First Quarter Results - March 31, 2008

    FOR:  EUROPEAN MINERALS CORPORATION

TSX SYMBOL:  EPM
AIM SYMBOL:  EUM

May 15, 2008

European Minerals Corporation: Press Release

LONDON, ENGLAND--(Marketwire - May 15, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES

RESULTS FOR THE QUARTER ENDED MARCH 31, 2008

European Minerals Corporation ("EMC or the "Company")(TSX:EPM)(AIM:EUM) an international mining, mineral
exploration and development company focused on identifying, acquiring and developing resource projects, today
reports its results for the quarter ended March 31, 2008. All amounts are expressed in US dollars unless
otherwise indicated.

Tony Williams, Chairman of EMC commented today:

"We continue to make good progress at Varvarinskoye. As we have previously stated the mine is on target to
reach commercial production in Q3 this year. We recently announced an increase in estimated measured and
indicated mineral resources at Varvarinskoye. All this bodes well for the future of the mine. We are also
pleased to announce the signature of the Agreements for our acquisition of Lero Gold Corporation. In the next
few weeks the Lero shareholders will vote on the acquisition, if the transaction is completed we firmly believe
that the opportunities available to the enlarged company should enhance shareholder value for all our
shareholders"

HIGHLIGHTS

Operational

- Plant commissioning completed

- First six gold sales and cash generated from the Varvarinskoye Project

- Additional resources (See Press Release dated May 9, 2008)

- First copper-gold concentrate produced

- First shipment of copper concentrate expected in May 2008

- Potential Acquisition of Lero Gold Corporation (See Press Releases dated April 18, 2008 and May 13, 2008).

Financial

- As at March 31, 2008, the Company had assets of $264.6 million with cash balances totalling $6.8 million.

- EBITDA loss of $2.1 million (2007 - $1.8 million).

MANAGEMENT'S DISCUSSION AND ANALYSIS

A full Management's Discussion and Analysis of results for the period ended March 31, 2008 ("MD&A") together
with the Financial Statements ("Financials") for the same period are available on SEDAR at www.sedar.com. These
documents can also be obtained on application to the Company.

The following information has been extracted from the MD&A and the Financials.

Description

EMC is a mining, mineral exploration and development company focused on identifying, acquiring and developing
resource projects. The Company's principal asset is the Varvarinskoye Gold-Copper Mine ("Varvarinskoye" or
"Varvarinskoye Project") located in the Republic of Kazakhstan and held by a wholly-owned subsidiary of the
Company, JSC Varvarinskoye ("JSCV").

The Company's shares are traded on the Toronto Stock Exchange and on the Alternative Investment Market of the
London Stock Exchange under the symbols "EPM" and "EUM" respectively.

VARVARINSKOYE PROJECT

The Varvarinskoye Project is located close to the village of Varvarinka, 130 km southwest of Kustanai in
Northern Kazakhstan. The project occupies an area of approximately 1,300 hectares. During the Quarter ended
March 31, 2008 ("Q1 2008") management's main focus was progressing the commissioning of the Plant which was
completed by April 2008 and now is ramping up to commercial production.

Progress update

Further positive progress was made during Q1 2008 and continues to be made in bringing the plant to commercial
production. Mechanical availability of the process equipment continued to improve and reached 93% in April 2008
with no unplanned shutdown of major equipment. Commissioning and commencement of operating ramp up during a
severe winter has been successfully achieved with no major impact on operations. Gold continues to be poured on
a regular basis; six shipments have now been delivered to the Metalor refinery in Switzerland. JSCV has
approximately 4,000 tonnes of copper gold concentrate (18% copper and 22 g/t gold) bagged at its Tobol
railhead, awaiting Russian Railway wagons to dispatch the concentrate to a smelter, expected before the end of
May 2008. Until commercial production is achieved cash generated from metal sales will be deducted from the
carrying value of Property, Plant and Equipment in the Company's consolidated balance sheet.

Other highlights are:-

- JSCV has made adjustments to the crusher which has improved product size, alleviating downstream transfer
restrictions to the grinding mills.

- The copper flotation circuit is operating at about 60% design through-put. Polysius, the mill manufacturer,
visited Varvarinskoye to advise on how to increase the throughput so the milling circuit will meet its design
specification.

- The direct gold milling and leach circuit reached 45% of design through-put in April. Plans are in place to
continue ramp up in the next few months as the grinding ball charge is increased and design modifications to
the mill discharge pump motors are completed.

- Water return to plant from tailings dam has been achieved following the spring thaw.

- The site evaluation visit by Ausenco Limited of Perth as part of a Scoping Study for a possible expansion of
the Varvarinskoye plant was completed in April.

Varvarinskoye Exploration

Additional Resources

Assay results from diamond drilling completed in the 2007 field season combined with historical data enabled
the Company to outline additional resources beneath the current pit design which is approximately 300 metres
below ground surface.

The Company's internally generated resource estimates were calculated under the definitions and guidelines
specified in National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101") and utilized
the key assumptions, parameters and methods used in the preparation of the resource estimates contained in the
technical report dated November 2004 and amended March 2005 entitled "Varvarinskoye Gold-Copper Project -
Northern Kazakhstan - Technical Report" prepared by MDM Ferroman (Pty) Limited and Mintec Inc. in accordance
with NI 43-101 (the "Technical Report")(which is available for review on the SEDAR database at www.sedar.com)
and on the same basis outlined in the 2007 estimated mineral resource previously reported (the "2007 Resource
Estimate")(see the Company's press release dated January 15, 2007).

The revised resource estimates increase the previously announced estimated measured and indicated mineral
resources by approximately 26 million tonnes of ore (at 1.24 g/t gold, 0.32% copper(1)) containing
approximately one million ounces of gold and 157 million lbs of copper, representing an increase of
approximately 20% of the total estimated measured and indicated mineral resources tonnages and an increase of
approximately 25% in contained gold and 35% in contained copper for the estimated measured and indicated
mineral resources. Table 1 provides a more detailed analysis of the additional mineral resource estimates.

The key assumptions, parameters and methods used in the preparation of the following mineral resource estimates
are detailed in the Technical Report and on the same basis outlined in the 2007 Resource Estimate. The
effective date for the following mineral resource estimates is April 30, 2008 (see the Company's press release
dated May 9, 2008).

/T/

Table 1 - Additional Mineral Resources as at April 30, 2008

-------------------------------------------------------------
      MEASURED MINERAL RESOURCES @ 0.01 gpt Gold Cut-off
-------------------------------------------------------------
Ore Type  K Tonnes Gold gpt % Copper   Oz Gold     Lbs Copper
-------------------------------------------------------------
HGCF         4,348     1.51    0.705   211,082     67,577,491
-------------------------------------------------------------
LGCF         6,642     1.07    0.076   228,491            N/A
-------------------------------------------------------------
TOTAL       10,990     1.24    0.324   439,573     67,577,491
-------------------------------------------------------------


-------------------------------------------------------------
      INDICATED MINERAL RESOURCES @ 0.01 gpt Gold Cut-off
-------------------------------------------------------------
Ore Type  K Tonnes Gold gpt % Copper   Oz Gold     Lbs Copper
-------------------------------------------------------------
HGCF         6,938     1.38    0.582   307,828     89,020,602
-------------------------------------------------------------
LGCF         8,052     1.13     0.08   292,541            N/A
-------------------------------------------------------------
TOTAL       14,990     1.24    0.312   600,369     89,020,602
-------------------------------------------------------------


--------------------------------------------------------------
MEASURED & INDICATED MINERAL RESOURCES @ 0.01 gpt Gold Cut-off
--------------------------------------------------------------
Ore Type  K Tonnes Gold gpt % Copper   Oz Gold     Lbs Copper
--------------------------------------------------------------
HGCF        11,286     1.43     0.63   518,909    156,598,093
--------------------------------------------------------------
LGCF        14,694     1.10     0.08   521,032            N/A
--------------------------------------------------------------
TOTAL       25,980     1.24     0.32 1,039,941    156,598,093
--------------------------------------------------------------

(1) % copper based on HGCF only

Note:    - HGCF is High Grade Copper Feed - flotation ore
                 HGCP is material stockpiled for treatment in the future
                 LGCF is Low Grade Copper Feed - Gold leach ore
                 LGCP is Low Grade Copper Feed - Gold leach ore from the
                  weathering zone

/T/

Qualified Person

Bert Kennedy, the Company's President and Chief Executive Officer, is the "qualified person" (as such term is
defined in NI 43-101) responsible for all the technical and scientific information contained in this MD&A under
the heading "Varvarinskoye Project".

FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2008

The Company's EBITDA for Q1 2008 is a loss of $2.1 million compared to $1.8 million for Q1 2007, an increase of
approximately $0.3 million. The main reasons for year-on-year variations are increased administration costs of
$0.1 million and increased expenditure on development of $0.2 million. The increase in administration costs is
not significant and in line with expectations. The increase in development expenditure over the Q1 2007 relates
to differences in the phasing of the expenditure between fiscal years 2008 and 2007.

During Q1 2008 the Company settled hedge transactions utilizing cash of approximately $6.2 million (Q1 2007 -
$nil). These have been recorded in the statement of income and deficit as derivative losses for Q1 2008.
Following an increase in the market price of gold between January 1, 2008 and March 31, 2008 the market to
market valuation of the Company's derivative contracts has given rise to non-cash unrealized derivative losses
in the quarter of approximately $22.3 million (2007- $9.2 million).

Interest charges for the three months ended March 31, 2008 are $1.2 million (Q1, 2007- $nil). Prior to January
1, 2008 interest on borrowings relating to the development of the Varvarinskoye Project were capitalized and
carried as a component of Property, Plant and Equipment in the consolidated balance sheet. Since the
construction of the Varvarinskoye Project was completed by the beginning of fiscal 2008, interest has been
expensed from that date.

The Company's expenses are denominated in US Dollars, British Pounds, Kazakh Tenge and South African Rand.
During Q1, 2008 and Q1, 2007, the Company also held significant levels of funds in Canadian dollars.
Consequently the Company was susceptible to currency variations.

Foreign exchange losses in Q1, 2008 were $0.9 million compared to $0.1 million for Q1, 2007. The Company's
functional currency is US dollars. The weaker South African Rand and Canadian Dollar rates against the US
dollar for Q1 2008 had an adverse effect on short term cash and other current assets denominated in South
African Rand and Canadian Dollars. This gave rise to the increased foreign exchange loss for the quarter.

Until the Company achieves commercial production expenditures incurred in Varvarinskoye will be capitalized,
less any amounts recovered from metal sales.

Factors that cause fluctuations in the Company's quarterly results include the movements in the gold prices
against the forward sales values on the Varvarinskoye Hedge (see "liquidity and Capital Resources" for further
details), timing of expenditures on exploration and development activities, stock option grants and their
capitalization, income taxes and the write-offs of mineral property costs previously capitalized. As the
Varvarinskoye Project is not in commercial production the Company believes that its loss (and consequent loss
per share) is not a useful measure of the Company's value.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2008 the Company's main source of liquidity was unrestricted cash of $6.7 million (2007-$25.2
million).

At March 31, 2008, the Company's consolidated working capital comprising free cash, inventories, accounts
receivable and prepaids and less accounts payable was $20.2 million compared to $30.8 million at December 31,
2007 representing a decrease of $10.6 million. The decrease in working capital arose as a result of decreased
cash resources of $18.4 million, an increase in inventories of $9 million (2007 - $18.8 million), an decrease
in accounts receivable and prepaid expenses of $0.6 million and an increase in accounts payable and accrued
liabilities of $0.6 million.

Factoring in the current portion of long-term debt and derivative instruments, the Company had a working
capital deficit of $38.7 million at March 31, 2008 (2007, deficit of $20.8 million).The Company's spending
incurred on the Varvarinskoye Project and its working capital requirements during fiscal year 2008 has been
financed through cash.

As a condition of the debt facility, the Company implemented the Varvarinskoye Hedge. The Company has sold
443,000 ounces of gold at a price of $574.25 per ounce. The Varvarinskoye Hedge is un-margined with deliveries
of gold into the hedge originally scheduled to commence in the first quarter of 2008. However, during the
initial commissioning phase, the Company's gold production has been insufficient to meet its hedge commitments
and these commitments have been settled utilizing cash totalling approximately $6.2 million to the date of this
MD&A, these have been booked as derivative losses in Q1 2008. In addition the hedge was revalued on a marked to
market basis at March 31, 2008 and this gave rise to a further unrealized derivative loss of $22.2 million. See
"Outlook "for further details.

During Q1, 2008 the Company continued discussions with its Lenders with the objective of deferring immediate
hedge and loan repayment commitments and aligning these with the establishment of commercial production at
Varvarinskoye. Since the period end, the Lenders have agreed, subject to certain conditions, to defer hedge
commitments due in April and May and also to defer the date of the first loan repayment of approximately $15
million from June 2008 alleviating the short-term working capital constraints of the facility.

Included within mining property and development additions for the quarter are capitalized stock compensation
costs of $0.1 million (2007 - $1.9 million)which relate to employees of the Company directly involved with the
Varvarinskoye Project. Interest totalling $nil million (2007 -$3.1 million) and amortized deferred finance
costs of $1.7 million (2007 - $6.2 million).

The Company anticipates achievement of full commercial production at its Varvarinskoye Project by the end of Q3
2008.

As part of the potential acquisition of Lero, the Company has secured the Lero Loan of $25 million which was
received on May 13, 2008. On April 18, 2008, Endeavour Mining Capital Corp. agreed to provide a US$5 million
bridge loan to the Company for working capital purposes. This loan together with accrued interest was repaid
from the proceeds of the Lero Loan. Further details of the Lero Loan and the Endeavour Mining Capital Corp
bridging finance are given in the Company's Press Releases dated April 18, 2008 and May 13, 2008.

The Company anticipates with the potential financing secured through the acquisition of Lero (noted above), the
successful conclusion of the discussions with its Lenders, together with the achievement of commercial
production and subsequent sales of metals, sufficient levels of cash will be generated to repay the Company's
long-term debt and its other long term obligations.

OUTLOOK

The Company continues to make good progress in increasing the tonnage through-put in the Varvarinskoye process
plant. The arrival of the late spring will improve the on-site working conditions and facilitate the ramp up of
commissioning. Metallurgical performance continues to be good and both process streams have been running
steadily. A regular cycle of deliveries of gold dore to Metalor in Switzerland has been established and the
first shipment of gold-copper concentrates is expected to be shipped for processing in May 2008.

Over the coming months management intends to complete the design modifications in the plant and continue to
ramp up to commercial production. The announcement of the increase to the measured and indicated mineral
resource estimates, (although situated beneath the lowest elevation of the current pit design), further
enhances the value of the Varvarinskoye ore body. Management have also commissioned an independent study to
investigate the possibility of increasing the total through-put at Varvarinskoye beyond the feasibility design
of 4.2 million tonnes of ore per year.

The potential business combination with Lero, together with Lero's concurrent financing stabilizes the enlarged
group's financial position in the period leading to commercial production at Varvarinskoye. In addition this
gives the enlarged group the additional growth potential of the Lero assets and the significant experience of
the Lero management team in the FSU, bringing immediate and long-term benefits to the EMC shareholders.

/T/

European Minerals Corporation
Consolidated Statements of Operations, Comprehensive Loss and Deficit
For the three months ended March 31, 2008 and 2007
(in thousands of U.S. dollars except shares and per share amounts)

----------------------------------------------------------------------

                                                     2008        2007
                                                        $           $

Income
Interest                                              204         231
                                               -----------------------
Expenses
Losses on derivative instruments                   28,465       9,232
Investor relations                                     93          58
Administration                                      1,221       1,143
Legal and professional fees                           189         135
Stock-based compensation                              138         212
Foreign exchange loss                                 926          90
Project and development expenditure                   432         210
Interest paid                                       1,255           -
                                               -----------------------

                                                   32,719      11,080
                                               -----------------------

Net loss before income tax recovery               (32,515)    (10,849)

Income tax recovery                                     -        (300)
                                               -----------------------

Net loss and comprehensive loss for the
 period                                           (32,515)    (10,549)
                                               -----------------------
                                               -----------------------

Basic and diluted loss per common share            $(0.11)     $(0.04)
                                               -----------------------
                                               -----------------------

Weighted average number of shares (000's)         303,329     259,837
                                               -----------------------
                                               -----------------------

Deficit - Beginning of period                    (217,955)    (70,274)

Transitional adjustment                                 -     (69,641)
                                               -----------------------

Deficit - Adjusted                               (217,955)   (140,365)

Loss for the period                               (32,515)    (10,549)
                                               -----------------------

Deficit - End of Period                          (250,470)   (150,914)
                                               -----------------------
                                               -----------------------



European Minerals Corporation
Consolidated Balance Sheets
As at March 31, 2008 and December 31, 2007
(in thousands of U.S. dollars)

--------------------------------------------------------------------

                                                     2008      2007
                                                        $         $

Assets
Current assets
Cash and cash equivalents                           6,764    25,250
Inventories                                        27,733    18,738
Accounts receivable and prepaid expenses              500     1,032
                                                --------------------
                                                   34,997    45,020

Restricted cash                                        71       127
Property, plant and equipment                     224,669   220,476
Net investment in oil and gas residual interests    1,364     1,364
Advances held by contractor's bank                  3,496     4,180
                                                --------------------
                                                  264,579   271,167
                                                --------------------
                                                --------------------

Liabilities
Current liabilities
Accounts payable and accrued liabilities           14,797    14,140
Current portion of-long term debt                  32,475    32,475
Current portion of derivative instruments          26,643    19,185
                                                --------------------
                                                   73,915    65,800

Long-term debt                                     19,225    17,645

Derivative instruments                            136,192   121,436

Future income taxes                                 6,705     6,705

Asset retirement obligations                       11,639    11,388
                                                --------------------
                                                  247,676   222,974

Shareholders' Equity
Share capital                                     205,859   204,553
Share purchase warrants                            46,629    46,629
Share purchase options                             13,452    13,567
Share purchase units                                    -         -
Contributed surplus                                 1,451     1,399
Deficit                                          (250,470) (217,955)
                                                --------------------
                                                   16,921    48,193
                                                --------------------
                                                  264,597   271,167
                                                --------------------
                                                --------------------


Approved by the Board of Directors

A J Williams Director                W G Kennedy Director
A. J. Williams                       W. G. Kennedy



European Minerals Corporation
Consolidated Statements of Cash Flows
For the three months ended March 31, 2008 and the year ended
 December 31, 2007
(in thousands of U.S. dollars except shares and per share amounts)

--------------------------------------------------------------------------

                                                            2008     2007
                                                               $        $
Cash provided from (used for)

Operating activities
Net loss for the period                                  (32,515) (77,590)
Adjustment to reconcile net loss to cash flow from
 operating activities
 Unrealized loss on derivative instruments                22,214   70,980
 Unrealized foreign exchange                                 684     (177)
 Stock-based compensation                                    138    2,913
 Future income tax recovery                                    -   (1,820)
Changes in non-cash working capital
 (Increase) in inventories                                (8,995) (18,738)
 Decrease (increase) in accounts receivable and
  prepaid expenses                                           203     (476)
 Increase in accounts payable and accrued liabilities        657    4,916
                                                       -------------------

Cash used in operating activities                        (17,614) (19,992)
                                                       -------------------

Investing activities
Expenditures on Varvarinskoye property, plant
 and equipment                                            (2,145) (61,222)
Restricted cash                                               56   16,122
Recovery of net investment in oil and gas residual
 interests                                                   329      246
                                                       -------------------

Cash used in investing activities                         (1,760) (44,854)
                                                       -------------------

Financing activities
Common shares issued, net of issue costs                       -   21,275
Proceeds from exercise of stock options                      990      672
Proceeds from exercise of warrants                             -    1,036
Proceeds from exercise of units                                -    4,045
Proceeds from long-term debt                                 127   46,367
Debt issue costs                                            (229)  (2,853)
                                                       -------------------

Cash provided by financing activities                        888   70,542
                                                       -------------------

Increase in cash and cash equivalents                    (18,486)   5,696

Cash and cash equivalents - Beginning of period           25,250   19,554
                                                       -------------------

Cash and cash equivalents - End of period                  6,764   25,250
                                                       -------------------
                                                       -------------------


European Minerals Corporation
Notes to Consolidated Financial Statements
For the period ended March 31, 2008
---------------------------------------------------------------------------

(in thousands of US dollars unless otherwise indicated)

/T/

1. Continuing operations

European Minerals Corporation ("EMC" or the "Company") is a mining, mineral exploration and development company
focused on identifying, acquiring and developing resource projects. The Company's principal asset is the
Varvarinskoye Gold-Copper deposit ("Varvarinskoye") located in the Republic of Kazakhstan. During the year
ended December 31, 2007, the Company completed the construction of the mine and plant facilities at
Varvarinskoye and during the three months ended March 31, 2008, and has commissioned the Varvarinskoye plant.
The Company expects to reach commercial production by the end of Q3, 2008.

At March 31, 2008, the Company had a working capital deficit of $38.9 million, (2007 -working capital deficit
of $20.8 million) and an accumulated deficit of $250.5 million (2007 -$217.9 million).

As at March 31, 2008, the Company had capital commitments for the Varvarinskoye Project amounting to $4.6
million.

In December 2007, the Company raised a net additional $21.2 million of equity from shareholders to enable it to
provide funding during the commissioning process at the Varvarinskoye Project. During 2006, in order to provide
funding for the completion of the capital expenditure on the Varvarinskoye Project, the Company finalized a
project debt facility. As at March 31, 2008, a total of $60.3 million had been drawn down under the facility,
of which $32.5 million is due within one year.

As a condition of the debt facility, the Company implemented a hedging facility by entering into monthly US
dollar flat forward gold sales (the "Varvarinskoye Hedge") over a term of 8 years. The Company has sold forward
443,000 ounces of gold at a price of $574.25 per ounce. The Varvarinskoye Hedge is unmargined with deliveries
of gold into the hedge originally scheduled to commence in the first quarter of 2008. However, during the
initial commissioning phase, the Company's gold production has been insufficient to meet its hedge commitments
as they fall due and during the three months ended March 31, 2008, hedge commitments maturing have been settled
utilizing cash totalling approximately $6.2 million.

Since the period end, the Lenders have agreed, subject to certain conditions, to defer hedge commitments due in
April and May 2008 and also to defer the date of the first loan repayment of approximately $15 million from
June 2008 alleviating the short-term working capital constraints of the facility.

On April 18, 2008 and May 13, 2008, the Company announced the proposed acquisition of Lero Gold Corporation
("Lero"). As part of this proposed transaction Lero has agreed to advance $25 million to the Company (the "Lero
Loan") to be used for working capital purposed. On April 18, 2008, Endeavour Mining Capital Corp. agreed to
provide a US$5 million bridge loan to the Company for working capital purposes to be repaid upon the completion
of the Lero Loan.

2. Summary of significant accounting policies

The consolidated financial statements have been prepared using Canadian GAAP and the following significant
policies:

Basis of consolidation

The principal subsidiaries and investees of the Company as at March 31, 2008 are as follows:

- Three K Mining and Exploration Limited (registered in the British Virgin Islands) ("Three K")

- JSC Varvarinskoye (registered in the Republic of Kazakhstan) ("JSCV")

- European Minerals Corporation (UK) Limited (registered in England) ("EMUK")

- Kazminco Oil Limited (registered in the British Virgin Islands) ("Kazminco")

- Lisburne Holdings Limited (registered in the British Virgin Islands) ("Lisburne")

- Althames Exploration Limited (registered in the British Virgin Islands) ("AEL")

With the exception of Lisburne, the Company owns the entire issued share capital of the above entities. The
Company controls 55% of the issued and outstanding share capital of Lisburne. All intercompany balances and
transactions are eliminated on consolidation.

3. Adoption of new accounting standards and recent accounting pronouncements

a) The CICA plans to transition Canadian GAAP for public companies to International Financial Reporting
Standards ("IFRS"). The effective changeover date is for interim and annual financial statements relating to
fiscal years beginning on or after January 1, 2011. The impact of the transition to IFRS on the Company's
financial statements is not yet determinable.

b) In February 2007, the CICA issued Section 1535 "Capital Disclosures" which is effective for fiscal years
beginning on or after October 1, 2007. This standard requires disclosure of information that enables users of
its financial statements to evaluate the entity's objectives, policies and processes for managing capital. The
Company has adopted this standard commencing from January 1, 2008 and this has had not had a significant effect
on the Company's financial statements.

c) CICA Handbook Section 3064 "Goodwill and Intangible Assets" establishes revised standards for recognition,
measurement, presentation and disclosure of goodwill and intangible assets. Concurrent with the introduction of
this standard, the CICA withdrew EIC-27, "Revenues and Expenses During the Pre-operating Period". As a result
of the withdrawal of EIC-27, companies will no longer be able to defer costs and revenues incurred prior to
commercial production at new mine operations. The changes are effective for interim and financial statements
beginning January 1, 2009 and the Company is currently considering the impact this will have on its financial
statements.

d) In February 2007, the CICA issued Section 3862 "Financial Instruments - Disclosure" and Section 3863
"Financial Instruments - Presentation", which are effective for fiscal years beginning on or after October 1,
2007. The objective of Section 3862 is to provide financial statement disclosure to enable users to evaluate
the significance of financial instruments for the Company's financial position and performance and the nature
and extent of risks arising from financial instruments that the Company is exposed to during the reporting
period and the balance sheet date and how the Company is managing those risks. The purpose of Section 3863 is
to enhance the financial statement user's understanding of the significance of financial instruments to the
Company's financial position, performance and cash flows. The Company has adopted these standards commencing
from January 1, 2008. The impact on the Financial Statements has not been significant.

e) In May 2007, the CICA issued Section 3031 "Inventories", which supersedes Handbook Section 3030 to converge
Canadian standards with IAS 2 "Inventories". This standard requires that inventories be measured at the lower
of cost and net realizable value; the allocation of overhead based on normal capacity; the use of the specific
cost method for inventories that are not normally interchangeable or goods and services produced for specific
purposes; the use of a consistent cost formula for inventory of a similar nature and use; and the reversal of
previous write-downs of inventory to net realizable value, when there is a subsequent increase in the value of
inventories. Disclosure requirements will include the Company's policies, carrying amounts, amounts recognized
as an expense, write-downs and subsequent reversal of write-downs. The Company has adopted this standard from
January 1, 2008 fiscal year and the impact on the financial statements has not been significant.

/T/

INVESTOR INFORMATION

European Minerals Corporation

Trading Symbols: EPM-TSX
                 EUM-LSE (AIM)

/T/

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities of the Company in the United States. The securities of the Company have not been and will not be
registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. persons unless registered
under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is
available.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This MD&A contains or refers to forward-looking information. All information, other than information regarding
historical fact, that addresses activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future is forward-looking information. Such forward-looking information
includes, without limitation, information regarding the Company's expected or planned targets with respect to
its operations and projects, estimates and/or anticipated levels of future gold and/or copper production, the
Company's expectations with respect to the effect of commodity prices on future cost estimates, estimates of
mineral resources and reserves, estimated operating costs, the estimated mine life of Varvarinskoye, the
ability of Management to enhance production levels, Management's beliefs with respect to the ability of
Varvarinskoye to provide a strong foundation for the Company's further growth, potential mineralization,
exploration results and the Company's future exploration plans, the Company's ability to raise sufficient
working capital to complete construction of the facilities necessary to place the Varvarinskoye Project into
commercial production, the total cost estimate for completion of the Varvarinskoye process plant and related
infrastructure, recovery of the amounts advanced to MDM under the LSTK and any associated interest and costs,
the Company's successful defense against the claims of the liquidator of MDM that the Cession of sub-contracts
under the LSTK gave rise to the Company receiving a benefit in preference to other creditors, the Company's
expectation of recovering its net investment in oil and gas residual interests, the Company's achievement of
full commercial production at the Varvarinskoye Project and the anticipated revenue therefrom, development and
operational plans and objectives (including delineating additional mineral resources), and the Company's
expectations concerning enhancements to ICFR controls and procedures and the completion of the Acquisition.

The forward-looking information in this MD&A reflects the current expectations, assumptions or beliefs of the
Company based on information currently available to the Company. With respect to forward looking information
contained in this MD&A, the Company has made assumptions regarding, among other things, the Company's ability
to generate sufficient cash flow from operations and capital markets to meet its future obligations, the
regulatory framework in Kazakhstan, with respect to, among other things, permits, licenses, authorizations,
royalties, taxes and environmental matters, the ability of management to establish a commercial mining
operation at Varvarinskoye, and the Company's ability to continue to obtain qualified staff and equipment in a
timely and cost-efficient manner to meet the Company's demand.

Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results
of the Company to differ materially from those discussed in the forward-looking information, and even if such
actual results are realized or substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on, the Company.

Factors that could cause actual results or events to differ materially from current expectations include, but
are not limited to: the grade and recovery of ore which is mined varying from estimates; capital and operating
costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity
prices; delays in the commencement of full scale operations at, the Varvarinskoye Project caused by
unavailability of equipment, labour or supplies, climatic conditions, delays in the delivery and installation
of plant and equipment or otherwise; termination or suspension of the Company's debt facility; uncertainty of
the outcome of any litigation; inability to delineate additional mineral resources; delays in the Company or
Lero obtaining, as applicable, all consents, waivers, Court and regulatory approvals required to complete the
Acquisition and other factors including, but not limited to, those listed under "Risk Factors".

Any forward-looking information speaks only as of the date on which it is made and, except as may be required
by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking
information, whether as a result of new information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-
looking information is not a guarantee of future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty therein.

The mineral resource figures referred to in this MD&A are estimates and no assurances can be given that the
indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge,
mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time
may significantly change when new information becomes available. While the Company believes that the resource
estimates referred to in this MD&A are well established, by their nature resource estimates are imprecise and
depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such
estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the
Company. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that
all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource
as a result of continued exploration.

Additional information about the risks and uncertainties of the Company's business is provided in its
disclosure materials, including its Annual Information Form, available under the Company's profile on SEDAR at
www.sedar.com.

NON-GAAP Measures

"EBITDA" is a non-GAAP measure of performance that describes earnings before interest, taxes, depletion and
depreciation, non-cash foreign exchange loss or gain, stock compensation charges, fair value losses or gains on
forward obligations and non-cash foreign exchange movements.

"Operating cash cost" is a non-GAAP measure calculated in accordance with the Gold Institute Production Cost
Standard and includes site costs for all mining (excluding deferred stripping costs), processing and
administration, royalties and production taxes, but exclusive of depletion, depreciation, reclamation,
financing costs, capital costs, and exploration costs. Operating cash cost is presented as we believe it
represents an industry standard of comparison.

"Operating cash cost per ounce" is a non-GAAP measure derived from the operating cash cost of ounces produced
as a measure of total ounces produced.

"Sales price per ounce" is a non-GAAP measure derived by dividing the total cash amounts received on gold sales
by the number of ounces sold in the period.

EBITDA, operating cash cost per ounce and sales price per ounce are not terms defined under Canadian generally
accepted accounting principles, nor do they have a standard, agreed upon meaning. As such, EBITDA, operating
cash cost per ounce and sales price per ounce may not be directly comparable to EBITDA, operating cash cost per
ounce and sales price per ounce reported by other similar issuers.


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Investor Information:
European Minerals Corporation - United Kingdom
Tony Williams
Chairman
+ 44 (0) 20 7529 7508

OR

Investor Information:
European Minerals Corporation - United Kingdom
Bert Kennedy
President and CEO
+ 44 (0) 20 7529 7508

OR

Vanguard Shareholder Solution, Inc. - North America
Keith Schaefer
1-866-448-0780 North America
Email: [e-mail]

OR

Nomad
Grant Thornton Corporate Finance
Gerry Beaney/Colin Aaronson
020 7383 5100

INDUSTRY:  Manufacturing and Production-Mining and Metals
SUBJECT:   ERN

								
European Minerals Corporation