November 13, 2008
Directors Dealings – Chairman Increases Personal Shareholding
WHITEHORSE, YT, Nov. 13 /PRNewswire-FirstCall/ -- European Goldfields Limited (AIM: EGU / TSX: EGU) ("European Goldfields" or the "Company") today reports that Mr Dimitrios Koutras, Non-Executive Chairman of European Goldfields has purchased yesterday a further 5,000,000 common shares in the Company in the London market at a price of (pnds stlg) 0.908836 per share.
Mr Koutras now owns 15,724,074 common shares in the company amounting to approximately 8.8% of total issued common shares.
Commenting on the purchase Mr Koutras said:
"I reiterate both my strong belief in the future of the Company and my long-term support for all its efforts in Greece, Romania and Turkey. I continue to do my utmost to assist its progress and remain confident of its success."
The Company also confirmed today that, in accordance with the company's stated policy, it had granted 360,000 stock options to Mr Mark Rachovides on 18 August 2008 and 50,000 stock options to Mr Jeff O'Leary on 13 June 2008, both Directors of the Company, vesting within a 3 year period, exercisable at an average price of CDN$ 3.69 per Common Share with expiry in 2013.
On 18 August 2008 the company had also granted 100,000 Restricted Share Units ("RSUs") to Mr Rachovides and 75,000 RSUs to Mr Tim Morgan-Wynne also a Director of the Company, vesting in January 2009.
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.
Resources & reserves parameters
For additional information on the resource and reserve estimates quoted in this news release, please refer to the Company's Resources & Reserves Declaration at http://www.egoldfields.com/goldfields/resources.jsp. Patrick Forward, General Manager, Exploration of the Company, was the Qualified Person under Canadian National Instrument 43-101 responsible for reviewing the disclosure of resource and reserve estimates quoted in this news release.
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 http://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.
EUROPEAN GOLDFIELDS LTD.
CONTACT: European Goldfields: David Reading, Chief Executive Officer,[email protected], +44 (0)20 7408 9534; Buchanan Communications: BobbyMorse/Ben Willey, [email protected], +44 (0)20 7466 5000; RenmarkFinancial Communication: Henri Perron, [email protected]; JohnBoidman, [email protected]; Media: Vanessa Napoli,[email protected]; http://www.renmarkfinancial.com/, (514) 939 3989, Fax:(514) 939 3717; RBC Capital Markets: Andrew K Smith, [email protected],+44 (0)20 7029 7882