Mark Rachovides Appointed as Non-executive Director

    WHITEHORSE, YT, March 29 /CNW Telbec/ - European Goldfields Limited
(TSX / AIM: EGU) (the "Company") is pleased to announce the appointment of
Mark Rachovides as a non-executive director of the Company.
    Mark Rachovides, aged 44, is currently Vice President, Europe at Dundee
Resources Limited. He formerly spent 11 years at the European Bank for
Reconstruction and Development (EBRD) leaving as a Senior Banker in the
Natural Resources Team where he was responsible for mining investments. He is
currently working on a variety of projects in the Former Soviet Union (FSU)
and Eastern Europe. He is also Lead Director of High River Gold Mines Limited,
a Canadian mining company operating in Russia and Africa and until recently
was also a Director of OJSC Buryatzoloto, a mining company in Russia. He led
the EBRD's financing of several major mining projects, including the Kubaka
Project in Russia, the Zarafshan-Newmont project in Uzbekistan and the
Chelopech project in Bulgaria. He has also led oil and gas financings in the
Balkans and the FSU. He has also written a number of articles and conference
presentations for the LBMA, the World Gold Council, PDAC, the Mining Journal,
the Russia-Canada mining group and other bodies. He has twenty-two years'
experience in banking and finance, an MA from Oxford University and is an
Associate of the Chartered Institute of Bankers.
    Commenting on the appointment, David Reading, Chief Executive Officer of
European Goldfields, said: "We are delighted to welcome Mark to our team. His
credentials as a specialist in our region of operations and as an investment
banker make him a strong addition to our board. Mark's reputation and
experience will be invaluable in growing our company into a mid-tier producer
in South-East Europe."
    Concurrently with his appointment, the Company granted to Mark Rachovides
an option to purchase 250,000 common shares of the Company pursuant to its
share option plan. The option expires in March 2012 and is exercisable, in
whole or in part, at a price of C$5.66 per share. The option vests in three
equal tranches over a three-year period. Mr. Rachovides does not hold any
common shares of the Company. There are no other matters under paragraph (g)
of Schedule 2 of the AIM rules to be disclosed.

    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 65% 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 and Olympias which
contain gold, zinc, lead and silver, and the Skouries copper/gold porphyry
body. Hellas Gold commenced production at Stratoni in September 2005 and
selling an existing stockpile of Olympias gold concentrates in July 2006.
Hellas Gold is applying for permits to develop the Skouries and Olympias
    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.

For further information:

For further information: European Goldfields: David Reading, Chief
Executive Officer, Office: +44 (0)20 7408 9534,,; Buchanan Communications: Bobby Morse or Ben Willey,
Office: +44 (0)20 7466 5000,; Renmark Financial
Communication: Neil G. Murray-Lyon,; Barbara
Komorowski,; Media - Eva Jura,, Office: (514) 939-3989, Fax: (514) 939-3717,

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