Control of United Mining Corp. could pass to a European group following the completion of a deal between United and a U.S.-based company, El Dorado Gold Mines.
Under the terms of the agreement, United will acquire a 100% interest in El Dorado, a company which has an interest in 2,000 acres of ground near Carlin, Nev.
In return for the company, United must issue common shares to a private group of investors which, ultimately, could amount to 8.7 million United shares. United now has seven million shares outstanding.
As part of the deal, the investor group will nominate four new directors. These include Ronald Markham, a co-founder of Cyprus Anvil Corp.; Sir David Evans; His Royal Highness Crown Prince Alexander of Yugoslavia, who is a London- based consultant, and Denis Acheson, former president of El Indio Mining in Chile.
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