DIRECTORS DEALINGS

Suite 200, Financial Plaza

204 Lambert Street

Whitehorse, Yukon

Canada Y1A 3T2

For Immediate Release

DIRECTORS DEALINGS

9 December 2010 - European Goldfields Limited (TSX / AIM: EGU) ("European Goldfields" or the "Company") reports that on 8 December 2010 Martyn Konig, Executive Chairman and President of the Company, purchased 20,000 ordinary shares in the Company at an average price of CDN $13.45 per share. Mr Konig's holding in the Company is now 454,457 ordinary shares.

The Company also reports that on 2 December 2010 as part its Long Term Incentive Plan, the Company's board of directors approved the grant of options to directors of the Company as listed below. The options have an exercise price of CDN $13.95 and vest upon the satisfaction of certain criteria.

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 9534 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