European Goldfields Limited and Eldorado Gold Corporation Announce Shareholder Approval of the Merger

European Goldfields Limited and Eldorado Gold Corporation

today announce the positive outcome of the shareholder vote of the previously announced plan of arrangement whereby Eldorado will acquire all the securities of European Goldfields (the "Arrangement"). 97.85% of European Goldfields' shares voted at the shareholders' meeting held on February 21 have voted in favour of the special resolution approving the Arrangement. 96.04% of the Eldorado shares voted at the Eldorado shareholders' meeting have approved the issuance of up to 167,189,798 of Eldorado's common shares in connection with the Arrangement. European Goldfields will apply for a final order of the Supreme Court of Yukon for approval of the Arrangement on February 22, 2012, and, assuming receipt of court approval, expects the Arrangement to be effective on February 24, 2012. "The overwhelmingly positive approval of the merger with Eldorado resoundingly affirms the merits of the transaction, and underscores the potential of the combined group as the leading growth oriented intermediate gold producer," commented Martyn Konig, Executive Chairman and President of European Goldfields.