EUROPEAN GOLDFIELDS $6.35 Toronto Symbol EGU

EUROPEAN GOLDFIELDS $6.35 (Toronto symbol EGU; SI Rating: Speculative) (44 (20) 7408 9534; www.egoldfields.com; Shares outstanding: 178.6 million; Market cap: $1.1 billion) owns properties in Greece and Romania. The company is headquartered in the UK. European Goldfields holds a 95% interest in Hellas Gold, after its recent purchase of an additional 30% interest. Hellas owns three gold and base metal deposits in Northern Greece. The deposits are the Stratoni zinc/lead/silver property, the Olympias gold/zinc/lead/ silver project and the Skouries copper/gold property. European Goldfields also owns 80% of the Certej gold/silver project in Romania, where it has completed a positive feasibility study, and applied for a mining permit. Production started at Stratoni in September 2005. Permits to develop the Skouries and Olympias projects are moving steadily forward. In the three months ended September 30, 2007, revenues rose 42.4%, to $21.7 million from $15.2 million a year earlier. (All figures except share price in U.S. dollars.) Cash flow per share rose 20%, to $0.06 from $0.05. Earnings rose to $0.07 a share, up from $0.01 a share. The company holds cash of $211.6 million or $1.18 a share to fund development. European Goldfields is still a buy for aggressive investors.

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