European Goldfields Ltd -- Q1 Results News Release Part 1

Tue. May 12, 2009; Posted: 02:13 AM

WHITEHORSE, YUKON, May 12, 2009 (MARKETWIRE via COMTEX) -- EGFDF | Quote | Chart | News | PowerRating -- e> 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

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SOURCE: European Goldfields Ltd

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