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European Goldfields Appoints Jeff O'Leary as Director.

YUKON, Whitehorse -- European Goldfields Limited (TSX:EGU)(AIM:EGU) (the "Company") is pleased to announce the appointment of Dr. Jeffrey O'Leary as a non-executive director of the Company. He is to be a replacement for Glenn Featherby who is stepping down at the end of the year, having taken up residence in Australia.

Jeff O'Leary was employed by HSBC plc (formerly the Midland Bank) from 1985 to 2005 where he was Director Metals & Mining and Chief Mine Geologist at RTZ Corporation from 1978 to 1985.

While at HSBC, he was involved in a wide variety of project financing, equity and M&A transactions. His clients included Antofagasta, CSN, Monterrico, Rio Narcea, Ivanhoe, Xstrata, the Mittal group and Corus as well as many others. He retired from the HSBC group in 2005 but is retained as a consultant.

As Chief Mine Geologist for RTZ Corporation, Jeff O'Leary was responsible for all matters relating to the geology and estimation of ore reserves for Rio Tinto's operations and development projects world-wide.

Jeff O'Leary has a B. Sc. in Mining Geology from the Royal School of Mines (1966) and a Ph.D. in Geostatistics (1973) from the same institution. He is a Fellow of the Institution of Mining & Metallurgy and a Chartered Engineer.

Commenting on the appointment, David Reading, Chief Executive Officer of European Goldfields, said: "We are delighted to welcome Jeff to our team. His credentials as a mining geologist and investment banker make him a strong addition to our board. Jeff's reputation and experience will be invaluable in developing our major gold projects in Greece and Romania to production stage.

Glenn Featherby has been with us for over two years now and his support has been instrumental in delivering the company's achievements over that period. We thank Glenn for his contribution and wish him success in his new ventures."

Mr. O'Leary, aged 60, is currently a non-executive director of Palladex plc, Goldstar Resources NL and Moto Goldmines Limited. There are no other matters under paragraph (g) of Schedule 2 of the AIM rules to be disclosed.

Concurrently with his appointment, the Company granted to Jeff O'Leary an option to purchase 150,000 common shares of the Company pursuant to its share option plan. The option expires in December 2010 and is exercisable, in whole or in part, at a price of C$2.40 per share (approx. Pounds Sterling 1.20 per share). The option vests in three equal tranches in June 2006, December 2006 and June 2007. Mr. O'Leary does not hold any common shares of the Company.

About European Goldfields

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

Greece - European Goldfields holds a 65% interest in Hellas Gold S.A. Hellas Gold owns assets in Northern Greece which consist of three deposits within 70-year mining concessions covering a total area of 317 km2. The deposits include the polymetallic projects of Stratoni and Olympias which contain gold, lead, zinc and silver, and the copper-gold porphyry body referred to as Skouries. All three deposits have been well defined with over 200,000 metres of drilling and the completion of feasibility studies and later engineering studies.

The total proven and probable reserves of these assets are 17.2 Moz on a gold equivalent basis (65% attributable = 11.2 Moz) from a measured and indicated resource base of 21.8 Moz gold equivalent (65% attributable = 14.2 Moz).

These assets represent some of the largest defined deposits in Europe. The three deposits are located within a 10 km radius of each other, making this effectively a gold and base metals centre. Furthermore, both Stratoni and Olympias were previously in production and have extensive existing mining and plant infrastructure and a ship loading facility on the Aegean Sea.

In September 2005, Hellas Gold resumed production at Stratoni following the award by the Greek state of all necessary environmental and mining permits. Production of ore is expected to reach 170,000 tonnes by the end of the first year of production, steadily increasing to 400,000 tonnes per annum by year five.

Hellas Gold is in the process of applying for similar permits for Olympias and Skouries. Hellas Gold's assets also include potential revenue generating stockpiles and tailings located on the surface.

Romania - European Goldfields holds five mineral properties located within the "Golden Quadrilateral" area of Romania, where it has recently completed an in-house pre-feasibility study underpinning the value of its 80%-owned Certej deposit. The Certej deposit hosts measured and indicated resources of 31.4 Mt grading 2.1 g/t gold and 11 g/t silver for 2.34 Moz of gold equivalent (80% attributable = 1.88 Moz).

For additional information on the resource and reserve estimates quoted above, please refer to the Company's Resources & Reserves Declaration at

European Goldfields Limited (TSX:EGU) (AIM:EGU)
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Publication:Business Wire
Date:Dec 2, 2005
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