EGU European Gold

RNS Number:7121S
European Goldfields Ltd
21 April 2008


For Immediate Release                                             21 April 2008



                          European Goldfields Limited 
                 Joint Venture finalised with Ariana Resources


21 April 2008 - European Goldfields Limited (TSX / AIM: EGU) is pleased to
announce that it has signed definitive documentation governing a Joint Venture
("JV") with Ariana Resources plc (AIM: AAU) ("Ariana"). The JV will become
effective when the transfer of Ariana's properties, currently in progress, is
confirmed by the General Directorate of Mining Affairs in Turkey. The JV
involves the development of Ariana's properties in north-eastern Turkey, which
include the Ardala copper-gold porphyry and fifteen other licences covering a
total area of 229km2.


Highlights


   *JV to explore and develop Ariana's current properties in the Greater
    Pontides region of north-eastern Turkey ("the AOI")


   * Strategic Partnership within the AOI to define new opportunities for the
    JV


   *Right of first opportunity granted to European Goldfields outside the AOI


   *David Reading to join the board of Ariana as a non-executive director


   *European Goldfields to subscribe for 20% of the issued share capital of
    Ariana through a �900,000 private placement of shares


Details of Joint Venture


The JV is focused on the Greater Pontides region of Turkey, a highly prospective
geological terrain containing several major deposits.


The JV will focus initially on the Ardala copper-gold porphyry project which has
shown encouraging grades of copper and gold in previous exploration. It has a
600m x 700m surface exposure centred on a magnetic high of 1,000m x 1,000m
extent. Copper-gold mineralisation has also been identified on other properties
in the vicinity of Ardala within granitoids and in the surrounding country
rocks.


European Goldfields will own 51% of the JV company into which Ariana will
transfer the relevant properties. European Goldfields is funding all development
costs of these initial properties and any future properties located within the
AOI until the delivery of the first Definitive Feasibility Study ("DFS"), at
which time European Goldfields' interest in each relevant project will increase
to 80% on current licences in the JV or 90% on new areas generated by the JV.


A period of joint funding after DFS has been agreed, but if at any time during
this period Ariana is diluted to below 5% it will adopt a 1.5% Net Smelter
Return ("NSR") on the project in question. Any project that falls short of a
0.5Moz Au (or equivalent) threshold, will be assigned back to Ariana, in which
case European Goldfields will adopt a 1.5% NSR.


Ariana has also granted European Goldfields a right of first opportunity over
projects located in Turkey but outside of the AOI, on terms that will be
independent of the JV agreement. This right will not apply within the WAVE
Project Area in western Turkey, as Ariana intends to develop projects within
this area independently.


Subject to completion of the JV arrangements, European Goldfields will subscribe
for new shares in Ariana at 5 pence per share in a private placement for a total
cash consideration of approximately �900,000, resulting in European Goldfields
owning 20% of Ariana. As part of this subscription, European Goldfields has
agreed certain rights to maintain its interest at the 20% level.


David Reading, CEO of European Goldfields commented:


"We are delighted to enter into partnership with Ariana and see this as an
exciting and relatively low risk entry into the highly prospective geological
terrains of Eastern Turkey. Ariana's local skill and knowledge and its proven
track record within Turkey can allow exploration work to start almost
immediately on the current licence portfolio including the promising Ardala
target. European's entry into Turkey is part of our focused growth strategy of
expanding into the mineral belts of South East Europe."


Dr. Kerim Sener, Managing Director of Ariana, commented:


"The start of our Joint Venture and Strategic Partnership with European
Goldfields in Turkey, marks a significant milestone in the development of the
Company. The combination of our in-country knowledge and skills, with the
financial and technical strength of European Goldfields, is a win-win. As
partners, Ariana and European Goldfields are ideally matched as we share a
common philosophy and sense of purpose".


"We are delighted to welcome David Reading, CEO of European Goldfields, to the
board of Ariana as a non-executive director. He brings with him a new layer of
operational expertise and corporate skills, that will be invaluable as Ariana
develops its projects in western Turkey."


"The acquisition of 20% of the Company by European Goldfields, at a price
premium to market, must be recognised as a sign of great confidence. With this
funding secured, the next stages of our progress at Kiziltepe and Tavsan, will
be marked by an increase in tempo towards project development."


About European Goldfields

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

Greece - European Goldfields holds a 95% interest in Hellas Gold S.A. 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 a permit application to develop
the project.

For further information please contact:

European Goldfields Limited:                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 / Ben Willey                    Tel: +44 (0)20 7466 5000

Renmark Financial Communication:            e-mail:
                                            tcameron@renmarkfinancial.com
Tina Cameron
                                            Tel: +1 514 939 3989

RBC Capital Markets:                        e-mail: andrew.smith@rbccm.com

Andrew K Smith / Sarah Wharry               Tel: +44 (0)20 7029 7882

Forward-looking statements

Certain statements and information contained in this document, including any
information as to the Company's future financial or operating performance and
other statements that express management's expectations or estimates of future
performance, constitute forward-looking information under provisions of Canadian
provincial securities laws. When used in this document, the words "anticipate",
"expect", "will", "intend", "estimate", "forecast", "planned" and similar
expressions are intended to identify forward-looking statements or information.
Forward-looking statements include, but are not limited to, the estimation of
mineral reserves and resources, the timing and amount of estimated future
production, costs and timing of development of new deposits, permitting time
lines and expectations regarding metal recovery rates. Forward-looking
statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties and contingencies.
The Company cautions the reader that such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause the
actual financial results, performance or achievements of the Company to be
materially different from its estimated future results, performance or
achievements expressed or implied by those forward-looking statements and the
forward-looking statements are not guarantees of future performance. These
risks, uncertainties and other factors include, but are not limited to: changes
in the price of gold, base metals or certain other commodities (such as fuel and
electricity) and currencies; uncertainty of mineral reserves, resources, grades
and recovery estimates; uncertainty of future production, capital expenditures
and other costs; currency fluctuations; financing and additional capital
requirements; the successful and timely permitting of the Company's Skouries,
Olympias and Certej projects; legislative, political, social or economic
developments in the jurisdictions in which the Company carries on business;
operating or technical difficulties in connection with mining or development
activities; the speculative nature of gold and base metals exploration and
development, including the risks of diminishing quantities or grades of
reserves; the risks normally involved in the exploration, development and mining
business; and risks associated with internal control over financial reporting.
For a more detailed discussion of such risks and material factors or assumptions
underlying these forward-looking statements, see the Company's Annual
Information Form for the year ended 31 December 2006, filed on SEDAR at
www.sedar.com. The Company does not intend, and does not assume any obligation,
to update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by law.






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