BOARD AND MANAGEMENT CHANGES

 

TIDMEGU 
 
RNS Number : 5219A 
European Goldfields Ltd 
09 October 2009 
 

 
 
For Immediate Release 
                                   9 October 2009 
 
                        European Goldfields Limited 
 
                          BOARD AND MANAGEMENT CHANGES 
 
9 October 2009 - European Goldfields Limited (AIM: EGU / TSX: EGU) ("European 
Goldfields" or the "Company") is pleased to announce the following board and 
management changes as it moves to a new phase in its development. 
 
Following the successful conclusion of the principal phase of the permitting 
process for the Skouries and Olympias Projects in Greece announced earlier this 
week, Mr. Martyn Konig has been appointed as Executive Chairman and President of 
the company. 
 
Mr. Konig has over 27 years experience in the resources sector, including senior 
management roles at NM Rothschild Limited, Goldman Sachs and UBS, with a 
particular focus on the gold market and gold financing. He was formerly the CEO 
of Blackfish Capital Management Limited. Mr Konig has been a Non-Executive 
Director of the Company since 2008 and is also a Non-Executive Director of TSX 
listed New Gold Inc (TSX: NGD). 
 
Mr. Dimitrios Koutras will step down as Chairman of the Company now that the 
preliminary permits for the Companys Greek properties have been granted, in 
order to permit him to undertake an expanded role with the Companys 95% owned 
Greek operating subsidiary, Hellas Gold, and to focus on the development of 
those projects through their final stages into production. Mr. Koutras will 
remain on the Board of the Company both as a Non-Executive Director and as 
Executive Chairman of Hellas Gold. 
 
The Company also extends its warm thanks to Mr David Reading, who is departing 
both as CEO and from the Board of European Goldfields. Mr Reading is leaving the 
Company after almost six years of service, during which the technical and 
engineering definition of the portfolio was completed. This progress culminated 
in our recent success in the permitting of our Greek projects. 
 
The Company is confident that it has the right set of skills and experience 
required to address the next phase of its development. Mr. Konig will lead a 
strategic review of its management, business and affairs. The review will 
include the development of a new corporate strategy, with a focus on corporate 
development and financing alternatives, strengthening relationships with key 
shareholders, enhancing its corporate profile and defining its model for 
business development. 
 
On accepting his new role, Mr Konig commented "I am extremely pleased to take on 
my new role at European Goldfields. Our step forward in permitting represents a 
truly exciting opportunity, as the company enters the financing and corporate 
development phase in the evolution of its gold projects, with three high class 
projects in Greece and Romania all now moving steadily towards production. I 
would also like to extend our gratitude and appreciation for the significant 
contribution that David Reading has made to the development of European 
Goldfields". 
 
The Company is also pleased to announce the appointment of Mr. Bruce James 
Burrows as a Non-Executive Director of the Company subject to the completion of 
regulatory clearances. 
Mr. Burrows, aged 51, is currently Finance Director at JKX Oil & Gas PLC 
("JKX"), a role he has held since 1997. JKX is an oil and gas exploration and 
production company listed on the London Stock Exchange, with interests in 
Ukraine, Russia, Hungary, Bulgaria, Slovakia and Georgia. He joined JKX from 
Ernst & Young where he held positions in both, New Zealand and London. Mr. 
Burrows holds a BSc Honours degree from Canterbury University, New Zealand, a 
Diploma in Accounting from Victoria University, New Zealand, and is a member of 
the New Zealand Institute of Chartered Accountants. He is also JKX's Company 
Secretary. 
 
 
 
Mr. Burrows is currently a director of the following companies: 
 
JKX Oil & Gas plc, JKX Services Ltd, Trans-European Energy Services Ltd, JP 
Kenny Exploration & Production Ltd, JKX (Nederland) BV, Page Gas Ltd, Mid Asian 
Gas Ltd, JKX Holdings North America Ltd LLC, JKX Georgia Ltd, Baltic Energy 
Trading Ltd, JKX (Ukraine) Ltd, JKX Ltd, Eurodril Ltd, JKX (Navtobi) Ltd, Adygea 
Gas BV, JKX Ukraine B.V., JKX North America Ltd, JKX Investments Ltd, JKX Oil & 
Gas LP, JKX Hungary B.V. JKX Ondava B.V. JKX Carpathian B.V. JKX Slovakia 
B.V.Poltava Gas B.V.JKX (Caspian), Ltd, JKX Bulkan BG EAD,JKX Bulgaria Ltd and 
JKX Turkey Ltd. 
 
In accordance with the AIM Rules, the Company confirms that there are no 
additional matters relating to Mr Burrows that would require disclosure under 
Schedule 2(g). 
 
In connection with his appointment, Mr. Burrows has been granted 55,000 deferred 
phantom units ("DPUs") and, as an independent Non-Executive Director, will 
receive a flat fee of GBP50,000 annually (payable 50% in cash and 50% in DPUs). 
 
About European Goldfields 
European Goldfields Limited is a resource company involved in the exploration, 
acquisition, mining and development of mineral properties in Greece, Romania and 
South-East Europe. 
Greece - European Goldfields holds a 95% interest in Hellas Gold S.A. Hellas 
Gold owns three major gold and base metal deposits in Northern Greece. The 
deposits are the polymetallic operation at Stratoni, the Olympias project which 
contains gold, zinc, lead and silver, and the Skouries copper/gold porphyry 
project. Hellas Gold commenced production at Stratoni in September 2005 and 
started selling an existing stockpile of gold concentrates from Olympias in July 
2006. Hellas Gold is applying for permits to develop and build the Skouries and 
Olympias projects. 
Romania - European Goldfields owns 80% of the Certej gold/silver project in 
Romania. In July 2008, the National Agency of Mineral Resources approved the 
technical feasibility study in support of its permit application and issued a 
new mining permit for the Certej project. 
For further information please contact: 
+------------------------------------+--------------------------------------+ 
| European Goldfields:               | e-mail: [e-mail]         | 
| Martyn Konig, Executive Chairman   | Tel: [phone]             | 
|                                    |                                      | 
+------------------------------------+--------------------------------------+ 
| Buchanan Communications:           | e-mail: [e-mail]       | 
| Bobby Morse / Katharine Sutton     | Tel: [phone]             | 
|                                    |                                      | 
+------------------------------------+--------------------------------------+ 
| RBC Capital Markets:               | e-mail: [e-mail]       | 
| Sarah Wharry                       | Tel: [phone]             | 
+------------------------------------+--------------------------------------+ 
 
Forward-looking statements 
 
Certain statements and information contained in this document, including any 
information as to the Companys future financial or operating performance and 
other statements that express management's expectations or estimates of future 
performance, constitute forward-looking information under provisions of Canadian 
provincial securities laws. When used in this document, the words "anticipate", 
"expect", "will", "intend", "estimate", "forecast", "planned" and similar 
expressions are intended to identify forward-looking statements or information. 
Forward-looking statements include, but are not limited to, the estimation of 
mineral reserves and resources, the timing and amount of estimated future 
production, costs and timing of development of new deposits, permitting time 
lines and expectations regarding metal recovery rates. Forward-looking 
statements are necessarily based upon a number of estimates and assumptions 
that, while considered reasonable by management, are inherently subject to 
significant business, economic and competitive uncertainties and contingencies. 
 
The Company cautions the reader that such forward-looking statements involve 
known and unknown risks, uncertainties and other factors that may cause the 
actual financial results, performance or achievements of the Company to be 
materially different from its estimated future results, performance or 
achievements expressed or implied by those forward-looking statements and the 
forward-looking statements are not guarantees of future performance. These 
risks, uncertainties and other factors include, but are not limited to: changes 
in the price of gold, base metals or certain other commodities (such as fuel and 
electricity) and currencies; uncertainty of mineral reserves, resources, grades 
and recovery estimates; uncertainty of future production, capital expenditures 
and other costs; currency fluctuations; financing and additional capital 
requirements; the successful and timely permitting of the Companys Skouries, 
Olympias and Certej projects; legislative, political, social or economic 
developments in the jurisdictions in which the Company carries on business; 
operating or technical difficulties in connection with mining or development 
activities; the speculative nature of gold and base metals exploration and 
development, including the risks of diminishing quantities or grades of 
reserves; the risks normally involved in the exploration, development and mining 
business; and risks associated with internal control over financial reporting. 
For a more detailed discussion of such risks and material factors or assumptions 
underlying these forward-looking statements, see the Companys Annual 
Information Form for the year ended 31 December 2008, filed on SEDAR at 
www.sedar.com. The Company does not intend, and does not assume any obligation, 
to update or revise any forward-looking statements whether as a result of new 
information, future events or otherwise, except as required by law. 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 BOAFGMGGRLRGLZG