Year-end report 2011

Summary of the Year-end report 2011
The Fourth quarter was a promising quarter for Kopy Goldfields. Eldorado Gold became the major owner and its representatives joined the Technical Committee, which is advising the Board of Directors on technical development and acquisitions. Interesting exploration results were announced for Krasnyy which led to more drilling in 2012 and extensive gold mineralisation was found on Zolotoy site which make a potential target for further exploration. Further, the company identified several targets to acquire during 2012 and on March 5, 2012, acquisitions of two new licenses of totally 232 km2 were announced.

Summary of 2010 key ratios
· The Company does not yet report any revenue
· Net income -92 MSEK (-9), of which -11 MSEK (3) relates to the fourth quarter
· Earnings per share -12,65 SEK (-2.85), of which -1,23 SEK (0,71) relates to the fourth quarter
· Cash flow amounted to 19 MSEK (-5) for 2011
· Cash and cash equivalents amounted to 20 MSEK (1) at period end
· The Board will propose to the Annual General Meeting on May 3, 2012 that no dividend is paid.

Highlights during fourth quarter 2011
Krasnyy-license returned significant gold intersects and gold grades after 2 571 meter of core drilling. Further exploration drilling is commenced to evaluate the mineral potential
· Historical mineral resources of 653 000 Oz (C2+P1).
· 47,4 meter @ 2,51 g/t gold including 26 meters @ 4,05 g/t gold, 2 meters @5,94 g/t gold and 10 meters@2,30 g/t gold.
· The mineralisation is open in all directions.
· 2 500 meter of core drilling was commenced in February 2012.

Kavkaz- and Kopylovskoye-cluster is ready for pre-feasibility studies
· The Kavkaz- license returned gold mineralization with intercepts of 1.0 meters @ 3.38 g/t gold, 10 meters @2.79 g/t gold and 2.8 meters @ 2.94 g/t gold.
· The mineralisation is open in all directions.
· Obrucheva- project returned a gold mineralization area with intersect of 2 meters @ 1.5 g/t gold and Uspenskoye-project returned an intersect of 2 meters@6 g/t which is part of the extension from the Kavkaz-license.
· New geophysical survey of the Vostochnaya-license, which is part of the Kopylovskoye-cluster, confirmed historic mineralisation and structures.
· Next step is to find a joint venture partner for pre-feasibility studies and production.

Additional exploration on Zolotoy-project during 2012
· The Zolotoy- project returned a continuous zone of disseminated gold mineralization with a surface length of two kilometres along strike and a width up to 700 meter.
· 35 meters@ 0.71 g/t gold, 17.5 meters @0.71 g/t gold and 11.5 meters @ 1.05 g/t gold. 3 meter @ 3.28 g/t, 1 meter @ 1.90 g/t and 5 meter @ 1.68 g/t.
· The structure is open in all directions.

The new Canadian shareholder Eldorado Gold provides financial stability and adds exploration and technical competence
· The Canadian gold producing company Eldorado Gold Corp paid 12 SEK per share for the additional share issue of 1.000.000 shares and became the major owner with 29% of the shares.
· Representatives of Eldorado Gold joined the Technical Committee which is advising the Board on technical development and acquisitions.

A new Finance Director contributes with experience
· Tim Carlsson joined the company as new CFO and was previously authorized public accountant at KPMG.

Significant events after the reporting period
· Assay results received in January 2012 for 600 meter of core drilling on Krasny completed in December 2011, confirmed further mineralized zones of up to 86 meter at average gold grade 1.5 g/t included intercepts of 39.10 meter at average 2.45 g/t.
· Acquisition of two licenses which cover 232 km2 and doubles the current exploration area was announced on March 5, 2012
· Peter Geijerman has resigned from the Board by voluntary resignation.

Outlook 2012
The company has developed a plan for 2012 together with the Technical Committee. The focus is to create value on Krasny and drill the project in two stages to be able to estimate a mineral resource. The company plans to acquire additional licenses within Lena Goldfields and prepare a Joint Venture production for Kopylovskoye and Kavkaz. The company intends to further reduce administration costs.

Other
The 2011 Annual Report will be published on the webpage www.kopygoldfields.com on April 11, 2012.

The Annual General Meeting is planned to be held on May 3, 2012 at 3 pm in the Company's Head office at Skeppargatan 27, 4th floor in Stockholm.

For the complete press release and interim report including tables, images and maps see attached document.
För pressmeddelande och delårsrapport på svenska se bifogat dokument (Swedish)

For more information, please contact:
Mikhail Damrin, CEO, +7 916 808 12 17, mikhail.damrin@kopygoldfields.com
Tim Carlsson, CFO, +46 70 231 87 01, tim.carlsson@kopygoldfields.com

The following documents can be retrieved from beQuoted
Kopy Goldfields Pressrelease 2012-03-28 (English).pdf
Kopy Goldfields Year-end report 2011 (English).pdf
Kopy Goldfields Pressrelease 2012-03-28 (Swedish).pdf
Kopy Goldfields Bokslutskommuniké 2011 (Swedish).pdf

Mer information från beQuoted
Nyhetsrum Kopy Goldfields (Swedish)

About Kopy Goldfields AB
Kopy Goldfields AB (publ), listed at NASDAQ OMX First North in Stockholm is a gold exploration and production company operating in one of the most gold rich areas in the world; Lena Goldfields, Bodaibo, Russia. The major owner is Eldorado Gold Corp. The company holds 100% of nine bedrock exploration- and production licenses on 486 sq km. The long term target is to develop a gold exploration and production company with resources of 5Moz supporting annual gold production of 0.2 Moz.

Kopy Goldfields AB applies International Financial Reporting Standards (IFRS), as approved by the European Union. Mangold Fondkommission acts as Certified Adviser, contact number: +46 8-503 015 50.

The share
Ticker: KOPY
www.nasdaqomxnordic.com/firstnorth/
Outstanding shares: 9 327 193