DERINKOY

European Goldfields announced that it has signed a Heads of Agreement with Aldridge Minerals for the joint development of the Derinkoy properties in North-Eastern Turkey, comprising licences covering a total area of 40 sq km. Also on the Ardala property, exploration work has confirmed that porphyry mineralisation continues to the south of the previously recognised outcrops. Modeling of the newly discovered zone is now complete and drill testing will commence in mid 2009. The main occurrence is a 230 metre zone of breccia with widths of 5 to 15 metres. Rock-chip samples returned grades of between 1.42 and 20.5 g/t Au with an average of 10.8 g/t Au.

Announced that the company is currently seeking a qualified joint venture partner to further the exploration and possible development of the project.

Gold mineralization was intersected in an epithermal breccia zone on the property, where the gold mineralization appears related to very fine-grained pyrite in the breccia matrix. The deeper hole (DK-RC1) was collared five metres west of DK-RC2, approximately parallel to strike of the breccia zone and intersected 0.81 g/t Au and 26.1 g/t Ag from zero to 12 metres. The highest-grade interval was encountered from 42 to 75 m (at a vertical depth of 36.5 to 65 m), averaging 2.13 g/t Au and 106.7 g/t Ag over 33 m, which included a zone of 3.87 g/t Au and 214.3 g/t Ag from 57 to 66 metres. In 2002, BHP acquired the licences that comprise the current property. BHP subsequently carried out a preliminary assessment of the property, consisting of the collection of 22 stream sediment samples, 15 rocks and 22 soil samples. No further work was undertaken by this company. The property is dominated by an Upper Mesozoic volcanic sequence consisting of volcanic units, volcaniclastics, and sedimentary rocks all of which are intruded by a series of intermediate to felsic intrusives of Middle Tertiary age. The property is dominated by extensive outcrops of basalt-andesite flows, intruded by a number of small diorite stocks and dykes; the sequence is capped by limestone. The mafic volcanics are the oldest rock unit exposed in the property area, made up of volcanic flows with pyroclastic intercalations; a second andesite unit is distinguished by its feldspar-phyric texture. Stocks and dykes of an intermediate composition cut the mafic volcanics, often appearing as massive quartz porphyritic bodies; all are of Late Cretaceous age. North of the property, the entire sequence is covered by younger andesitic volcanic rocks. Additionally, a massive limestone unit is found overlying all of these units in the higher elevations. The main mineralization on the property has been interpreted to be a volcanic type porphyry system on the West Block, with lesser epithermal mineralization in the Central and East Blocks.