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Gold/Mining/Energy : Eldorado -- Ignore unavailable to you. Want to Upgrade?

To: Mr Metals who wrote (364)	11/4/1998 2:36:00 AM
From: Sergio R. Mejia	Read Replies (1) \| Respond to of 527

Energold to reacquire Eldorado's interest in Longyear concession Eldorado Gold Corp ELD Shares issued 72,996,872 Nov 3 close $0.47 Tue 3 Nov 98 News Release See Energold Mining Ltd (EGD) News Release Mr. H. Walter Sellmer reports Under a proposed agreement with Eldorado Gold Corporation, set to close by Nov. 25, 1998, Energold Mining will reacquire Eldorado's 51 per cent interest in the Longyear exploration concession in the Dominican Republic. Under the current agreement, Eldorado is obliged to make semi-annual payments of $250,000 to a total of $2,000,000 of which $500,000 has been paid to date. Eldorado also is obligated to finance all expenditures to production. The new agreement will call for Eldorado to surrender its 51 per cent interest to Energold, leaving Energold with a 100 per cent interest in the Longyear concession. Eldorado will pay Energold $175,000 in cash on closing, give Energold 150,000 shares from its treasury, deliver a secured interest bearing promissory note in the amount of $500,000 due Oct. 1, 2001 and pay for the recently completed phase I surface exploration program on the property. Eldorado will surrender all of its rights under the existing agreement as well as its rights to receive a finder's fee of 5 per cent of expenditures under the Minera Hispaniola agreement. The Longyear exploration concession is immediately to the southwes of Pueblo Viejo, one of the largest gold mines in the world, with reserves in excess of 20 million ounces. A total of 165 outcrop, pit and trench samples collected from a zone measuring 300 by 700 metres in the centre of the 550 by 750m gold-in-soils anomaly at Longyear, averages in excess of 1 gram of gold per tonne. The zone is being trenched to better define the grade and extent of near-surface oxide-hosted gold prior to drilling in early 1999. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com