EGU European Gold

RNS Number:0850J
European Goldfields Ltd
28 February 2005


For Immediate Release                                           28 February 2005


           New Resource Estimate at Certej Defines Higher Grade Core

European Goldfields Limited (AIM: EGU / TSX-V: EGU) is pleased to announce an
update of resources on its 80%-owned Certej project in the Southern Apuseni
Mountains of Romania.

The update of resources was carried out by RSG Global Pty Ltd ("RSG Global") as
a result of a programme of in-fill drilling (39 holes totalling 8,229 metres) in
the Certej deposit that was undertaken in late 2003 and throughout 2004.  The
aim of the programme was to prove up the selective mining unit ('SMU') model
previously estimated by RSG Global in January 2002 and determine the level of
continuity in high grade zones.  In addition, the programme has delimited the
peripheries of the deposit.  Drillhole spacing in the core of the deposit was
reduced to a nominal 20 x 20 metre spacing which has resulted in a portion of
the deposit being classified as a measured resource.  The reported resources for
the Certej deposit, subdivided by resource category and reported above a 1g/t
gold lower cut-off grade, are summarised below.


Resource Category                                        Average Gold    Million Ounces  Average Siver  Million Ounces
                                                          Grade (g/t)         Gold        Grade (g/t)       Silver
                                      Million Tonnes
Measured                                   3.14               2.6             0.26             5              0.5
Indicated                                 28.29               2.1             1.91            12             10.5
Measured + Indicated                      31.43               2.1             2.17            11             11.0
Inferred (East/West Domains)               5.17               1.9             0.32             7              1.1
Inferred (Central Domains)                 3.47               1.5             0.17            10              1.1
Total Inferred                             8.64               1.8             0.49            7.9             2.2

Note:      Uniform conditioning and a 6.5 X 12.5 X 2.5 metre SMU reported for
the eastern and western domains and inverse distance squared (using no gold
cut-off) for the central domains.

Whilst the global resource is similar to the 2002 estimate, the increased
understanding of gold distribution and higher confidence in the level of
continuity of high-grade zones within the deposit has enabled the resource to be
defined at higher cut-off grades. The high grade core of the deposit is
demonstrated by the estimated resources at a cut-off of 2 g/t gold for the
western and eastern domains which can be summarised as follows:


Resource Category                                        Average Gold    Million Ounces  Average Siver  Million Ounces
                                                          Grade (g/t)         Gold        Grade (g/t)       Silver
                                      Million Tonnes
Measured                                   1.56               3.7             0.19             5              0.3
Indicated                                  9.86               3.4             1.07            12              3.8
Measured + Indicated                      11.42               3.4             1.26            11              4.1
Inferred                                   1.32               3.5             0.15             7              0.3

Note:      Uniform conditioning and a 6.5 X 12.5 X 2.5 metre SMU reported.

The high grade material forms two coherent zones within the eastern domain.  The
definition of this higher grade material and the delimitation of the deposit
peripheries enables pit scoping work that extracts the high grade core and the
lower grade material around it with optimum strip ratios.  In addition the
increased understanding of the grade distribution will enable the selection of
appropriate samples for metallurgical testwork.

David Reading, Chief Executive Officer of European Goldfields, said:

"The new resource estimate for Certej has enabled us to better define the
deposit, understand the geological model and confirm the presence of a high
grade core.  This work will allow us greater flexibility in defining a more
selective mining model.  Further work at Certej now focuses on optimising the
metallurgical recovery and completing an in-house pre-feasibility study."

The next phase of the in-house pre-feasibility study will focus on optimising
mining and understanding the variable metallurgical recoveries.  Scoping work on
pit optimisations will establish the mining cut-off grades and associated strip
ratios for appropriate and optimum exploitation of the deposit.  The
metallurgical testwork includes mineralogical studies into the gold disposition
within the mineralisation, and floatation testwork aimed at maximising gold
recoveries.

Cainel Licence

European Goldfields has also recently started an exploration programme on the
newly acquired Cainel licence in Romania, as previously announced on 10 January
2005.  The property hosts vein-hosted epithermal, stockwork and disseminated
mineralisation that historic workings indicate occur over an area of some 1,000
metres by 250 metres, and which lie 10 kilometres along strike from the Certej
deposit.  Historic mining was restricted to below 200 metres depth from surface
and grab sampling by European Goldfields has indicated that the mineralisation
extends to surface.  In addition, the extensive wall rock brecciation and
alteration were never tested by the historic work and grab sampling by European
Goldfields indicates that this also carries gold mineralisation.  Gold was
recovered using gravity methods in historic production and sampling, indicating
that a significant portion of the gold is free milling.  A team of geologists
and miners are currently opening up old workings in order to allow mapping and
sampling, and all historic maps and data have been digitised.  The ongoing
exploration programme for 2005 is aimed at progressing to systematic sampling of
the mineralisation using underground development and diamond drillholes with the
objective of a preliminary estimate of resources by the end of the year.

Certej Resource Parameters

The resource estimation study included a review of the exploration data quality,
review and construction of appropriate geological constraints, statistical and
geostatistical investigation, grade estimation, and classification of the
estimate in accordance to the criteria laid out in the Canadian National
Instrument 43-101. A technical report from RSG Global on the Certej resource
will be filed of SEDAR (www.sedar.com) within the next 30 days, and will update
RSG Global's previous resource estimate of the Certej deposit filed on SEDAR on
29 January 2004 under the category "Engineering Report".

Samples were assayed at Analabs Pty Ltd's laboratory in Gura Roseii, Romania
using a standard fire assay technique and an AAS finish.  Duplicates, repeats
and known gold standards are inserted according to standard industry practice,
with check assays (for the 2001 sampling and drilling program) carried out by
Bondar-Clegg & Co. Ltd's laboratory in Vancouver, British Columbia and Analabs
laboratory in Perth, Western Australia.  Both Analabs and Bondar-Clegg are ISO
9002 certified.  Analysis of the duplicate and standard sample data indicates
that the repeatability of samples and the variance of analytical results are
well within acceptable limits.

Geological constraints have been constructed for oxidation, lithology and
mineralisation based on a lithostructural interpretation provided by European
Goldfields.  The deposit was modelled as three major regions, the western,
central and eastern blocks.

The eastern and western domains are well defined by drilling, surface and
underground channel sampling and the resource has been estimated using ordinary
kriging and uniform conditioning.  Both methods were applied based on detailed
variography.  The grade estimate for these central domains has been derived by
inverse distance squared weighting, as there are currently insufficient data
available to undertake detailed variography.  The central domains have been
classified as Inferred Resource.

M. Brett Gossage of RSG Global was the Qualified Person responsible for the
resource estimates quoted above.

About European Goldfields

European Goldfields is a resource company involved in the acquisition,
exploration and development of mineral properties in Greece, Romania and the
Balkans. In addition to its assets in Romania, European Goldfields holds a 65%
interest Hellas Gold S.A. Hellas Gold owns assets in Northern Greece which
include 70 year mining concessions over a total area of 317 km2 and three
polymetallic near-production deposits, known as Olympias, Stratoni and Skouries,
with significant proven and probable reserves.

Forward-Looking Statements

This news release contains certain forward-looking statements concerning the
Company's future operations, economic performances, financial condition and
financing plans. These statements are based on certain assumptions and analyses
made by the Company in light of its experience and its perception of historical
trends, current conditions and expected future developments as well as other
factors the Company believes are appropriate in the circumstances. However,
whether actual results and developments will conform with the Company's
expectations and predictions is subject to a number of risks, uncertainties and
assumptions. Consequently, all of the forward-looking statements made in this
news release are qualified by these cautionary statements, and there can be no
assurance that the results or developments anticipated by the Company will be
realised or, even if substantially realised, that they will have the expected
consequences to or effects on the Company and its subsidiaries or their
businesses or operations. The Company undertakes no obligation and does not
intend to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be required under
applicable law.

For further information please contact:

European Goldfields:
David Reading, Chief Executive Officer
David Grannell, Chief Financial Officer

London Office: +44 (0)20 7408 9536                e-mail: info@egoldfields.com
London Mobile: +44 (0)7703 190 652                website: www.egoldfields.com

Buchanan Communications:
Bobby Morse / Ben Willey +44 (0)20 7466 5000      e-mail: bobbym@buchanan.uk.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release and the information contained herein.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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