European Goldfields Limited
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2009
The following discussion and analysis, prepared as at 12 May 2009, is
intended to assist in the understanding and assessment of the trends
and significant changes in the results of operations and financial
conditions of European Goldfields Limited (the "Company"). Historical
results may not indicate future performance. Forward-looking statements
are subject to a variety of factors that could cause actual results to
differ materially from those contemplated by these statements. The
following discussion and analysis should be read in conjunction with
the Company's unaudited consolidated financial statements for
the three-month periods ended 31 March 2009 and 2008 and accompanying
notes (the "Consolidated Financial Statements").
Additional information relating to the Company, including the Company's
Annual Information Form, is available on the Canadian System for
Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Except as otherwise noted, all dollar amounts in the following
discussion and analysis and the Consolidated Financial Statements are
stated in United States dollars.
Overview
The Company, a company incorporated under the Yukon Business
Corporations Act, is a resource company involved in the acquisition,
exploration and development of mineral properties
in Greece, Romania and South-East Europe.
The Company's Common Shares are listed on the AIM Market of London
Stock Exchange plc and on the Toronto Stock Exchange (TSX) under the
symbol "EGU".
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 commenced selling an existing
stockpile of gold concentrates from Olympias in July 2006. Hellas Gold
is applying for permits to develop 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.
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END
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