Following the successful conclusion of the principal phase of the permitting process for the Skouries and Olympias Projects in Greece announced earlier this week, Mr. Martyn Konig has been appointed as Executive Chairman and President of the company.

Mr. Konig has over 27 years experience in the resources sector, including senior management roles at NM Rothschild Limited, Goldman Sachs and UBS, with a particular focus on the gold market and gold financing. He was formerly the CEO of Blackfish Capital Management Limited. Mr Konig has been a Non-Executive Director of the Company since 2008 and is also a Non-Executive Director of TSX listed New Gold Inc (TSX: NGD).

Mr. Dimitrios Koutras will step down as Chairman of the Company now that the preliminary permits for the Company's Greek properties have been granted, in order to permit him to undertake an expanded role with the Company's 95% owned Greek operating subsidiary, Hellas Gold, and to focus on the development of those projects through their final stages into production. Mr. Koutras will remain on the Board of the Company both as a Non-Executive Director and as Executive Chairman of Hellas Gold.

The Company also extends its warm thanks to Mr David Reading, who is departing both as CEO and from the Board of European Goldfields. Mr Reading is leaving the Company after almost six years of service, during which the technical and engineering definition of the portfolio was completed. This progress culminated in our recent success in the permitting of our Greek projects.

The Company is confident that it has the right set of skills and experience required to address the next phase of its development. Mr. Konig will lead a strategic review of its management, business and affairs. The review will include the development of a new corporate strategy, with a focus on corporate development and financing alternatives, strengthening relationships with key shareholders, enhancing its corporate profile and defining its model for business development.

On accepting his new role, Mr Konig commented "I am extremely pleased to take on my new role at European Goldfields. Our step forward in permitting represents a truly exciting opportunity, as the company enters the financing and corporate development phase in the evolution of its gold projects, with three high class projects in Greece and Romania all now moving steadily towards production.