EUG Eurogold

RNS Number:0032X
Eurogold Limited
22 May 2007






                                    EUROGOLD

                                 L I M I T E D

                               (ACN 009 070 384)


For Immediate Release



22 May 2007                                               ASX & AIM Symbol "EUG"



                 Proposed Sale of Ukrainian Gold Mining Assets


Eurogold Limited (Eurogold) has agreed, subject to shareholder approval and
completion of limited due diligence, to sell its Ukrainian gold mining assets to
Resource Invest LLC (RIL) a limited liability company incorporated in Illinois,
USA.


Consideration for the assignment and sale of the assets will be:


(i) payment of US$2,000,000 (to be paid to an escrow agent) within 15 days of
execution; and


(ii) payment of US$3,000,000 upon meeting a key regulatory milestone relating to
the advancement of the Ukrainian gold mining assets (Eurogold cannot determine
whether or when this will be satisfied but will keep the market fully informed
of any changes).


Further details of the transaction will be announced to the market when the
Notice of General Meeting is sent to shareholders seeking their approval.


It is expected that the transaction will complete prior to 30 June 2007.


On completion the directors will seek to pursue other opportunities.


Peter Gunzburg

Executive Chairman





For further information, please contact:


Peter Gunzburg - Executive Chairman - Ph: +61 8 9481 0572, Email:
peter@eurogold.com.au.


RFC Corporate Finance Ltd acts as Eurogold's Nominated Adviser

Contact: Stuart Laing - Ph: +61 8 9480 2506, Email: stuartl@rfc.com.au"







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

END
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