October 09, 2009 04:56 ET

EUROPEAN GOLDFIELDS LIMITED: BOARD AND MANAGEMENT CHANGES

WHITEHORSE, YUKON--(Marketwire - October 9, 2009) -

For Immediate Release                           9 October 2009
                   European Goldfields Limited
                   BOARD AND MANAGEMENT CHANGES
9 October 2009 - European Goldfields Limited (AIM: EGU / TSX: EGU)
("European Goldfields" or the "Company") is pleased to announce the
following board and management changes as it moves to a new phase in
its development.
Following the successful conclusion of the principal phase of the
permitting process for the Skouries and Olympias Projects in Greece
announced earlier this week, Mr. Martyn Konig has been appointed as
Executive Chairman and President of the company.
Mr. Konig has over 27 years experience in the resources sector,
including senior management roles at NM Rothschild Limited, Goldman
Sachs and UBS, with a particular focus on the gold market and gold
financing. He was formerly the CEO of Blackfish Capital Management
Limited. Mr Konig has been a Non-Executive Director of the Company
since 2008 and is also a Non-Executive Director of TSX listed New Gold
Inc (TSX: NGD).
Mr. Dimitrios Koutras will step down as Chairman of the Company now
that the preliminary permits for the Company's Greek properties have
been granted, in order to permit him to undertake an expanded role with
the Company's 95% owned Greek operating subsidiary, Hellas Gold, and to
focus on the development of those projects through their final stages
into production. Mr. Koutras will remain on the Board of the Company
both as a Non-Executive Director and as Executive Chairman of Hellas
Gold.
The Company also extends its warm thanks to Mr David Reading, who is
departing both as CEO and from the Board of European Goldfields. Mr
Reading is leaving the Company after almost six years of service,
during which the technical and engineering definition of the portfolio
was completed. This progress culminated in our recent success in the
permitting of our Greek projects.
The Company is confident that it has the right set of skills and
experience required to address the next phase of its development. Mr.
Konig will lead a strategic review of its management, business and
affairs. The review will include the development of a new corporate
strategy, with a focus on corporate development and financing
alternatives, strengthening relationships with key shareholders,
enhancing its corporate profile and defining its model for business
development.
On accepting his new role, Mr Konig commented "I am extremely pleased
to take on my new role at European Goldfields. Our step forward in
permitting represents a truly exciting opportunity, as the company
enters the financing and corporate development phase in the evolution
of its gold projects, with three high class projects in Greece and
Romania all now moving steadily towards production. I would also like
to extend our gratitude and appreciation for the significant
contribution that David Reading has made to the development of European
Goldfields".
The Company is also pleased to announce the appointment of Mr. Bruce
James Burrows as a Non-Executive Director of the Company subject to the
completion of regulatory clearances.
Mr. Burrows, aged 51, is currently Finance Director at JKX Oil & Gas
PLC ("JKX"), a role he has held since 1997. JKX is an oil and gas
exploration and production company listed on the London Stock Exchange,
with interests in Ukraine, Russia, Hungary, Bulgaria, Slovakia and
Georgia. He joined JKX from Ernst & Young where he held positions in
both, New Zealand and London. Mr. Burrows holds a BSc Honours degree
from Canterbury University, New Zealand, a Diploma in Accounting from
Victoria University, New Zealand, and is a member of the New Zealand
Institute of Chartered Accountants. He is also JKX's Company Secretary.
Mr. Burrows is currently a director of the following companies:
JKX Oil & Gas plc, JKX Services Ltd, Trans-European Energy Services
Ltd, JP Kenny Exploration & Production Ltd, JKX (Nederland) BV, Page
Gas Ltd, Mid Asian Gas Ltd, JKX Holdings North America Ltd LLC, JKX
Georgia Ltd, Baltic Energy Trading Ltd, JKX (Ukraine) Ltd, JKX Ltd,
Eurodril Ltd, JKX (Navtobi) Ltd, Adygea Gas BV, JKX Ukraine B.V., JKX
North America Ltd, JKX Investments Ltd, JKX Oil & Gas LP, JKX Hungary
B.V. JKX Ondava B.V. JKX Carpathian B.V. JKX Slovakia B.V.Poltava Gas
B.V.JKX (Caspian), Ltd, JKX Bulkan BG EAD,JKX Bulgaria Ltd and JKX
Turkey Ltd.
In accordance with the AIM Rules, the Company confirms that there are
no additional matters relating to Mr Burrows that would require
disclosure under Schedule 2(g).
In connection with his appointment, Mr. Burrows has been granted 55,000
deferred phantom units ("DPUs") and, as an independent Non-Executive
Director, will receive a flat fee of GBP50,000 annually (payable 50% in
cash and 50% in DPUs).
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
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
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 any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required by law.



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