Press Release

| October 3, 2011

Dewey & LeBoeuf Advises European Goldfields on US$750 Million Qatari Investment

(LONDON – October 3, 2011) – Dewey & LeBoeuf has advised AIM and Toronto Stock Exchange-listed mining client European Goldfields on a US$750 million investment by Qatar Holding.

Qatar Holding LLC is the investment arm of Qatar's sovereign wealth fund and has agreed a US$600 million seven year facility, secured against a pledge of European Goldfields' shares in its Greek subsidiary, and a US$150 million unsecured loan. Qatar Holding has also acquired a 9.9% stake in the company from existing shareholders, with the option to acquire another 5% of share capital, which would make it European Goldfields' largest shareholder.

Nabil Khodadad, Head of Dewey & LeBoeuf's Mining & Metals Practice, commented: "This deal is a significant indication of Qatar Holding's confidence in European Goldfields. We are delighted to have been able to assist our client with this important financing."

European Goldfields is one of the largest gold mining businesses in Europe, with 10 million ounces of reserves within the European Union. Alongside assets in Greece, the company also has operations in Turkey and Romania. The investment by Qatar Holding will primarily be used to finance European Goldfield's development of the Skouries and Olympias sites in Greece, which have been given Environmental Permits this year.

Dewey & LeBoeuf's mining practice advises the industry's leading companies and is currently representing clients on projects in Europe, Africa, Central Asia and Russia, the Middle East and Latin America.

The Dewey & LeBoeuf team in this transaction was led by Mr Khodadad, working with London partner Emma Pond and assisted by Associate Lauren Davies and Trainee Kelsey Emms. Stikeman Elliott acted as co-counsel on Canadian law issues, led by Derek Linfield and Andrea Crum-Ewing.

This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent. For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383