SOURCE: European Goldfields Ltd

October 06, 2009 02:30 ET

APPROVAL OF PRELIMINARY ENVIRONMENTAL IMPACT STUDY

WHITEHORSE, YUKON--(Marketwire - October 6, 2009) -




For Immediate Release                                 6 October 2009


European Goldfields Limited

APPROVAL OF PRELIMINARY ENVIRONMENTAL IMPACT STUDY BY GREEK STATE

6 October 2009 - European Goldfields Limited (AIM: EGU / TSX: EGU)
("European Goldfields" or the "Company") is pleased to announce the
successful conclusion of the principal phase of the permitting process
for the Skouries and Olympias Projects in Greece.

The Ministry of Environment, Physical Planning and Public Works, based
on the Preliminary Environmental Impact Study ("PEIS") submitted by the
Company's 95%-owned subsidiary Hellas Gold SA, has completed the
Preliminary Environmental Assessment and Evaluation and issued a
positive official endorsement of the construction and operation of the
Project in the province of Halkidiki, in North-Eastern Greece.


The "Project", consists of:

A. Continuation of operations at the Mavres Petres deposit of the
Stratoni Mine.

B. The next stages of the Olympias project, namely the mining and
processing of ore and metallurgical treatment of the concentrate, in
accordance with the business plan as originally submitted.

C. The development of mining and processing at the Skouries project.

D. The port facilities at Stratoni in service of the above projects'
operations.

This official assessment and positive evaluation of the Project,
successfully concludes the major stage of approvals and will lead to
the preparation and submission of the Environmental Impact Study
("EIS") and the supporting studies required by Greek and European
Legislation.

The EIS will be based on terms of reference as now defined by the PEIS.
The EIS will be submitted to the relevant authorities for review and
the normal European Union public consultation requirements in the near
future. The Company is confident that the extensive detail of the
successful PEIS process can in turn now optimise approval of the EIS.

Commenting on this development, David Reading, Chief Executive Officer
of European Goldfields, said:  "Approval of the PEIS is a great
achievement that represents the fulfilment of several years work
by Hellas Gold. It signifies a substantial part of the approval process
and sets out a clear path for the future development of our gold
projects in Greece".


About European Goldfields

European Goldfields Limited is a resource company involved in the
exploration, acquisition, mining and development of mineral properties
in Greece, Romania and South-East Europe.

Greece - European Goldfields holds a 95% interest in Hellas Gold S.A.
Hellas Gold owns three major gold and base metal deposits in Northern
Greece. The deposits are the polymetallic operation at Stratoni, the
Olympias project which contains gold, zinc, lead and silver, and the
Skouries copper/gold porphyry project. Hellas Gold commenced production
at Stratoni in September 2005 and started selling an existing stockpile
of gold concentrates from Olympias in July 2006. Hellas Gold is
applying for permits to develop and build the Skouries and Olympias
projects.

Romania - European Goldfields owns 80% of the Certej gold/silver
project in Romania. In July 2008, the National Agency of Mineral
Resources approved the technical feasibility study in support of its
permit application and issued a new mining permit for the Certej
project.

For further information please contact:

European Goldfields:                    e-mail: info@egoldfields.com
David Reading, Chief Executive Officer  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




Forward-looking statements

Certain statements and information contained in this document,
including any information as to the Company's future financial or
operating performance and other statements that express management's
expectations or estimates of future performance, constitute
forward-looking information under provisions of Canadian provincial
securities laws. When used in this document, the words
"anticipate","expect", "will", "intend", "estimate", "forecast", "planned"
and
similar expressions are intended to identify forward-looking statements
or information. Forward-looking statements include, but are not limited
to, the estimation of mineral reserves and resources, the timing and
amount of estimated future production, costs and timing of development
of new deposits, permitting time lines and expectations regarding metal
recovery rates. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable
by management, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. The Company cautions
the reader that such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual financial results, performance or achievements of the Company to
be materially different from its estimated future results, performance
or achievements expressed or implied by those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. These risks, uncertainties and other factors
include, but are not limited to: changes in the price of gold, base
metals or certain other commodities (such as fuel and electricity) and
currencies; uncertainty of mineral reserves, resources, grades and
recovery estimates; uncertainty of future production, capital
expenditures and other costs; currency fluctuations; financing and
additional capital requirements; the successful and timely permitting
of the Company's Skouries, Olympias and Certej projects; legislative,
political, social or economic developments in the jurisdictions in
which the Company carries on business; operating or technical
difficulties in connection with mining or development activities; the
speculative nature of gold and base metals exploration and development,
including the risks of diminishing quantities or grades of reserves;
the risks normally involved in the exploration, development and mining
business; and risks associated with internal control over financial
reporting. For a more detailed discussion of such risks and material
factors or assumptions underlying these forward-looking statements, see
the Company's Annual Information Form for the year ended 31
December 2008, filed on SEDAR at www.sedar.com. The Company does not
intend, and does not assume any obligation, to update or revise anyforward-
looking statements whether as a result of new information,
future events or otherwise, except as required by law.

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

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