SOURCE: European Goldfields Ltd

August 13, 2009 02:04 ET

European Goldfields - Q2 Results - News Release

WHITEHORSE, YUKON--(Marketwire - August 13, 2009) -

For Immediate Release  13 August 2009


                         RESULTS FOR Q2 2009

                      STRONG GROWTH IN GOLD SALES
                        RETURN TO PROFITABILITY

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

Financial highlights:
.   Strong gold sales - up by 83% on H1 2008
.   Total sales of USD16.2 million reflecting improved base metal
.   Working capital of USD171.2 million
.   Profits for the period double versus Q2 2008
.   USUSD119 million invested in future projects to date
Operational highlights:
.   Greece: PEIS process reaches final stage after Central
    Archaeological Council approval
.   Stratoni: Mine infrastructure essentially complete
.   Skouries: Outotec Final Basic Engineering Package received
    and equipment items delivered
.   Olympias: Very strong gold sales. EIS approval process
    advances to final stage
.   Certej: Permitting process advances with successful
    completion of public consultation
Commenting on the results, David Reading, Chief Executive Officer of
European Goldfields, said: "We have delivered a strong performance in
what remain challenging conditions. The permitting process
in Greece has now passed a key milestone. We are confident that our
patient and detailed long-term approach to project development remains
the right way to deliver enhanced value to our shareholders".

An analyst meeting will be held at the offices of Buchanan
Communications, 45 Moorfields, EC2Y 9AE, London at 09:00 a.m. on
Thursday 13 August 2009.  European Goldfields will then host a
conference call at 10:00 a.m. ET / 3:00 pm (London, UK time) to update
investors and analysts who cannot attend the meeting on its
results.  Participants may join the call by dialling one of the three
following numbers, approximately 10 minutes before the start of the

From North America: (toll free) 1 888 935 4575
From the UK, Austria, Belgium, Denmark, France, Germany, Ireland,
Italy, Netherlands, Norway, Sweden & Switzerland: +44 (0)20 7806 1950
or (toll free from the UK) 0800 028 1243
Participant pass code: 1686634

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:
David Reading, Chief Executive Officer 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

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

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


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