Directors Dealings

Suite 200, Financial Plaza

204 Lambert Street

Whitehorse, Yukon

Canada Y1A 3T2

For Immediate Release

DIRECTORS DEALINGS

24 November 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European Goldfields" or the "Company") announces that Mark Rachovides, Director and Executive Vice President of the Company, has exchanged 583,334 options for 357,261 common shares in the Company in accordance with the rules of the Company's Share Incentive Plan. The subsequent sale of the shares was completed on 23 November 2010 at an average price of CDN$14.6735. Proceeds of the sale are to be used towards the purchase of a principal residential property.

Following these transactions, Mr. Mark Rachovides' shareholding remains unchanged at 138,898 common shares of the Company or 0.08% of the Company's current issued share capital.

About European Goldfields

European Goldfields is a developer-producer with globally significant gold reserves located within the European Union. The Company generates cash flow from its 95% owned Stratoni operation, a high grade lead/zinc/silver mine in North-Eastern Greece. European Goldfields will evolve into a mid tier producer through responsible development of its project pipeline of gold and base metal deposits at Skouries and Olympias in Greece and Certej in Romania. The Company plans future growth through development of its highly prospective exploration portfolio in Greece, Romania and Turkey.

For further information please see the Company's website at www.egoldfields.com 

For further information please contact:

European Goldfields Liberum Capital Limited

Steve Sharpe, VP Business Development Simon Atkinson

e-mail: [email protected] Tom Fyson

Tel: +44 (0)20 7408 9730 Tel: +44 (0)20 3100 2000

Brunswick Evolution Securities Limited

Carole Cable / Fiona Micallef-Eynaud Rob Collins

e-mail: [email protected] Tim Redfern

Tel: +44 (0)20 7404 5959 Tel: +44 (0)20 7071 4300