Eldorado Gold Corporation - Sale Of La Colorada Mine.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 21, 2000 Eldorado Gold Eldorado Gold Corporation TSX: ELD is a Vancouver, British Columbia based company involved in the mining, exploration and development of gold properties in Brazil and Turkey. See also
TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ELD.) Eldorado Gold Corporation (the "Company") today announced that the sale of shares and related assets in the Company's wholly owned Mexican subsidiaries to Conservacion y Senalmiento Vial vial a small bottle. and Exploraciones Mineras del Desierto S.A. de C.V. (the "Purchasers") effective October 31, 2000 was completed on November 17, 2000. The Company received US$500,000 cash and the forgiveness of US$1,390,000 of debt owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de the Purchaser. The principal asset is the La Colorada La Colorada is a small town and municipality in the Mexican state of Sonora. In 2005, the population of the municipality was 1,754, with 288 living in the municipial seat.[1] Formerly known as Minas Prietas, La Colorada became a municipality on June 28, 1934. Mine in Sonora, Mexico where mining was scheduled for completion in early 2001. The Company sold its shareholding in Exploraciones Eldorado S.A. de C.V. operator of the La Colorada mine, Prospectores Minerales de Mexico, S.A. de C. V., the exploration company and Servicios Administrativos Exploraciones, S.A. de C.V. which provides the mine's workforce (collectively "the Subsidiaries"). The Purchaser assumed all liabilities of the Company in respect to the Subsidiaries, including residual liabilities which may occur in the private or the public sector. The La Colorada Mine, Eldorado's first mine acquisition, was acquired in April 1992 and began operations on January 1, 1994. Production increased steadily with the mine producing over 65,000 ounces of gold at cash costs of $218/ounce in 1999. In late 1999 the higher grade, better recovery El Creston ore body was mined out and subsequent production has been from the Gran Gran: see Esztergom, Hungary. Central pit. Harder ores and lower metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. recoveries from the new zones have resulted in lower gold production and higher costs in 2000. The sale of the short-lived and higher cost La Colorada Mine and termination of activity in Mexico will allow the Company to focus on sustaining lower cost production from the Sao Bento A data structure used to store embedded documents in an OpenDoc compound document. Bento, which stands for lunch box in Japanese, provides a "container" to hold the data and a format for defining its contents. mine in Brazil and the development of its projects in Turkey. With the sale of the La Colorada Mine, the Company's total gold production is forecast to be 153,000 ounces for the year compared to 192,000 ounces in 1999. Cash costs are forecasted to be $214 per ounce for 2000 compared to $199 per ounce in 1999. ON BEHALF OF ELDORADO GOLD CORPORATION /Paul Wright/ Paul N. Wright President and Chief Executive Officer This and other news releases complete with graphic attachments, if any, are available at the Company's website (www.eldoradogold.com) or may be acquired by fax or mail upon request The TSE has neither approved nor disapproved the form or content of this release. |
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