EGU European Gold

RNS Number:5568A
European Goldfields Ltd
06 July 2004

6 July 2004

                           EUROPEAN GOLDFIELDS LIMITED

                          Issuance of Milestone Shares

Further to an announcement made on March 26, 2004, European Goldfields Limited
(AIM: EGU / TSX-V: EGU) (the "Company") announces that the TSX Venture Exchange
has approved the issuance of an aggregate of 600,000 common shares at a deemed
price of C$2.71 per share to Senior Officers under the Company's Milestone Share
Compensation Plan. These shares are subject to a 12 month lock-in as per the
lock-in and orderly market agreement entered into by such Senior Officers in
connection with the Company's March 18, 2004 admission to the AIM market of the
London Stock Exchange. In addition, the Company has issued a further 100,000
common shares at a deemed price of C$3.36 under the plan. These shares are
subject to a 4 month lock-in as per the rules of the TSX Venture Exchange.

Application has been made for the 700,000 common shares to be admitted to
trading on AIM and it is expected that admission will occur on July 13, 2004.

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

For Further Information:
IR/Media Contact:
David Grannell
London Office: +44 (0)20 7408 9534 e-mail: info@egoldfields.com
London Mobile: +44 (0)7703 190652 website: www.egoldfields.com

Buchanan Communications
Tim Thompson / Catherine Miles +44 (0)20 7466 5000

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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