European Goldfields Ltd. - Announcement

    WHITEHORSE, YT, July 16 /CNW Telbec/ - The Board of European Goldfields
Limited (TSX / AIM: EGU) has noted the recent significant fall in its share
price. European Goldfields continues to make substantial progress on all of
its assets and is looking forward to announcing its second quarter results on
14 August 2008. The Directors know of no reason for the share price decline.

    About European Goldfields

    European Goldfields is a resource company involved in the acquisition,
exploration 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 projects of 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 commenced selling an existing stockpile of gold concentrates from
Olympias in July 2006. Hellas Gold is applying for permits to develop the
Skouries and Olympias projects.
    Romania - European Goldfields owns 80% of the Certej gold/silver project
in Romania. European Goldfields submitted in March 2007 a technical
feasibility study to the Romanian government, in support of a permit
application to develop the project. In March 2008, European Goldfields
submitted the Environmental Impact Study to the Romanian environmental
authorities to start the assessment of the environmental impact of the Certej

For further information:

For further information: European Goldfields: David Reading, Chief
Executive Officer, Office: +44 (0)20 7408 9534,,; Buchanan Communications: Bobby Morse; Ben Willey, Office:
+44 (0)20 7466 5000,; Renmark Financial Communication:
Jason Roy:; John Boidman:; Media - Eva Jura:;
(514) 939-3989, Fax: (514) 939-3717,; RBC Capital
Markets: Andrew K Smith, +44 (0)20 7029 7882,

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