Vancouver – Eldorado Gold (ELD-T) divested its 50% interest in the Macusani East uranium project in southeastern Peru to joint-venture partner on the project Solex Resources (SOX-V).
Eldorado, a gold producer, had acquired the project in 2008 through a takeover of Frontier Pacific Mining. The principal asset of Frontier’s that Eldorado was then after was the Perama Hill gold project in Greece.
In return for its interest in Macusani Eldorado received some 11.8 million shares of Solex, or about 17% of the company’s outstanding shares. Those shares bring Eldorado’s stake in Solex, which in addition to uranium projects has a number of base and precious metal properties in Peru, to 19.9%.
For its interest in the project Eldorado also received a $2 million promissory note and a uranium royalty on Macusani.
On news of the sale at presstime Eldorado’s share price was trading up 8¢ at $10.23 and Solex’s share price had gained 4¢ to trade at 16¢. Eldorado has 371.3 million shares outstanding and Solex has 57.6 million shares outstanding.
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