SAN DIEGO, Nov. 28 /PRNewswire-FirstCall/ -- Eastern Goldfields, Inc. (Pink Sheets: EGDD) ("EGI") is pleased to announce: 1. Listing on the London Stock Exchange's Alternative Investment Market ("AIM") Eastern Goldfields, Inc. has decided to seek a listing for its Common Stock on the London Stock Exchange's AIM in London. If the Company's plans are achieved, the Company anticipates that the listing will likely be scheduled for second quarter 2008. The following specialist advisors have been appointed: -- Grant Thornton UK LLP as Nominated Advisor ("NOMAD"); -- K&L Gates as legal advisor. The Company is in the process of finalising the appointment of a Broker, Reporting Accountants, Competent Person and PR agent. These appointments are expected to be finalised shortly and a further press release will be made in this regard. 2. Bankable Feasibility Study ("BFS") Eastern Goldfields, Inc. also appointed Turgis Consulting in June 2007 to complete a Bankable Feasibility Study for the underground project at the Lily Mine. The report will be completed in February 2008 in time for the new listing, however an interim report is expected by mid-December 2007. The Company's Chief Technical Officer, Dr. Willo Stear stated, "The BFS is expected to confirm a viable underground operation at the Lily Mine with an anticipated economic Life of Mine of at least 10 years. However, the orebody remains open-ended in depth and this additional economic potential will be evaluated during 2008." 3. Rosie's Fortune Near surface exploration at the old Rosie's Fortune Mine east of the Lily Mine has indicated further open pitable Mineral Reserves. Evaluation of this extension to the Lily orebody resulted in the commencement of open pit operations in June 2007 which are expected to continue until September 2008, based on current estimates. An entirely new open pit has been created at the Rosie's Mine necessitating high waste stripping during the first six months. While this operation continues to be profitable, if current estimates are accurate, profitability will likely increase in 2008 as the strip ratio decreases. President & CEO, Mike McChesney comments, "This exciting find has provided us with greater flexibility in that open pit operations have been extended by a further 12 months and the proposed underground operation will be more extensive than originally thought. Drilling results in the Rosie's section will be included in the BFS for the listing next year." 4. Development of Lily Underground Following the granting of the Mining License for underground mining at Lily Mine in June 2007, development of the underground workings commenced and is well under way. The twin portals providing access to the underground workings have been completed and a total of 400 metres of development has been carried out. The necessary underground mining equipment, including an underground drill rig, LHD, dump truck and utility vehicle has been purchased. Electrical power and water supplies have been installed at the underground mine. All capital expenditure to date has been funded from operational cash flow and the proceeds of the Private Placement in May 2007. If current plans are implemented, preproduction development is planned to increase in 2008 in order to prepare the mine for full production operations. Underground production is scheduled to commence in the third quarter of 2008 when the open pit operation at Rosie's Fortune will become exhausted. Despite the unavoidable delays in getting the underground operations started, the mine is still on track to effect a seamless changeover from open pit to underground operations. 5. Drilling and Exploration The Phase 4 diamond drilling programme at Lily is progressing well and, to date, approximately 6,325 metres have been completed. The results of the drilling will be included in the BFS and these will be published shortly. The Phase 2 drilling programme at the Worcester Mine has shown very encouraging results. All boreholes drilled in this phase have intersected the reef horizon and these results will be published shortly. The Regional Exploration programme has identified various priority targets. Of these, the old Bonanza Mine is being thoroughly investigated and presents a good drilling target for 2008. 6. Newsletter A monthly newsletter will be posted on the company's website with effect from January 2008. This will provide an updated news service covering results, developments and events from the previous month. The first news release will be published early in January 2008 and will cover activities in December 2007. About EGI: EGI is a growing company engaged in the mining, exploration and acquisition of gold properties in some of Southern Africa's most prospective regions. The company holds mineral rights over 34,600 acres (14,000 ha), currently has Mineral Resources in excess of 1.3 million ounces and Mineral Reserves in excess of 366,000 oz. This press release contains 'forward-looking statements'. These are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. In some cases forward-looking statements can be identified by the use of forward-looking words such as 'believes,' 'expects,' 'may,' 'will,' 'should,' or 'anticipates,' or the negative of these words or other variations of these words or comparable words, or by discussions of plans or strategy that involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, including, but not limited to, statements regarding the company's plans, the outcome of our exploration efforts, projected growth in our sales volume, goals and, the business strategy of the company and other matters that are not historical facts are only predictions. No assurances can be given that such predictions will prove correct or that the anticipated future results will be achieved. Actual events or results may differ materially either because one or more predictions prove to be erroneous or as a result of other risks facing the company. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, the intense competition the company faces from others, and technological changes. Any one or more of these or other risks could cause actual results to differ materially from the future results indicated, expressed, or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement to reflect events, circumstances, or new information after the date of this press release or to reflect the occurrence of unanticipated or other subsequent events. DATASOURCE: Eastern Goldfields, Inc. CONTACT: Tamer Muftizade, Chief Financial Officer of Eastern Goldfields, Inc., +1-619-497-2555

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