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Eldorado Issues Notice Of Variation And Extension - Offer
Extended To July 2, 2008
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VANCOUVER, BC - Paul N. Wright, President and Chief Executive Officer
of Eldorado Gold Corporation ("Eldorado" or "we") announced today that
Eldorado has mailed to shareholders of Frontier Pacific Mining
Corporation ("Frontier") a Notice of Variation and Extension dated June
20, 2008 in respect of its offer to purchase all of the outstanding
common shares of Frontier (the "Offer") extending the expiry date of
the Offer to July 2, 2008. Mr. Wright also announced that the
directors of Frontier mailed a Notice of Change dated June 20, 2008 to
Frontier shareholders recommending that they accept Eldorado's Offer.
Eldorado's Notice of Variation and Extension notifies shareholders of
Frontier, among other things, that the original offer consideration of
0.1220 Eldorado common shares and Cdn.$0.0001 in cash for each Frontier
common share has been revised by the addition of one exchange receipt
(an "Exchange Receipt") for each Frontier common share. Each Exchange
Receipt will entitle its holder to receive, without payment of
additional consideration, 0.008 common shares of Eldorado, conditional
upon a joint ministerial resolution being issued prior to July 1, 2009
by the Greek Joint Ministerial Council, comprised of the Greek
Ministries of Environment, Agriculture, Culture, Development and
Health, accepting the environmental terms of reference drafted by the
Ministry of the Environment for Frontier's Perama Hill gold project.
If the joint ministerial resolution accepting the environmental terms
of reference is not received prior to July 1, 2009, the Exchange
Receipts will be cancelled. The Exchange Receipts will be governed by
the terms of an indenture to be entered into between Eldorado and an
Exchange Receipt trustee. The issuance of the Eldorado common shares
underlying the Exchange Receipts will occur automatically upon
satisfaction of the conditions governing the terms of the Exchange
Receipts. Eldorado will use its best efforts to cause the Exchange
Receipts to be listed on the TSX.
Eldorado's financial adviser is Macquarie Capital Markets Canada Ltd.
Its legal advisors are Borden Ladner Gervais LLP in Canada and Dorsey &
Whitney LLP in the United States.
How to Tender
Frontier shareholders wishing to accept the Eldorado Offer are
encouraged to tender their shares by completing the letter of
transmittal accompanying the documents mailed to them and returning it
together with certificates representing their Frontier shares and all
other documents to the offices of Kingsdale Shareholder Services Inc.
in Toronto, Ontario in accordance with the instructions in the letter
of transmittal. If Frontier shares are held by a broker or other
financial intermediary, Frontier shareholders should contact such
intermediary and instruct it to tender their Frontier shares.
This press release does not constitute an offer to buy or an invitation
to sell, or the solicitation of an offer to buy or invitation to sell,
any of the securities of Eldorado or Frontier. Such an offer may only
be made pursuant to an offer and take-over bid circular filed with the
securities regulatory authorities in Canada.
Eldorado will file the Notice of Extension with the U.S. Securities and
Exchange Commission ("SEC") upon filing with the securities regulatory
authorities in Canada. Eldorado has also filed with the SEC a
Registration Statement, which includes the offer and take-over bid
circular, prospectus, and notice of change in information relating to
its offer to Frontier shareholders. ELDORADO URGES INVESTORS AND
SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT, THE OFFER AND TAKE
OVER BID CIRCULAR AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE
SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES, BECAUSE THEY
CONTAIN IMPORTANT INFORMATION. Investors may obtain a free copy of the
offer and take-over bid circular and other documents filed by Eldorado
with the Canadian securities regulators at www.sedar.com and with the
SEC at the SEC's website at www.sec.gov. The offer and take-over bid
circular and other documents may also be obtained for free, from
Eldorado's website or by directing a request to Eldorado's investor
relations department by telephone at 1-888-353-8166, fax 604-687-4026
or e-mail info@eldoradogold.com or by contacting the Information Agent,
Kingsdale Shareholder Services Inc., toll free at 1-866-581-1513.
About Eldorado
Eldorado is a gold producing, exploration and development company
actively growing businesses in Brazil, Turkey, China and the
surrounding regions. With our international expertise in mining,
finance and project development, together with highly skilled and
dedicated staff, we believe that Eldorado is well positioned to grow in
value as we create and pursue new opportunities.
ON BEHALF OF
ELDORADO GOLD CORPORATION
"Paul N. Wright"
Paul N. Wright,
President & Chief Executive Officer
Certain of the statements made herein may contain forward-looking
statements or information within the meaning of the United States
Private Securities Litigation Reform Act of 1995, and forward-looking
statements or information within the meaning of the Securities Act
(Ontario). Such forward looking statements or information include, but
are not limited to statements or information with respect to unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Frontier or Eldorado, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements or information
are subject to a variety of risks and uncertainties, which could cause
actual events, or results to differ from those reflected in the
forward-looking statements or information. Should one or more of these
risks and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
described in forward- looking statements. Specific reference is made
to "Forward Looking Statements and Risk Factors" in Eldorado's Annual
Information Form and Form 40 F dated March 31, 2008. Such factors
include, amongst others, the following: gold price volatility; impact
of any hedging activities, including margin limits and margin calls;
discrepancies between actual and estimated production, between actual
and estimated reserves, and between actual and estimated metallurgical
recoveries; mining operational risk; regulatory restrictions, including
environmental regulatory restrictions and liability; risks of sovereign
investment; speculative nature of gold exploration; dilution;
competition; loss of key employees; additional funding requirements;
and defective title to mineral claims or property, as well as those
factors discussed in the section entitled "Risk Factors" in Eldorado's
Annual Information Form and Form 40-F dated March 31, 2008. We do not
expect to update forward-looking statements continually as conditions
change and you are referred to the full discussion of Eldorado's
business contained in Eldorado's reports filed with the securities
regulatory authorities in Canada and the U.S.
Eldorado Gold Corporation common shares trade on the Toronto Stock
Exchange (TSX: ELD) and the American Stock Exchange (AMEX: EGO). The
TSX has neither approved nor disapproved the form or content of this
release.
Contact:
Nancy E. Woo, Manager Investor Relations
Phone: 604.601.6650 or 1.888.353.8166
Fax: 604.687.4026
Email: nancyw@eldoradogold.com
Eldorado Gold Corporation
1188, 550 Burrard Street
Vancouver, BC V6C 2B5
Web site: www.eldoradogold.com
Request for information packages: laurelw@eldoradogold.com
View News Release in PDF Format:
http://www.eldoradogold.com/i/pdf/08-16.pdf
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Copyright (c) 2008 ELDORADO GOLD CORP. (ELD) All rights reserved. For
more information visit our website at http://www.eldoradogold.com/ or
send mailto:info@eldoradogold.com
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