EGU.L Regulatory News (EGU)

29 Mar 2007 10:09

European Goldfields Ltd29 March 2007 Immediate Release 29 March 2007 European Goldfields Mark Rachovides Appointed as Non-executive Director 29 March 2007 - European Goldfields Limited (TSX / AIM: EGU) (the "Company") ispleased to announce the appointment of Mark Rachovides as a non-executivedirector of the Company. Mark Rachovides, aged 44, is currently Vice President, Europe at DundeeResources Limited. He formerly spent 11 years at the European Bank forReconstruction and Development (EBRD) leaving as a Senior Banker in the NaturalResources Team where he was responsible for mining investments. He is currentlyworking on a variety of projects in the Former Soviet Union (FSU) and EasternEurope. He is also Lead Director of High River Gold Mines Limited, a Canadianmining company operating in Russia and Africa and until recently was also aDirector of OJSC Buryatzoloto, a mining company in Russia. He led the EBRD'sfinancing of several major mining projects, including the Kubaka Project inRussia, the Zarafshan-Newmont project in Uzbekistan and the Chelopech project inBulgaria. He has also led oil and gas financings in the Balkans and the FSU. Hehas also written a number of articles and conference presentations for the LBMA,the World Gold Council, PDAC, the Mining Journal, the Russia-Canada mining groupand other bodies. He has twenty-two years' experience in banking and finance, anMA from Oxford University and is an Associate of the Chartered Institute ofBankers. Commenting on the appointment, David Reading, Chief Executive Officer ofEuropean Goldfields, said: "We are delighted to welcome Mark to our team. Hiscredentials as a specialist in our region of operations and as an investmentbanker make him a strong addition to our board. Mark's reputation and experiencewill be invaluable in growing our company into a mid-tier producer in South-EastEurope." Concurrently with his appointment, the Company granted to Mark Rachovides anoption to purchase 250,000 common shares of the Company pursuant to its shareoption plan. The option expires in March 2012 and is exercisable, in whole or inpart, at a price of C$5.66 per share. The option vests in three equal tranchesover a three-year period. Mr. Rachovides does not hold any common shares of theCompany. There are no other matters under paragraph (g) of Schedule 2 of the AIMrules to be disclosed. About European Goldfields European Goldfields is a resource company involved in the acquisition,exploration and development of mineral properties in Greece, Romania andSouth-East Europe. Greece - European Goldfields holds a 65% interest in Hellas Gold S.A. HellasGold owns three major gold and base metal deposits in Northern Greece. Thedeposits are the polymetallic projects of Stratoni and Olympias which containgold, zinc, lead and silver, and the Skouries copper/gold porphyry body. HellasGold commenced production at Stratoni in September 2005 and selling an existingstockpile of Olympias gold concentrates in July 2006. Hellas Gold is applyingfor permits to develop the Skouries and Olympias projects. Romania - European Goldfields owns 80% of the Certej gold/silver project inRomania. European Goldfields submitted in March 2007 a technical feasibilitystudy to the Romanian government, in support of a permit application to developthe project. For further information please contact:European Goldfields: website: www.egoldfields.comDavid Reading, Chief Executive e-mail: info@egoldfields.comOfficerOffice: +44 (0)20 7408 9534 Buchanan Communications: e-mail: bobbym@buchanan.uk.comBobby Morse / Ben Willey Office: +44 (0)20 7466 5000 Renmark Financial Communication: Neil G. Murray-Lyon e-mail: nmurraylyon@renmarkfinancial.com Office: +1 514 939 3989 This information is provided by RNS The company news service from the London Stock Exchange