EGU European Gold

RNS Number:9171O
European Goldfields Ltd
28 February 2008







Immediate Release                                               28 February 2008



                          European Goldfields Limited

                 Joint Venture in Turkey with Ariana Resources


28 February 2008 - European Goldfields Limited (TSX / AIM: EGU) is pleased to
announce that it has signed a Heads of Agreement with Ariana Resources plc (AIM:
AAU) ("Ariana") for the joint development of Ariana's properties in
North-eastern Turkey, which include the Ardala copper-gold porphyry and eleven
other licences covering a total area of 168km2.


These projects are located in the Pontides region of Turkey, a highly
prospective geological terrain containing several major deposits. The Ardala
Cu-Au porphyry has been the subject of reconnaissance drilling around the
periphery of a porphyry intrusion, which identified encouraging grades of copper
and gold. It has a 600m x 700m surface exposure centred on a magnetic high of
1,000m x 1,000m extent. Copper-gold mineralisation has also been identified on
other properties in the vicinity of Ardala within granitoids and in the
surrounding country rocks.


Under the agreement, European Goldfields will initially own 51% of the
properties transferred by Ariana into the joint venture. European Goldfields
will then fund all development costs of these initial properties and any future
properties located within a defined area in North-eastern Turkey until
completion of a Bankable Feasibility Study, at which time European Goldfields'
interest in each relevant project will increase to between 80% and 90%,
respectively.


In addition, European Goldfields has agreed to subscribe for new shares in
Ariana at 5 pence per share in a private placement, resulting in European
Goldfields owning 20% of the outstanding shares in Ariana following the
placement, for a total consideration of approximately �890,000.


Ariana also holds properties in Western Turkey where exploration of epithermal
vein systems has drill tested a number of targets and defined other targets for
further investigation. Ariana has also developed an extensive remote sensing
database covering the most prospective parts of Turkey.


Completion of the joint venture and the placing is expected by mid-April 2008,
conditional upon satisfactory due diligence and the signing of definitive
agreements.


Commenting on the strategic alliance, David Reading, Chief Executive Officer of
European Goldfields, said: "We are excited at this opportunity of rapidly
growing our business into Turkey in partnership with Ariana Resources, which has
a proven track record of securing prospective exploration licences and operating
effectively in the country. This joint venture is part of our strategy to expand
into the mineral belts within South-East Europe and represents an obvious
extension with similar geology and the same styles of mineralisation as we have
already encountered in Greece. European Goldfields continues in its long-term
objective of becoming a major precious and base metals producer in South-East
Europe."



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
commenced 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 Officer   Tel: +44 (0)20 7408 9534

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

Renmark Financial Communication:         e-mail: tcameron@renmarkfinancial.com
Tina Cameron                             Tel: +1 514 939 3989

RBC Capital Markets:                     e-mail: andrew.smith@rbccm.com
Andrew K Smith / Sarah Wharry            Tel: +44 (0)20 7029 7882

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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