EGU European Gold

RNS Number:0801Y
European Goldfields Ltd
08 February 2006




For Immediate Release                                            8 February 2006

                          European Goldfields Limited

        APPOINTMENT OF WILLIAMS DE BROE & RBC CAPITAL MARKETS AS BROKERS

European Goldfields Limited (AIM: EGU / TSX: EGU) (the "Company") is pleased to
announce the appointment of Williams de Broe Plc as corporate broker and
nominated advisor under the rules of the AIM Market of the London Stock
Exchange, effective today. Williams de Broe is one of the City of London's
oldest financial institutions with over 135 years' experience in stockbroking,
advising a range of private, institutional and corporate clients.

The Company is also pleased to announce that it has appointed RBC Capital
Markets as joint broker with the aim of furthering the Company's exposure in the
North American market. RBC Capital Markets is a global leader in the mining
sector with operations in North America, Europe and Australia.

Commenting on the appointments, David Reading, Chief Executive Officer of
European Goldfields, said: "We look forward to working with Williams de Broe and
RBC Capital Markets in continuing to build European Goldfields into a
significantly larger company. We believe this collaboration between us and their
commitment to the resources sector make them the ideal partners for us going
forward."

Sale of Shares by Frank Timis

The Company has been informed that on 18 January and 7 February 2006, Mr. Frank
Timis sold a total of 12,115,684 common shares in the Company in the open
market. The shares were placed by RBC Capital Markets and Evolution Securities,
primarily to institutional investors in North America and the United Kingdom. Of
such shares, 7,500,000 were subject to a broker lock-in agreement until 31 March
2006, which was waived in response to market demand for the shares. Following
such sales, to the knowledge of the Company, Frank Timis now exercises control
or direction over 7.8% of all outstanding common shares of the Company, which
remain subject to a lock-in until 31 March 2006.

About European Goldfields

European Goldfields Limited is a resource company involved in the acquisition,
exploration and development of mineral properties in Greece, Romania and the
Balkans.

Greece - European Goldfields holds a 65% interest in Hellas Gold S.A. Hellas
Gold owns assets in Northern Greece which consist of three deposits within
70-year mining concessions covering a total area of 317 km(2). The deposits
include the polymetallic projects of Stratoni and Olympias which contain gold,
lead, zinc and silver, and the copper-gold porphyry body referred to as
Skouries. All three deposits have been well defined with over 200,000 metres of
drilling and the completion of feasibility studies and later engineering
studies.

The total proven and probable reserves of these assets are 17.2 Moz on a gold
equivalent basis (65% attributable = 11.2 Moz) from a measured and indicated
resource base of 21.8 Moz gold equivalent (65% attributable = 14.2 Moz).

These assets represent some of the largest defined deposits in Europe. The three
deposits are located within a 10 km radius of each other, making this
effectively a gold and base metals centre. Furthermore, both Stratoni and
Olympias were previously in production and have extensive existing mining and
plant infrastructure and a ship loading facility on the Aegean Sea.

In September 2005, Hellas Gold resumed production at Stratoni following the
award by the Greek state of all necessary environmental and mining permits.
Production of ore is expected to reach 170,000 tonnes by the end of the first
year of production, steadily increasing to 400,000 tonnes per annum by year
five.

Hellas Gold is in the process of applying for similar permits for Olympias and
Skouries. Hellas Gold's assets also include potential revenue generating
stockpiles and tailings located on the surface.

Romania - European Goldfields holds five mineral properties located within the
"Golden Quadrilateral" area of Romania, where it has recently completed an
in-house pre-feasibility study underpinning the value of its 80%-owned Certej
deposit. The Certej deposit hosts measured and indicated resources of 31.4 Mt
grading 2.1 g/t gold and 11 g/t silver for 2.34 Moz of gold equivalent (80%
attributable = 1.88 Moz).

For additional information on the resource and reserve estimates quoted above,
please refer to the Company's Resources & Reserves Declaration at
www.egoldfields.com/goldfields/resources.jsp.

For further information please contact:

European Goldfields:
David Reading, Chief Executive Officer
David Grannell, Chief Financial Officer
Office: +44 (0)20 7408 9534                         e-mail: info@egoldfields.com
Mobile: +44 (0)7703 190 652                         website: www.egoldfields.com

Buchanan Communications:
Bobby Morse / Ben Willey                          e-mail: bobbym@buchanan.uk.com
Office: +44 (0)20 7466 5000
Mobile: +44 (0)7802 875 227

The Sherbourne Group
Forbes West                                    e-mail: forbes@sherbournegroup.ca
Office: +1 416 203 2200



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

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