SPECIAL MEETING OF SHAREHOLDERS

 Suite 200, Financial Plaza

204 Lambert Street

Whitehorse, Yukon

Canada Y1A 3T2

For Immediate Release

SPECIAL MEETING OF SHAREHOLDERS

1 December 2011 - European Goldfields Limited (AIM: EGU / TSX: EGU) announces that a special meeting of shareholders of European Goldfields Limited (the "Company") will be held at the offices of Stikeman Elliott LLP, 5300 Commerce Court West, Toronto, Ontario M5L 1B9, Canada on 22 December 2011 at 9:00 a.m. (Toronto time) for the purpose of approving certain aspects of both the proposed US$600m financing transaction with Qatar Holding LLC and the US$150m loan note and related warrant issuance, details of which were announced by the Company on 1 October 2011.

The Company also confirms that the Notice of Meeting, Management Information Circular and Form of Proxy have been posted to shareholders and are available to view on the Company's website at http://www.egoldfields.com/egoldfields/en/investors/Meeting and on SEDAR (www.sedar.com).

Any questions and requests for assistance may be directed to European Goldfields Proxy Solicitation Agent:

Phoenix Advisory PartnersNorth American Toll Free: 1-800-243-9416UK Toll Free: +44 (0) 808-101-1697Banks, Brokers and Outside North American collect calls: 201-806-2222email: [email protected]

For further information please contact: