Press Speculation

PRESS SPECULATION

15 November 2006 - European Goldfields Limited (AIM: EGU / TSX: EGU) (the
?Company?) has noted speculation in today's media concerning a possible
offer for the Company and confirms that at this time no formal offers or
approaches have been made to the Company.

For further information please contact:

European Goldfields:
David Reading, Chief Executive Officer
Office: +44 (0)20 7408 9534
website: www.egoldfields.com
e-mail: info@egoldfields.com

Renmark Financial Communications Inc.
Tina Cameron: tcameron@renmarkfinancial.com
Neil Murray-Lyon: nmurraylyon@renmarkfinancial.com
Tel: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com