Board Appointment

RNS Number : 7002J
European Goldfields Ltd
08 December 2008

Immediate Release 08 December 2008

European Goldfields Limited
MARTYN KONIG APPOINTED AS NON-EXECUTIVE DIRECTOR
December 8, 2008 - European Goldfields Limited (AIM: EGU / TSX: EGU) (the "Company") is pleased to announce the appointment of Martyn
Konig as a non-executive director of the Company.
Mr. Konig, aged 51, has 27 years experience in investment banking and the commodity markets. Mr. Konig has been Chief Executive Officer
of Blackfish Capital Management Limited since 2005. He is also a director of AIM listed Latitude Resources, a resource focused investment
group as well as being a non-executive director of TSX listed Western Goldfields Inc. He has extensive experience in the natural resource
sector, which includes senior management responsibility in resource finance and commodity trading operations at various international
investment banks. Mr. Konig was a main Board Director of NM Rothschild and Sons Ltd. for 15 years and held senior positions at Goldman Sachs
and UBS. Mr. Konig is a Barrister and Fellow of the Chartered Institute of Bankers.
Mr. Konig's appointment follows the resignation effective December 5 of Mr. Philip Johnson as director of the Company. Mr. Johnson had
been a director since May 2004 and has made a significant contribution to the Company as a non-executive director and member of the
Company's board committees. The Company would like to express its gratitude to Mr. Johnson for his contribution during the course of the
last four years.
Mr. Konig is currently a director of the following companies:

Blackfish Capital Management Limited
Blackfish Capital Holdings Ltd
Latitude Resources Plc
Western Goldfields Inc
Chambers Runfold Plc
Chambers Waste Management Plc

Mr. Konig has also been a director of the following companies within the last 5 years:

EBT Mobile China Plc
The Trading Exchange (UK) Ltd
Resourceworks Plc
Resourceworks Trading Limited
Konmar Limited
Joyforever Limited

The Company also announced the adoption of a new compensation program for its independent non-executive directors utilizing deferred
phantom units ("DPUs") to be issued under a new DPU plan which was adopted on December 5 by the Board of Directors. The issuance of DPUs as
a core component of the non-executive directors' compensation will strengthen the alignment of interests between the non-executive directors
and the shareholders of the Company by linking a portion of their annual retainer to the future value of the common shares of the Company.
Under its new compensation program independent non-executive directors will receive a flat fee of *50,000 annually starting in 2009 payable
50% in cash and 50% in DPUs.
Under the new non-executive director compensation program, non-executive directors will no longer receive options or restricted shares.
Therefore, Messrs. Jeffrey O'Leary, Cameron Mingay and Martyn Konig have each been granted 135,500 DPUs, and the options previously granted
to Mr. Jeffrey O'Leary (250,000 options) and Mr. Cameron Mingay (250,000 options) have been cancelled.
Shareholders Rights Plan
The Company today announced that its Board of Directors has implemented a Shareholders Rights Plan Agreement on December 5
In the event of a future takeover bid for the Company's outstanding common shares, the Rights Plan provides a mechanism to ensure that
shareholders have adequate time to properly evaluate and assess the bid without facing undue pressure or coercion. The Rights Plan also
provides the Board with additional time to consider any take-over bid and, if applicable, to explore alternative transactions in order to
maximize shareholder value.
The TSX has accepted notice of the Rights Plan, subject to, among other conditions, confirmation of the Rights Plan by European
Goldfields' shareholders within six months of the Rights Plan's implementation. The board of directors is not currently aware of any pending
or proposed take-over bid for European Goldfields.
A copy of the Rights Plan will be filed and available for review at www.sedar.com.
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 started selling an
existing stockpile of gold concentrates from Olympias in July 2006. Hellas Gold is applying for permits to develop and build the Skouries
and Olympias projects.
Romania - European Goldfields owns 80% of the Certej gold/silver project in Romania. In July 2008, the National Agency of Mineral
Resources approved the technical feasibility study in support of its permit application and issued a new mining permit for the Certej
project.
For further information please contact:
European Goldfields: 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: www.renmarkfinancial.com
Henri Perron e-mail: hperron@renmarkfinancial.com
John Boidman e-mail: jboidman@renmarkfinancial.com
Media - Vanessa Napoli e-mail: vnapoli@renmarkfinancial.com
Tel.: +1 514 939 3989 Fax: +1 514 939 3717
RBC Capital Markets: e-mail: andrew.smith@rbccm.com
Andrew K Smith 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 2007, 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.

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

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