European Goldfields Limited - Receipt of Interim Court Order

SPECIAL MEETING OF SECURITYHOLDERS

WHITEHORSE, YK, Jan. 31, 2012 /CNW/ - European Goldfields Limited (AIM: EGU /TSX: EGU) ("European Goldfields" or the "Company") announces that the Supreme Court of Yukon has granted the Company an interim order to commence the process of securing the required approvals pursuant to which Eldorado Gold Corporation ("Eldorado") will acquire all of the issued and outstanding securities of the Company via a plan of arrangement under the Yukon Business Corporations Act (the "Arrangement"), as announced on 18 December 2011.

Pursuant to the interim order a special meeting of securityholders of the Company will be held at the offices of Stikeman Elliott LLP, 5300 Commerce Court West, Toronto, Ontario M5L 1B9, Canada on 21 February 2012 at 11:00 am (Toronto time) for the purpose of approving the Arrangement.

Subject to obtaining the approval of the Company's securityholders, Eldorado's shareholders and the Supreme Court of Yukon, and to satisfying certain other conditions, the Arrangement is expected to close on or about February 24, 2012 and it is expected that, subject to applicable laws, the common shares of the Company will be delisted from the TSX and AIM as soon as practical thereafter. Further details will be released in due course.

The information circular and other materials relating to the meeting are in the process of being mailed to the Company's securityholders, and will also be available on the Company's website (www.egoldfields.com and on SEDAR www.sedar.com).  Any questions and requests for assistance regarding voting at the meeting may be directed to European Goldfields' Proxy Solicitation Agent:

Phoenix Advisory Partners
North American Toll Free: 1-800-243-9416
UK Toll Free: [phone]
Banks, Brokers and Outside North American collect calls: 201-806-2222
email: [email protected]

For further information please see the European Goldfields website at www.egoldfields.com