UPDATE 2-European Goldfields ups resource estimates

* Ups measured and indicated resources at Skouries, Olympias

* Total resources and reserves now 23.8 mln gold equivalent ozs

* Appoints David Cather as chief operating officer

* Looking at move to LSE's main market

* Shares up 2.7 pct in Flat london market (Adds comments from chairman, analysts, share price)

LONDON, July 15 (Reuters) - European Goldfields has raised its total resource and reserve estimates due to revised figures from its Skouries and Olympias projects in Greece, prompting a rise in its shares.

It also appointed Goldman Sachs to evaluate moving its shares to London's main market, where European Goldfields EGUq.L hopes to join the FTSE 250 index and benefit from the accompanying re-rating, from the junior AIM market.

Last week, the company was awarded a much-delayed mining permit for the Skouries and Olympias projects that will turn it into Europe's largest primary gold producer and has made it a prime takeover target.

"We haven't received any approach" since the permit was awarded, said Chairman Martyn Konig on a conference call. "We have been so tied up post permitting."

The company's EGUq.L total measured and indicated resources, inclusive of reserves, rose to 23.8 million gold equivalent ounces. The upgrade is mainly due to higher gold price assumptions.

It also announced a new inferred resource of 828,000 ounces of gold and 288,000 tonnes of copper at Skouries.

"The net result is that European Goldfields is now undervalued on pretty much every conventional valuation tool," said Liberum analyst Dominic O'Kane. "We expect the investment case to generate an unrivalled investment case in the mid-cap miners and we see credible +100 percent upside in the next 12 months."

Liberum said the Greek reserve increase implies that a 2,024 pence share valuation is credible.

Shares in European Goldfields were up 2.7 percent at 840.1 pence in a flat London market at 0906 GMT, valuing the company at 1.5 billion pounds.

The company also appointed David Cather as chief operating officer to help drive the company's development projects. Cather, a mining engineer, previously worked for De Beers and Anglo American .

European Goldfields is looking to define a maiden resource estimate at its Piavitsa project in Greece and is targeting an additional 5 million ounces in reserves over the next three years.

Konig expects the gold price to end the year at about $1,750 an ounce on concerns about the euro zone debt crisis and the debt ceiling in the United States and noted that the problems in the Middle East had not gone away. (Reporting by Julie Crust; Editing by Will Waterman)