European Goldfields - Q2 Results - News Release

Thu. August 13, 2009; Posted: 02:09 AM

WHITEHORSE, YUKON, Aug 13, 2009 (MARKETWIRE via COMTEX) -- EGFDF | Quote | Chart | News | PowerRating -- e> For Immediate Release 13 August 2009 EUROPEAN GOLDFIELDS LIMITED RESULTS FOR Q2 2009 PERMITTING PROCESS ADVANCES IN BOTH GREECE AND ROMANIA STRONG GROWTH IN GOLD SALES RETURN TO PROFITABILITY 13 August 2009 - European Goldfields Limited (AIM: EGU / TSX: EGU) ("European Goldfields" or the "Company") today reports its results for the quarter ended 30 June 2009. Financial highlights: . Strong gold sales - up by 83% on H1 2008 . Total sales of USD16.2 million reflecting improved base metal prices . Working capital of USD171.2 million . Profits for the period double versus Q2 2008 . USUSD119 million invested in future projects to date Operational highlights: . Greece: PEIS process reaches final stage after Central Archaeological Council approval . Stratoni: Mine infrastructure essentially complete . Skouries: Outotec Final Basic Engineering Package received and equipment items delivered . Olympias: Very strong gold sales. EIS approval process advances to final stage . Certej: Permitting process advances with successful completion of public consultation Commenting on the results, David Reading, Chief Executive Officer of European Goldfields, said: "We have delivered a strong performance in what remain challenging conditions. The permitting process in Greece has now passed a key milestone. We are confident that our patient and detailed long-term approach to project development remains the right way to deliver enhanced value to our shareholders". An analyst meeting will be held at the offices of Buchanan Communications, 45 Moorfields, EC2Y 9AE, London at 09:00 a.m. on Thursday 13 August 2009. European Goldfields will then host a conference call at 10:00 a.m. ET / 3:00 pm (London, UK time) to update investors and analysts who cannot attend the meeting 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) 1 888 935 4575 From the UK, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Sweden & Switzerland: +44 (0)20 7806 1950 or (toll free from the UK) 0800 028 1243 Participant pass code: 1686634 A live audio webcast of the call will be available on the following link, and a replay will be available on the same link from 12:00pm ET / 5:00pm (London, UK time): http://mediaserve.buchanan.uk.com/2009/eg130809/registration.asp For further information please contact: European Goldfields: e-mail: info@egoldfields.com David Reading, Chief Executive Officer Tel: +44 (0)20 7408 9534 Buchanan Communications: e-mail: bobbym@buchanan.uk.com Bobby Morse / Katharine Sutton Tel: +44 (0)20 7466 5000 RBC Capital Markets: e-mail: sarah.wharry@rbccm.com Sarah Wharry Tel: +44 (0)20 7653 4804 Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/3607X_1-2009-8-12.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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