European Goldfields Limited today announced its results for the year ending 31 December 2009.

Q4 and 2009 Highlights include;

Greece- Preliminary Environmental Impact Study approved by Greek State- Record Olympias gold sales- Skouries basic engineering complete; project advances to detailed engineering- All major capital development at Stratoni in place Romania- PUZ process significantly advanced with recent granting of final permit- Basic engineering substantially complete- Technical Report for construction permit application initiated- Independent Consultant completes audit for Bank Finance Exploration- Group wide, 2010 exploration budget of US$15 million- Focus on adding resource ounces near to existing development projects- Greece - geophysical survey confirms significant anomaly at Piavitsa extending 8 km

- Romania - surface work identifies new highly prospective epithermal and porphyry gold targets

- Turkey - high grade gold zone identified

An exploration budget of US$2.2 million covering a results driven programme of drilling, trenching and continued surface exploration andlicence acquisition has been approved for Turkey.

Mapping and sampling has confirmed that porphyry mineralisation continues to the south of the previously recognised outcrops, and thisadditional extension increases the size potential of the porphyry system. A high-grade gold zone has also been identified at some threekm to the southwest of the Ardala porphyry. Trenching has returned bedrock intercepts of between 6 and 46 metres at grades of between 2.8and 9.6 g/t gold (using a 0.5g/t gold lower cut-off and no upper cut-off grade) over a 360m strike length with mineralisation open tothe south.The Company continues to consolidate ground to the south of the Ardala licence and has finalised an agreement with Aldridge Minerals Inc("Aldridge") for the joint development of Aldridge's Derinkoy properties, which covers an area of 40 km2 adjacent to the Company'sArdala Licences. The Company continues to look for new opportunities in Turkey and the exploration team has conducted a number of explorationsite visits to various portfolios, properties and deposits, both within the Ariana JV area of interest and elsewhere in Turkey.

Corporate Highlights include;- Martyn Konig appointed as Executive Chairman & President- Bruce Burrows and Fred Vinton appointed as Non-Executive Directors- Strategic review determines management priorities; build out of technical team and progression of financing. Investor Relations andTreasury function established, rebranding of all corporate communications- Added to S&P TSX Global Gold Index- Further strengthened relationship and synergies with Aktor Financial- Sales of US$62.7m in 2009- Gross profit up 107% 2009 vs 2008- Project investment of US$47 million in 2009- Strong balance sheet with working capital of US$145 million

European Goldfields is a developer-producer with globally significant gold reserves located within the European Union.

The Company generates cash flow from its 95% owned Stratoni operation, a high grade lead/zinc/silver mine in North-Eastern Greece and the sale of gold concentrates from Olympias.

European Goldfields will evolve into a mid-tier producer through responsible development of its project pipeline of gold andbase metal deposits at Skouries and Olympias in Greece and Certej in Romania.

The Company plans future growth through development of its highly prospective exploration portfolio in Greece, Romania and Turkey. 

European Goldfields