RESULTS FOR Q1 2007

STRATONI INCREASES PRODUCTION

STRATONI SILVER RESERVE SOLD TO SILVER WHEATON

15 May 2007 - European Goldfields Limited (AIM: EGU / TSX: EGU) ("European Goldfields" or the "Company") today reports its results for the first quarter to 31 March 2007. Highlights during 2007 are:

Financial highlights:

• Sales of US$17.1m in Q1 2007, compared to $9.1m in 2006 - Sales up 88%
• Profit (before tax) of $5.7m in Q1 2007, compared with $1.0m in 2006
• Operating cash flow increasing to $7.3m in Q1 2007, up $4.9m over 2006
• Working capital of $45.2m at 31 March 2007; $102.7m post sale of the Stratoni silver stream in April

Operational highlights:

• Attractive price secured on Stratoni silver stream sold to Silver Wheaton
• Best production to date from Stratoni mine and mill
• New economic mineralisation discovered at Stratoni
• Two new contracts signed for the sale of Olympias gold concentrates
• Skouries technical feasibility study nearly completed
• Albion Process Technology achieved 92% gold recovery on Certej composite sample
• Technical feasibility study submitted to Romanian government
• Target exploration under way to extend Certej life-of-mine

Commenting on the results, David Reading, Chief Executive Officer of European Goldfields, said: "Our Stratoni operations continue to ramp up and produce strong operating cash flow.  This combined with the proceeds of the sale of the silver stream to Silver Wheaton means we now have approximately US$100 million in cash, which we intend to use to accelerate the development of our major gold projects in Greece."

Conference Call & Webcast - 16 May 2007 at 10am EST / 3pm GMT
European Goldfields will host a conference call on Wednesday 16 May 2007 at 10:00 a.m. ET / 3:00 pm (London, UK time) to update investors and analysts on its results.

Participants may join the call by dialing one of the three following numbers, approximately 10 minutes before the start of the call.

From North America: (Local) 416-644-3424 or (toll free): 1-800-589-8577
From the U.K. & France (toll free): 00-800-0000-2288
From Austria, Belgium, Denmark, Germany, Ireland, Iceland, Netherlands, Norway, Sweden, Switzerland and Italy (toll free): 00-800-0022-8228

A live audio webcast of the call will be available on:  http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID68460

For those unable to join the live conference call, a replay will be available until Wednesday 23 May 2007 at midnight by dialing (toll free) 1-877-289-8525 or 1-416-640-1917, Passcode 21232409#.

                                                      SELECTED FINANCIAL DATA

European Goldfields' unaudited consolidated financial statements and management's discussion and analysis for the three-months periods ended 31 March 2007 and 2006 are filed on SEDAR at www.sedar.com.

STRATONI OPERATIONS (GREECE)

Highlights:

• Attractive price secured on Stratoni silver stream sold to Silver Wheaton
• Best production to date from mine and mill
• New economic mineralisation discovered at Stratoni

Attractive price secured on Stratoni silver stream sold to Silver Wheaton - In April 2007, European Goldfields announced that its 65%-owned subsidiary Hellas Gold S.A. ("Hellas Gold") had agreed to sell to Silver Wheaton Corp. all of the silver metal to be produced from ore extracted during the mine-life within an area of some 7 km� around its zinc-lead-silver Stratoni mine in northern Greece.  Silver production at Stratoni is a by-product of lead-zinc operations.

The sale was made in consideration of an upfront payment to Hellas Gold of US$57.5 million in cash, plus a fee per ounce of silver to be delivered to Silver Wheaton of the lesser of US$3.90 (subject to an inflationary adjustment beginning after year three) and the prevailing market price per ounce. The current Stratoni proven and probable silver reserve contains some 10Moz of payable silver.

The deal amounts to $11.59 of revenue per payable reserve ounce of silver, compared to the current silver spot price of $13.78/oz.  On a discounted basis (at 10%), this amounts to $10.39/oz of payable silver reserve, compared to the current discounted silver spot price of $10.84/oz.

The transaction does not apply to any additional silver resources within Hellas Gold's 317 km� of mining and exploration licences in northern Greece, including silver resources at Hellas Gold's other mine of Olympias, except for a right of first refusal granted to Silver Wheaton on similar future transactions involving silver.

The proceeds of this transaction will be used to accelerate development and provide flexibility in financing of the European Goldfields project pipeline in Greece.  The project development is planned in phases with the Company's flagship project, the Skouries copper-gold porphyry, being a priority.

Best production to date from mine and mill - Hellas Gold has mined a total of 55,069 tonnes of ore in Q1 2007 at its Stratoni zinc-lead-silver plant in Northern Greece, delivering against 2007 forecast and representing the best quarterly production to date from the Stratoni mine and mill.

Hellas Gold completed five shipments of concentrates from Stratoni in Q1 2007, compared with seven shipments in Q1 2006. This translates into the following sales of concentrates:

                           * Net of smelter deductions

In addition, Hellas Gold had a stockpile inventory of over 5,000 tonnes of zinc, lead and silver concentrates at the end of Q1 2007.

Ore production rates from underground have steadily increased from 400 tonnes per day in Q1 2006 to a steady 900 tonnes per day in Q1 2007 and the mine now operates effectively at this level. Ore production is expected to continue to ramp-up, up to a maximum of 400,000 tonnes per year by the end of 2009. This is supported by the current development plan and the new decline which is scheduled for completion by end of 2007. 

Average ROM grades have increased between 6% and 12% for zinc, lead and silver, reflecting the mining of higher grade areas in the upper levels of the orebody. This has translated into a considerable improvement in concentrate grades in Q1 2007.

A ramp to access the upper parts of the mine is almost completed, along with infrastructure to connect the upper part of the mine with existing ore bins to improve ore handling and ventilation. This infrastructure has already started to provide access to new working ends in the upper part of the mine to ensure the ramp-up in production continues in 2007.

Significant progress has also been made on the new decline to the Mavres Petres orebody, which has now approximately 1,300 metres and is advancing at over 5m per day on average. The new decline is not necessary for mining in 2007 but becomes critical for the future production ramp-up involving the deeper portions of the orebody, as well as providing better ventilation.

Tailings strategy outlined - In order to ensure tailings storage capacity for the life of mine, a global strategy for the management of tailings has been developed by Hellas Gold. Additional tailings storage space has been created by removing coarse tailings material from existing storage facilities to backfill old mine workings.  Dried fine material has also been moved from the existing tailings ponds and placed in the voids created by removing the coarse tailings. Following successful trials, two filter presses have been bought and will be commissioned in Q2 2007. The filter press at the mill will be used for processing the current production of fine tailings and water treatment sludge to allow the maximum utilisation of the space created at the existing facility. The second filter press will eventually be installed close to the new water treatment plant, but will initially be used at the tailings ponds to treat the wet tailin gs and water treatment sludge for dried cake storage. Current production of coarse tailings from production will be used for backfill of current workings.

Water management programme adopted - To reduce future water pumping and treatment costs, Hellas Gold commenced backfilling of the old Madem Lakkos mine workings. A total of some 20,000m3 of void has been filled so far.  In addition, a second water treatment plant at the Stratoni mine site will be commissioned in 2007 to improve efficiency and provide capacity for extreme rainfall events. The new plant will include the second filter press to allow dry storage of treatment residue as filter cake.

New economic mineralisation discovered at Stratoni - Economic mineralisation has been encountered in the new decline running between the existing reserve and mined-out areas at Madem Lakkos.  The decline exposed some 35 metres of strike length and a minimum of 4 metres width.  The zone is located approximately half-way between the two previously known deposits at Stratoni.  Average grades fr om panel sampling of 6.2% lead, 11.2% zinc and 105 g/t silver compare favourably with current reserves.  The zone is open along strike, up and down dip and towards the hanging wall and is interpreted as a footwall zone to the main marble horizon.  In addition to the intersected zone, there is a high potential for further mineralisation where the zone intercepts the main marble both up dip and to the east.  A drill programme designed to define at least 200 metres of strike and 75 metres of dip extent will commence in May 2007.  The new decline will enable immediate access for mining of any new discovery in this area.

Exploration drilling in progress - In October 2006, European Goldfields began an exploration drilling programme at Stratoni.  Stratoni already has well-defined reserves over a six-year life of mine. Six areas targeted by the drilling are obvious extensions to known mineralisation, in addition to more conceptual targets between the two main Stratoni deposits.

The two targets being investigated first are known extensions to previously mined areas of the Stratoni (Madem Lakkos) deposit, where production grades of 9.0 to 10.7% lead, 9.0 to 9.6% zinc and 160.0 to 185.3 g/t silver are recorded.  The programme is aimed at drilling out resources in these areas of known economic mineralisation.

Drilling into the known extensions of the upper part of the eastern deposit at Stratoni (Madem Lakkos) has confirmed the geological model with mineralisation occurring in the fold hinge of an antiform in the upper levels.  Mine workings that were not recorded in the old mine plans have been shown to be more extensive than previously thought.  A second deeper target at Madem Lakkos will be drilled in Q2 of this year.

The drilling programme will also investigate inferred resources which form extensions to the western deposit at Stratoni (Mavres Petres). The drilling programme is designed to upgrade these inferred resources to the measured and indicated categories. These inferred resources are extrapolations from the known reserves and comprise some 555,000 tonnes grading 7.3% lead, 10.2% zinc and 181 g/t silver.

Additional drilling will also be conducted from the new decline at regular intervals along the rest of the 1.5 kilometre zone between the existing reserve and mined-out areas at Madem Lakkos.

The drilling programme aims to significantly increase reserves and life of mine.  The existing environmental and mining permits for Stratoni will allow Hellas Gold to immediately exploit any new discoveries resulting from this drilling programme.

SKOURIES & OLYMPIAS PROJECTS (GREECE)

Highlights:

• Two new contracts signed for the sale of Olympias gold concentrates
• Skouries technical feasibility study nearly completed
• Permitting process under way
• Permit-wide exploration under way - Twenty exploration targets identified

Two new contracts signed for the sale of Olympias gold concentrates - Hellas Gold's Olympias project benefits from an existing stockpile of gold bearing pyrite concentrates representing at 31 December 2006 a reserve of approximately 251,000 tonnes grading 23.27 g/t gold (containing 188,000 oz of gold), in addition to substantial underground reserves of gold, lead, zinc and silver.

In Q1 2007, Hellas Gold completed nine shipments of gold concentrates from the Olympias stockpile, compared to Nil shipments in Q1 2006.  This amounts to the shipment of 13,778 wet metric tonnes (wmt) of gold concentrates in Q1 2007, compared to Nil in Q1 2006.

February 2007, Hellas Gold entered into a second off-take agreement with Golden China Resources Corporation ("Golden China") for the sale of 100,000 tonnes of gold concentrates. This concentrate will be treated over a three year period on an equal profit share basis at Golden China's new dedicated bacterial oxidation plant in Shandong, China, which is expected to be commissioned in September 2007.

In April 2007, Hellas Gold S.A. also entered into a third off-take agreement with MRI Trading AG ("MRI Trading") of Switzerland for the sale of an additional 25,000 wmt of gold concentrates previously produced at the Olympias mine in Greece. Hellas Gold will receive payment for the full 25,000 wmt of concentrates up-front upon shipment of the first lot in Q2 2007. MRI Trading also has the option to increase its order by a further 25,000 wmt, which is exercisable by 31 July 2007.

Hellas Gold has now secured the sale of a total of 209,000 wmt of Olympias concentrates (containing approximately 148,000 oz of gold) over a three year period to four different off-takers - Golden China, MRI Trading AG, a subsidiary of Celtic Resources and Euromin S.A. - with expressions of interest to sell up to an additional 132,000 wmt of concentrates if the initial shipments are successful.

Hellas Gold plans to resume underground mining operations at Olympias after the necessary permits are awarded, producing further gold bearing pyrite concentrates for sale to existing and new off-takers.

The price payable for the concentrates varies with the prevailing gold price.  The agreements produce an attractive return for Hellas Gold at a gold price of US$500/oz.

Skouries technical feasibility study nearly completed - Hellas Gold has completed most technical studies for the final bankable feasibility study on its Skouries project in Northern Greece. Skouries is a typical gold-copper porphyry deposit that forms a near vertical pipe. These studies include:

• A cost and definition study for the process plant and associated infrastructure, undertaken by Aker Kvaerner Engineering Services
• A cost and definition study for underground mechanical and electrical utilities, undertaken by Scott Wilson Mining
• The design of the tailings management facility, undertaken by Golder Associates
• A study of hydrogeology and creek boundaries by the Greek Institute of Geology & Mineral Exploration (IGME), to be used in the development of a new hydrogeological model
• A reserves estimate, undertaken by SRK Consulting
• Mining studies undertaken by SRK Consulting, Scott Wilson Mining and other international consultants.

Mining studies carried out to date confirm that Skouries can be mined as a low strip open pit operation and as a highly productive underground mine. This would produce annually up to 43,000t of copper and 220,000 oz of gold over a mine life of over 20 years. This production rate is shown to be sustainable based on the detailed mine design carried out by SRK Consulting and benchmarking with other comparable mines.

The metallurgy at Skouries is considered to be straight-forward. The processing will comprise gyratory crushing for open pit and underground ore, single-stream SAG and ball-mill grinding. Approximately 30% of gold will be recovered by a gravity circuit to produce dor� on site. A highly-marketable copper/gold concentrate will also be produced by conventional froth flotation, thickening and filtration.

Extensive testwork completed by Lakefield Research and other consultants has shown average recoveries of 84% gold and 91% copper can be achieved. Concentrate grades of approximately 26% copper and averaging 27g/t gold are expected.

The concentrates will be trucked to Hellas Gold's port storage facility at Stratoni, which is approximately 15km away by road from the proposed Skouries plant site.  Skouries is located on a high plateau with no habitation in the vicinity.

The study by Golder Associates incorporates the latest paste production technology in a phased tailings management facility (TMF) that will minimise land take and embankment height and provides increased tailings stability. The study shows that the paste tailings are inert. The use of paste tailings and a phased TMF also allows sequential rehabilitation of the tailings management facility to minimise active tailings areas.

The technical studies indicate to date that the project will require approximately US$270 million in initial capital expenditure under the following categories:

• $188 million for the process plant and associated infrastructure
• $53 million for the tailings management facility
• $21 million for the open pit
• $8 million for other costs

Operating costs for the open pit mining are expected to be ?1.28 per tonne, and ?6.05 per tonne for the underground mining.

Hellas Gold plans to publish the results of the final feasibility study on Skouries once the final Environmental Impact Study (EIS) is completed.

Hellas Gold has initiated discussions with Outokumpu Oy for the purchase of mill and plant equipment and with Aktor S.A. for the construction of the plant and related infrastructure.

Permit-wide exploration under way - Twenty exploration targets identified - Hellas Gold holds 317 km� of highly prospective exploration licences in northern Greece. Recent work by European Goldfields has highlighted a total of twenty exploration targets, including six advance targets and extensions to known deposits, seven targets of known mineralisation for follow-up work and seven conceptual targets. The geological context of the targets has been identified and a model for the emplacement of known mineralisation has now been developed.

The model indicates that there are more than 20 km of structural corridors that have acted as mineralising pathways with marble hosted polymetallic massive sulphide mineralisation, including the Stratoni and Olympias deposits. The model also identifies a 10 km long intrusive belt which hosts the Skouries copper/gold porphyry.

A programme of mapping, reinterpretation and modelling has been undertaken on the Piavitsa advanced target.  This polymetallic massive sulphide target comprises a 6 km mineralised structure with a 3.5 km central zone expressed by old manganese oxide open pits.  Within the zone, seven holes drilled by the previous owners over 1300 metres of strike length and some 500 metres of known down dip extent define three mineralised horizons averaging 12 metres width including high grade zones averaging around six metres width.  Grades within the intercepts ranged from 0.3 to 22.2 g/t gold, 0 to 533 g/t silver, 0 to 26% zinc and 0 to 12% lead.  The current programme has confirmed the potential of the Piavitsa target over a three kilometer strike length and has identified a high grade shoot within the main horizon.  The work also identifies previously unsampled horizons of potential economic mineralisation and points to the possibility of further high grade shoots at depth.  These targets will be tested with geophysics in H2 2007 and subsequently drilled out.

Pilot ground based geophysical programmes are currently under way in order to assess the effectiveness of EM geophysical surveys over areas that are prospective for massive sulphide mineralisation.  Once the results have been considered, European Goldfields plans to fly airborne magnetic surveys over the entire licence block and airborne EM surveys over the massive sulphide belts.  The airborne surveys are planned for H2 2007 and are aimed at identifying new target areas and prioritising these with existing targets in preparation for drilling in 2008.

CERTEJ PROJECT (ROMANIA)

Highlights:

• Albion Process Technology achieved 92% gold recovery on composite sample
• Technical feasibility study submitted
• Environmental Impact Study nearly completed
• Final bankable feasibility study to be completed by end-2007
• Clear path to permitting
• Target exploration under way to extend life-of-mine

Albion Process Technology achieved 92% gold recovery on composite sample - European Goldfields' 80%-owned Certej project involves the treatment of flotation concentrate to produce a gold/silver dor� by using the Albion Process.

The Albion Process is owned jointly by Xstrata and Highlands Pacific/OMRD and the exclusive global agent is Core Resources.  Xstrata and Core Resources offer testwork, design and technical back-up to the technology. 

The Albion Process is a combination of ultra-fine grinding of concentrates and oxidatative leaching at atmospheric pressure.  The liberated gold and silver is then recovered to dor� by the conventional Carbon in Leach process.

European Goldfields is currently completing an extensive metallurgical testwork programme at the Core Resources nominated test facility, Hydrometallurgical Research Laboratories (HRL), in Australia.

Recent results using the Albion Process suggest recoveries from a composite concentrate sample of approximately 92% for gold and up to 95% for silver can be achieved.  The estimated residence times for obtaining the required degree of oxidation and subsequent cyanide leaching together with the consumable levels of oxygen, cyanide and limestone are in line with what would be expected with this process.  These factors impact positively on the project economics in terms of both capital and operating costs compared to other technologies for treating the Certej gold ores.  European Goldfields is of the opinion that incorporating the Albion Process into the treatment route provides a viable development option for the Certej project.

Technical feasibility study submitted - In March 2007, European Goldfields submitted a Technical Feasibility Study (TFS) to the Romanian government, in support of its permit application to develop the Certej project.

The Technical Feasibility Study (TFS) pulls together all the constituent unit operations of the Certej project from resource estimation to tailings disposal in a single study document which is required by the Romanian government as part of the permitting process.  This document has been generated by Cepromin, a well established Romanian consulting engineering group which ensures that it conforms to the procedural requirements.  The TFS comprises a number of specialist studies undertaken by relevant experts and with the active involvement of European Goldfields engineers.

The Certej reserve contains 27.7M tonnes of ore grading 2.0 g/t gold and 11.6 g/t silver, representing 1.76Moz of gold and 10.4Moz of silver. The deposit extends from surface and will be mined by open pit methods with a strip ratio of 3:1.  RSG Global of Australia used all the available geological and technical data to carry out pit optimisation work and this has resulted in a project which is planned to involve the mining and processing of 3.0 Mt of ore per annum over at least nine years.

The metallurgical process design is based on extensive testwork covering comminution and flotation to produce a gold bearing concentrate and then processing to dor� by means of the Albion Process. The comminution and flotation testwork has mainly been carried out by SGS-Lakefield of Canada who are well regarded in the field.  All the ore types respond well to flotation and at the annual mining rate would yield approximately 275,000 tonnes of concentrate per annum with high grades ranging between 17 - 22 g/t gold and 85 - 165 g/t silver (depending on the source of the ore in the deposit), with a flotation gold recovery of approximately 88%.  This translates into an annual planned production of approximately 170,000 oz of contained gold in the concentrate.

The flotation concentrate will then be directed to the Albion Process section of the plant. The main pit material responds the best to the Albion Process and the material from the West requires increased oxidation time and achieves approximately 2% less gold recovery.  The West ore will be processed at the end of the project and therefore has less impact on the project economics.  The TFS has based the preliminary design and cost estimates of the Albion Process and gold plants on the testwork by HRL.

The residues from the flotation and gold plants will be disposed of in two separate but adjoining tailings management facilities (TMFs).  The design of these for the TFS has been carried out by the Department of Civil Engineering at the University of Bucharest.  This centre has carried out the design of many TMFs in Romania which are presently in operation. 

The TFS has used the data from the mining, processing, TMF and other studies to establish operating and cost estimates and define the project to confirm the viability of the project and provide technical back-up to the Environmental Impact Study and a basis for the subsequent Bankable Feasibility Study.

Environmental impact study nearly completed - In 2006, European Goldfields completed all necessary Environmental Impact Assessments (Levels I and II), a Social Impact Assessment Study and an Archaeological Study, in support of its permit application to develop the Certej project.

Work is now progressing well on the Environmental Impact Study (EIS), which is due for completion in Q3 2007.  The EIS will have been carried out over a period of a year to cover the four seasons for accumulating certain required base line data.  The EIS is a detailed multi-discipline study assessing the environmental, social and health impacts of the project on the affected area.

This study is being coordinated and managed by the independent Romanian contractor, National Research and Development Institute for Industrial Ecology (ECOIND) who have conducted many such studies for the Romanian authorities and have an international reputation.  ECOIND will ensure the EIS is prepared to the regulatory framework established by Romanian law.

The EIS is a major landmark in the permitting process and the TFS forms part of the back-up documentation required.

Final bankable feasibility study to be completed by end-2007 - The Bankable Feasibility Study (BFS) will be the definitive study which will be used to accurately assess the viability of the Certej project and for presentation to the banks and other sources to raise finance for the project. 

The TFS will provide the majority of the technical information and design criteria for the BFS phase of the project.

The BFS is scheduled for completion in Q4 2007 and will be managed by European Goldfields. The constituent studies will be conducted by suitably qualified independent international contractors.  An Invitation to bid for the process section of the BFS will be issued to suitable consultants shortly.

The contractor conducting the BFS for the process plant and associated infrastructure will include all the testwork information, including the final results from the ongoing Albion Process testwork programme, the resulting design criteria package for the Ultra Fine Grinding IsaMill and the leaching process with the associated costs.  The design put forward in the TFS will be refined, expanded upon and carried out in more detail.

The BFS will include the final open pit optimisation study, which will take into account the latest testwork and the effect on assessing ore extraction and processing economics and include the results of the infilling drilling programme currently in progress to convert inferred resources within the pit area.

Once the project finance is secured, the next step will be to advance to basic and detailed engineering, construction and commissioning.  The Certej project is planned for a 2010 start up.

Clear path to permitting - European Goldfields has established a clear path to applying for permits to develop the Certej project, having already submitted the TFS to the Romanian government in March 2006.  This will be followed by the submission of the EIS in Q3 2007.

In September 2006, European Goldfields announced that the Hunedoara County Council has issued a General Urbanisation Certificate for the Certej project.  The certificate confirms the designation of Certej as an industrial mining area and confirms local community support for the project. This important milestone is the first official step in the permitting process for Certej.

The permits and a detailed urbanisation plan are expected by the end of 2007 following a standard public consultation process with the local community.  Customary construction and public utility permits are expected to follow by mid-2008 when the detailed engineering design has been completed for the site plant.

Target exploration under way to extend life-of-mine - Exploration in Romania will focus on extending the life-of-mine of the Certej project and increasing the number of conceptual and regional targets for further exploration in the South Apuseni Mountain area.

Certej life-of-mine extension work comprises drilling out inferred resources and deeper, potentially high grade feeder zones, in-fill drilling and metallurgical testwork on satellite deposits, investigation of high grade vein deposits near to the project that could sweeten the feed grade in the early project life and the development of targets that could enhance the value of concentrates produced, by the addition of copper rich material for example. Drilling to convert inferred resources (currently treated as waste where they fall in the open pit) to the indicated category has now commenced and will be completed in two phases, the second phase being results dependant. Phase one comprises a total of eight Diamond drillholes and phase two comprises seven Diamond drillholes.

European Goldfields has identified thirteen targets in total within its current concessions and plans to carry out exploration work on six of them in 2007.  The two most advanced targets, Teascu and Pitigus, are effectively contiguous to one another and are located some seven kilometres from Certej.  In-house resource estimates on these two targets are expected by Q3 2007 following in-fill drilling.

European Goldfields is planning a major programme of airborne geophysics and regional mapping and geochemical surveys in order to generate and prioritise regional and conceptual targets in the region.  The results will be used to further develop the model built up during recent generative work which highlighted the importance of the overall structural framework in controlling intrusives and for the channeling, concentrating and trapping of mineralisation. Systematic investigation of these targets, including drilling, metallurgical testwork and resource definition, is planned for 2008.

For further information please contact:

Resources & reserves parameters

For additional information on the resource and reserve estimates quoted in this news release, please refer to the Company's Resources & Reserves Declaration at www.egoldfields.com/goldfields/resources.jsp. Patrick Forward, General Manager, Exploration of the Company, was the Qualified Person under Canadian National Instrument 43-101 responsible for reviewing the disclosure of resource and reserve estimates quoted in this news release.

Forward-looking statements

Certain statements and information contained in this document, including any information as to the Company's 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 b y 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 succes sful and timely permitting of the Company's 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 Company's Annual Information Form for the year ended 31 December 2006, 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.