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December 17, 2009

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Eldorado seals pact to acquire Sino Gold

CANADIAN gold producer Eldorado Gold said on Tuesday it has finished the takeover of Sino Gold Mining Limited, the largest international gold explorer and miner in China.

The Vancouver-based miner, which previously owned 20 percent of Sino Gold, said in late August that it planned to buy all remaining shares of the Australia-based miner. The recent acquisition of all outstanding ordinary shares of Sino Gold results in a gold producer with combined market capitalization of C$7.7 billion (US$7.3 billion), Eldorado said in a statement.

"Going forward, the combined entity is expected to be gold-focused and will have a significant presence in China and Turkey, including several mines in production, along with exposure in Greece and Brazil," the statement said.

With the acquisition of Sino Gold, Eldorado has acquired the miner's interests in Jinfeng Gold Mine in Guizhou Province, the White Mountain Gold Mine in Jilin Province and the Eastern Dragon Gold Project in Heilongjiang Province, the statement said.


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