Company Information for European Goldfields Ltd

TSX-EGU; AIM-EGU

www.egoldfields.com

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TSX; EGU

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Company Statement

EUROPEAN GOLDFIELDS LIMITED (TSX: EGU / AIM: EGU) is a resource company involved in the acquisition, exploration and development of mineral properties in Greece, Romania and South-East Europe.

European Goldfields' common shares are listed on the AIM Market of the London Stock Exchange and on the Toronto Stock Exchange (TSX) under the symbol EGU.

GREECE - European Goldfields holds a 95% interest in Hellas Gold S.A. ("Hellas Gold"). Hellas Gold owns three major gold and base metal deposits in Northern Greece. The deposits are the polymetallic operation at 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 Olympias gold concentrates 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 the necessary permit applications 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 Project.

Current Operations

Investment Highlights

Four major gold & base metals projects in Greece & Romania
Stratoni (Greece) producing & selling zinc & lead/silver
Olympias (Greece) selling gold concentrates (172 Kt @ 23 g/t gold)
Operations in politically and economically stable region
Total NI 43-101 reserves (attributable): 9.01 Moz gold; 73.8 Moz silver; 0.75 Mt copper; 0.68 Mt lead; 0.89 Mt zinc
Pipeline of three development-stage projects, Skouries & Olympias (Greece) and Certej (Romania); All at feasibility level, with significant infrastructure already in place
Projects on track for mining permits
Influential local partners – Aktor, largest construction company in Greece
Strong local community and government support
Significant exploration upside on 676 km² of existing concessions - Target generation from modern systematic surveys underway
Fully-funded to permitting and beyond

Growth Strategy

    * Ramp-up Stratoni production from 180 Kt in 2006 to 400 Kt by 2010
    * Drilling to expand existing Stratoni deposit
    * Development of project pipeline (Skouries / Olympias / Certej)
    * Become a mid-tier producer by 2011
    * Fully exposed to rising metal prices (un-hedged)
    * Aggressive exploration over current licence portfolio
    * New opportunities in South-East Europe

Greece

95% ownership
317 km² of concessions
Stratoni (Zn, Pb, Ag) - In production since Q4 2005
Skouries (Au, Cu) - Technical feasibility study completed in March 2007
Olympias (Au, Zn, Pb, Ag) - Previously in production - Existing plant & infrastructure
Total NI 43-101 reserves (attributable): 7.31 Moz gold; 64.2 Moz silver; 0.75 Mt copper; 0.668Mt lead; 0.89 Mt zinc

Romania

80% ownership
130 km² of concessions
Certej (Au, Ag) - Existing open pit - Technical feasibility study and EIS complete
Total NI 43-101 reserves (attributable): 1.7 Moz gold; 9.6 Moz silver

Turkey

95% ownership
JV with Ariana Resources
Earn into 80-90% of all projects
20% ownership of Ariana Resources

Total Resources

* 11.9 Moz Au; 88.9 Moz Ag; 1809 Kt Pb & Zn; 1043 Kt Cu

Total Reserves

* 9.79 Moz Au; 79.6 Moz Ag; 1643 Kt Pb & Zn; 789 Kt Cu

Geographical Spread

Northern Greece (Hellas Gold) and the "Golden Quadrilateral" area of Romania (Deva Gold).

Board of Directors and Key Management

Dimitrios Koutras	Director (Non-Executive Chairman)
David Reading	Director (Chief Executive Officer)
Mark Rachovides	Director (Executive Vice President)
Timothy Morgan-Wynne	Director (Chief Financial Officer)
Philip Johnson	Director (Non-Executive)
Dr. Jeffrey O’Leary	Director (Non-Executive)
Georgios Sossidis	Director (Non-executive)
Cameron Mingay	Director (Non-executive)
Joel Silberstein	Financial Controller

Company Address

Level 3
11 Berkeley Street
London, United Kingdom W1J 8DS


Telephone:	+44 (0)20 7408 9534
Facsimile:	+44 (0)20 7408 9535
Email:	info[at]egoldfields.com
Website:	http://www.egoldfields.com

Additional Address/Key Contact

Greek Operations Office
Hellas Gold S.A.
25 Ermou str.
GR 145 64 Kifissia
Greece

Romanian Operations Office
Deva Gold S.A. / European Goldfields Deva SRL
Certeju de Sus
89 Principala Str.
Hunedoara County
Romania 2700

Capital

Date: 31 August 2008
Common Shares (issued): 179,382,381
Share Options: 3,941,665
Restricted Share Units: 355,000*
Common Shares (fully-diluted): 183,679,046

Annual General Meeting

May, London

Year End

December 31

Nominated Brokers

RBC Capital Markets
Thames Court
One Queenhithe
London, England
EC4V 4DE

Nominated Advisors