European Goldfields Ltd -- Q1 Results News Release Part 1

WHITEHORSE, YUKON -- (Marketwire) -- 05/12/09 --

Immediate Release                                          12 May 2009



                     European Goldfields Limited
                         RESULTS FOR Q1 2009

                    STRONG RECOVERY IN GOLD SALES
              CERTEJ BASIC ENGINEERING CONTRACT AWARDED

12 May 2009 - European Goldfields Limited (AIM: EGU / TSX: EGU)
("European Goldfields" or the "Company") today reports its results for
the quarter ended 31 March 2009.

Financial highlights:
  . Strong gold sales - up by 45% on Q4 2008
  . Total sales of USD11 million reflecting lower base metal prices and
    mining performance
  . Working capital of USD176 million
  . USUSD10 million invested in future projects

Operational highlights:
  . Stratoni: Reserve increase of 16%. Excellent progress in mine and
    capital development
  . Skouries: The Outotec Final Basic Engineering Package received
    and some equipment items delivered to Greece
  . Olympias: Strong recovery in Gold sales
  . Certej: Permitting process advances with public hearing dates set
    for May 2009

Commenting on the results, David Reading, Chief Executive Officer of
European Goldfields, said: "The Stratoni mine managed to pull out a
reasonable performance despite challenging conditions. I am pleased to
report that our gold sales are now back on track. The company continues
to invest in its future gold projects and engineering works continue
unabated. Permitting procedures in Greece and Romania are making
significant progress and we expect positive results in the near
future."

Conference Call & Webcast - European Goldfields will host a conference
call on Tuesday 12 May 2009 at 10:00 a.m. ET / 3:00 pm
(London, UK time) to update investors and analysts on its results.

Participants may join the call by dialling one of the three following
numbers, approximately 10 minutes before the start of the call.

From North America: (toll free) 1 866 850 2201
From the UK, Austria, Belgium, Denmark, France, Germany, Ireland,
Italy, Netherlands, Norway, Sweden & Switzerland: +44 (0)20 7138 0841
or (toll free from the UK) 0800 032 3808
Participant pass code: 1421823

A live audio webcast of the call and a replay (available from
4:00pm London UK time) will be available on:

http://mediaserve.buchanan.uk.com/2009/eg120509/registration.asp
Click on, or paste the following link into your web browser, to view
the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/0717S_1-2009-5-11.pdf



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

END
European Goldfields Ltd. (TSE:EGU)
