Directors Dealings

Suite 200, Financial Plaza

204 Lambert Street

Whitehorse, Yukon

Canada Y1A 3T2

For Immediate Release

DIRECTORS DEALINGS

17 March 2011 - European Goldfields Limited (TSX / AIM: EGU) ("European Goldfields" or the "Company") reports that on 16th March 2011 Martyn Konig, Executive Chairman and President of the Company, purchased 20,000 ordinary shares in the Company at an average price of C$ 11.5374. Mr Konig's holding in the Company is now 474,457 ordinary shares.

The Company also reports that on 16th March 2011 Tim Morgan-Wynne, Executive Vice President and Chief Financial Officer of the Company, purchased 25,000 ordinary shares in the Company at an average price of C$ 11.5276. Mr Morgan-Wynne's holding in the Company is now 256,689 ordinary shares.

The Company was notified of the share purchases on 17th March 2011.

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 

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