The Mining Stock Report

The Board of European Goldfields Limited has noted the recent significant fall in its share price.

(WHITEHORSE) – The Board of European Goldfields Limited (TSX / AIM: EGU) has noted the recent significant fall in its share price. European Goldfields continues to make substantial progress on all of its assets and is looking forward to announcing its second quarter results on 14 August 2008. The Directors know of no reason for the share price decline.

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 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 projects of 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 gold concentrates from Olympias 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. In March 2008, European Goldfields submitted the Environmental Impact Study to the Romanian environmental authorities to start the assessment of the environmental impact of the Certej Project.