Results for Q3 2009;

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

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


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