EUG Eurogold

RNS Number:3779T
Eurogold Limited
21 March 2007


                                    EUROGOLD
                                 L I M I T E D
                               (ACN 009 070 384)

21 March 2007                                             ASX & AIM Symbol "EUG"

           TERMINATION OF AGREEMENT TO PURCHASE SAULYAK GOLD PROJECT

Further to our announcement of 26 February 2007 Dragon Mining NL (Dragon) has
advised Eurogold (EUG) that it will not be proceeding with the purchase of the
Saulyak Gold mine.

In accordance with the Loan Agreement with Dragon, EUG will repay approximately
$960,000. from the liquidation proceeds of its Romanian Assets, namely Explorer
and Transgold

The net proceeds from the Liquidator are expected to be approximately $2.1m, of
which $100,000 from the liquidation of Explorer has already been received. The
balance of proceeds are due this week following a decision in the Romanian
courts on Monday dismissing an appeal by the Republic of Hungary against a
decision that the Republic be excluded as a creditor to the Transgold
Liquidation proceedings.

As advised in our announcement of 26 February EUG is in discussions with another
party for the sale of the Saulyak Asset.

Eurogold has also commenced proceedings in Ukraine against the decision by the
Ecological Department to invoke a temporary mine closure at Saulyak. These
proceedings are due to commence this Thursday, 22 March 2007.


PETER GUNZBURG
Executive Chairman


        Level 4, State One House, 172 St George's Terrace, Perth WA 6000
                     Tele: +618 94810572 Fax: +618 94813586



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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