European Goldfields Limited - Management Update

WHITEHORSE, Nov. 7, 2011 /CNW/ - European Goldfields Limited (AIM: EGU) (TSX: EGU) announces that Martyn Konig, Executive Chairman and President, has taken a medical leave of absence as he recovers from a sudden illness.  The Board is delighted to report that he is already making excellent progress in his recovery and looks forward to his return to the Company in the near future.

Fred Vinton, Senior Independent Director, commented that "We are very pleased and relieved that Martyn is recovering so well and look forward to his return to robust health and active participation in the Company.  The Board retains full confidence in the Company's Executive Directors and Senior Management who will continue to discharge day to day responsibility for the business and deliver the outstanding progress that has characterized the year so far."


European Goldfields  Liberum Capital Limited
Mark Rachovides, Executive Vice President   Michael Rawlinson
e-mail: Tel: +44 (0)20 3100 2000
Tel: +44 (0)20 7408 9545  
Carole Cable / Fiona Micallef-Eynaud  
Tel: +44 (0)20 7404 5959

Notes to Editors:

Fred Vinton, Senior Independent Director
Mr. Vinton joined the Board in March 2010. Mr. Vinton is Deputy Chairman of The Unipart Group of Companies. He is also a director of Dinamia SCR S.A, GP Investments Ltd, and Hochschild Mining plc, as well as a number of Latin American and European investment funds. From 1995-2009 he was Chairman of Electra Partners, the well-known private equity firm. Prior to 1995, he had served as Chief Executive of Quilvest Ltd, Chief Operating Officer of N M Rothschild, and for 25 years worked for J P Morgan, latterly as Senior Vice President responsible for the bank's business in the UK and Scandinavia.


SOURCE European Goldfields Ltd.

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