Eldorado Announces Agreement to Sell White Mountain and Tanjianshan Mines and Eastern Dragon Development Project
TSX: ELD
The agreement provides for an RMB equivalent
"We are very pleased to have reached this agreement as this transaction recognizes immediate value to both companies and its shareholders. We are proud of our history and the accomplishments achieved by the hard work of all of our Chinese employees. The proposed transaction provides Yintai the opportunity to build on our achievements in
The transaction is expected to close in the third to fourth quarter 2016 and is subject to obtaining various regulatory and other approvals, including Yintai shareholder approval, and other customary closing conditions. Following close, the Company intends to redeploy net proceeds from the disposition of its Chinese assets to continue to grow its business based on long lived, low cost assets.
About
Eldorado is a leading low cost gold producer with mining, development and exploration operations in
About Yintai Resources Co. Ltd.
Yintai Resources Co. Ltd. is engaged primarily in nonferrous metals mining and controls the polymetallic Huaaobaote mine in
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 applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information herein include, but are not limited to the Company's announcement of its agreement to sell its interests in
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 the Company 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 and timing of obtaining required approvals and other approvals and meeting the conditions of closing the Proposed Sale, the political and economic environment that we operate in, the future price of commodities, anticipated costs and expenses. 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 following: required approvals not being obtained and closing of the Proposed Sale not occurring or being delayed; Purchaser's financing being withdrawn or withheld; change in the use of sale proceeds; political and economic environment, gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory environment and restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; risks related to completing the Chinese monetization process and impact of the Jinfeng Sale and Proposed Sale on the Company; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form & Form 40-F dated
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 Company's business contained in the Company's reports filed with the securities regulatory authorities in
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