Eldorado Gold disposes of non-core asset

On July 16, 2009, Eldorado Gold Corporation (TSX:ELD) (NYSE Amex:EGO) announced the closing of its disposal to Solex Resources Corp. of its interest in the Macusani East Uranium project, the sole asset of Minera Frontera Pacifico S.A. ("MFP"), which was obtained through its acquisition of Frontier Pacific Mining Corporation in 2008.

Solex acquired 27,555,244 common shares of MFP (the "MFP Shares") and Eldorado received 11,820,487 Solex Shares (by way of a private placement, at a deemed issue price of $0.14), a promissory note in the amount of $2 million payable on terms (secured by a mortgage on the project), and a uranium royalty on the project. Following completion of the transaction, Eldorado holds directly 13,820,487 Solex Shares representing 19.9% of the issued and outstanding Solex Shares (as at June 1, 2009).

Eldorado Gold was advised in this disposition by Fasken Martineau with a team led by Josh Lewis and including Caroline Clapham and Amanda MacAdams.