ldorado Gold Corporation and European Goldfields Limited Announce Court
Approval for the Arrangement
Vancouver, British Columbia - February 23, 2012. - Eldorado Gold Corporation ("Eldorado") (TSX: ELD, NYSE: EGO, ASX: EAU) and European Goldfields Limited
("European Goldfields")
(AIM: EGU, TSX: EGU) today announce
that the Supreme Court of
Yukon ("Court") has approved their previously announced plan of arrangement ("Arrangement") whereby Eldorado will acquire all the issued and outstanding securities of European Goldfields. The
Arrangement was approved by
Eldorado and European Goldfields
security holders on February 21, 2012.
Under the terms of the Arrangement former European Goldfields shareholders will receive 0.85 of an Eldorado common
share and C$0.0001 in cash for each
European Goldfields share.
With all required shareholder, court and other regulatory approvals having been obtained, the
Arrangement is now scheduled to close on February
24, 2012. The completion of the Arrangement is subject to other
customary closing
conditions.
About Eldorado Gold
Eldorado is a gold producing,
exploration and development company
actively growing businesses
in Turkey, China, Brazil
and Greece. With our international expertise in mining,
finance and project development,
together with highly skilled and dedicated staff, we believe that our
company is well positioned to grow in value as we create and pursue new opportunities.
About European Goldfields
European Goldfields is a developer-producer with globally significant
gold reserves located within the European Union. The Company generates cash flow from its 95% owned Stratoni
operation, a high grade
lead/zinc/silver mine in North-Eastern
Greece.
ON BEHALF OF
ELDORADO GOLD CORPORATION
"Paul N.
Wright"
Paul N. Wright
President and Chief Executive Officer
ON BEHALF OF
EUROPEAN GOLDFIELDS LIMITED
"Martyn
Konig"
Martyn Konig
Executive Chairman and President
None of the securities
anticipated to be issued pursuant to the
Arrangement have been or will be
registered under the United
States Securities Act of 1933, as amended
(the "U.S. Securities Act"), or any state securities laws, and any securities
issued in the Arrangement are anticipated
to be issued in reliance upon available
exemptions from such
registration requirements pursuant
to Section 3(a) (10) of the U.S. Securities Act and
applicable exemptions under state securities
laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Certain of the statements made herein may contain forward-looking
statements or information within
the meaning of applicable Canadian and US securities laws. Forward-looking statements or
information herein include,
but are not limited, to statements
or information with respect to the expected closing date of the
Arrangement. Forward-looking statements
and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements
of Eldorado or European Goldfields
to be materially different from any future results, performance
or achievements expressed
or implied by such forward-looking statements or
information. We have made certain assumptions
about the forward-looking statements
and information, including assumptions
about the ability to achieve
our goal of concluding this transaction. Even though our management believes that the assumptions made and the expectations represented
by such statements or
information are reasonable, there
can be no assurance that the forward-looking statement or information will prove to be accurate.
Furthermore, should one or
more of the risks, uncertainties
or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements or
information. These risks, uncertainties and other factors include, among others, the ability to satisfy the conditions
of the transaction, as well as those
factors discussed in the
sections entitled "Forward-Looking
Statements" and "Risk
Factors" in the respective information circulars for the Eldorado and European
Goldfields meetings and Eldorado's
and European Goldfields' Annual Information Form & Form 40-F, as applicable. There can
be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained
herein. Except as required by law, we do not expect to update forward-looking statements and
information continually as conditions change and you are referred to the full
discussion of the Eldorado's and European
Goldfields' business contained
in their respective reports filed
with the securities regulatory authorities in Canada
and the U.S.
Contact:
Eldorado Gold Corporation
Nancy E. Woo, VP, Investor
Relations
Phone: 604.601.6650 or 1.888.353.8166
Fax: 604.687.4026
Email: nancyw@eldoradogold.com
1188, 550 Burrard Street
Vancouver, BC V6C 2B5
Website: www.eldoradogold.com
Request for information packages: reception@eldoradogold.com
European Goldfields
Steve Sharpe, SVP Business Development
Email: info@egoldfields.com
Tel: +44 (0) 20 7408 9534
Liberum Capital Limited
Michael Rawlinson / Tom Fyson
Tel: +44 (0) 20 3100 2000
Brunswick
Carole Cable / Fiona Micallef-Eynaud
Email: egoldfields@brunswickgroup.com
Tel: +44 (0) 20 7404 5959
BMO Capital Markets
Egizio Bianchini / Gary Mattan
Tel: +1 (0) 416 359 4001
Lazard & Co., Ltd
Spiro Youakim / Chris Seherr-Thoss
Tel: +44 (0) 20 7187 2000
For further information please
see the European Goldfields website at www.egoldfields.com
View in PDF:
Associated File: http://www.eldoradogold.com/i/pdf/12-08.pdf
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Copyright � 2012 ELDORADO GOLD CORP.
(ELD) All rights reserved.
For more information visit our
website at http://www.eldoradogold.com/ or send email to info@eldoradogold.com ..