VANCOUVER — Eldorado Gold (ELD-T, EGO-X) has divested its 50% interest in the Macusani East uranium project in southeastern Peru to joint-venture partner Solex Resources (SOX-V, SLXRF-O).
Eldorado, a gold producer, had acquired the project in 2008 through a takeover of Frontier Pacific Mining — whose principal asset was the Perama Hill gold project in Greece.
In return for its interest in Macusani, Eldorado received 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, 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.
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