EGU European Gold

RNS Number:2681U
European Goldfields Ltd
03 April 2007




Immediate Release                                                 3 April 2007



                          European Goldfields Limited

         MRI Trading Confirms Third Order of Olympias Gold Concentrates

3 April 2007 - European Goldfields Limited (TSX / AIM: EGU) is pleased to
announce that its subsidiary Hellas Gold S.A. has entered into a third off-take
agreement with MRI Trading AG of Switzerland for the sale of an additional
25,000 wet metric tonnes (wmt) of gold bearing pyrite concentrates previously
produced at the Olympias mine in Greece. Hellas Gold will receive payment for
the full 25,000 wmt of concentrates up-front upon shipment of the first lot in
Q2 2007.

MRI Trading also has the option to increase its order by a further 25,000 wmt,
which is exercisable by
31 July 2007.

This new order from MRI Trading follows the success of an initial trial shipment
of 3,000 wmt of concentrates announced in July 2006 and a second order for
25,000 wmt announced in October 2006.

Olympias benefited from an existing stockpile of gold concentrates comprising a
reserve of approximately 258,000 tonnes grading 23.3 g/t gold (containing
193,000 oz of gold). An additional 9,000 wmt of concentrates (containing 6,000
oz of gold) were also located at Hellas Gold's port facility in Stratoni.

Following today's announcement, Hellas Gold has now secured the sale of a total
of 209,000 wmt of Olympias concentrates (containing approximately 148,000 oz of
gold) to four different off-takers - Golden China, MRI Trading, Celtic Resources
and Euromin - with expressions of interest to sell up to an additional 132,000
wmt of concentrates if the initial shipments are successful.

Hellas Gold plans to resume underground mining operations at Olympias after the
necessary permits are awarded, producing more gold bearing pyrite concentrates
for sale to existing and new off-takers.

The prices payable for the concentrates vary with the prevailing gold price. The
agreements produce an attractive return for Hellas Gold at a gold price of
US$500/oz.

Commenting on the announcement, David Reading, CEO of European Goldfields, said:
"We are delighted to have renewed our contract with MRI Trading for the sale of
a possible extra 50,000 tonnes of gold concentrates from Olympias. We have now
signed off-take agreements covering virtually the entire stockpile, and are
pursuing similar opportunities for the sale of new gold concentrates to be
produced at Olympias when production resumes."

About European Goldfields
European Goldfields 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 65% interest in Hellas Gold S.A. Hellas
Gold owns three major gold and base metal deposits in Northern Greece. The
deposits are the polymetallic projects of Stratoni and Olympias which contain
gold, zinc, lead and silver, and the Skouries copper/gold porphyry body. Hellas
Gold commenced production at Stratoni in September 2005 and 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:                    e-mail: info@egoldfields.com
David Reading, Chief Executive          Office: +44 (0)20 7408 9534
Officer

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

Renmark Financial Communication:        e-mail:
Neil G. Murray-Lyon                     nmurraylyon@renmarkfinancial.com 
                                        Office: +1 514 939 3989


                     

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 Info
rmation 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.



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

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