New Executive Appointment

    WHITEHORSE, YT, July 9 /CNW Telbec/ - European Goldfields Limited (TSX /
AIM: EGU) (the "Company") is pleased to announce the appointment of
Mark Rachovides as Executive Vice President of the Company. He retains his
existing directorships of European Goldfields Limited and Hellas Gold SA, and
will become a member of the senior executive team. He will directly support
the activities of the Company's Greek business and his role will also cover
business development, investor relations and corporate governance matters.
    Mark Rachovides, aged 45, was previously Vice President, Europe at Dundee
Resources Limited and is a well-known specialist in the Company's region of
operations. 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 has been involved in
a wide variety of projects in the Former Soviet Union and Eastern Europe. He
is also Lead Director of High River Gold Mines Limited, a Canadian mining
company operating in Russia and Africa and a director of Uzhuralzoloto, one of
Russia's largest gold producers. His recent former directorships include
Cunico Resources a Base metals producer in Europe and Africa, and 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
Chelopech project in Bulgaria and the Zarafshan-Newmont project in Uzbekistan.
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, 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 that Mark has joined the
executive team. His contribution as a non executive was highly valued, and his
knowledge in the resource sector and the region in which we operate make him a
strong addition to the executive."

    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, +44 (0)20 7408 9534,,; Buchanan Communications: Bobby Morse; Ben Willey, +44
(0)20 7466 5000,; Renmark Financial Communication:
Jason Roy,; John Boidman,; Media: Eva Jura, (514) 939 3989,,; RBC Capital Markets:
Andrew K Smith, +44 (0)20 7029 7882,

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