great acquisition, page-5

Thanks jacoby

here the story ..




ElDore's hopes

WHEN you have 1.23 billion shares on issue and a share price of 1.2c, you can't expect the market to get excited about a copper project in Transylvania, Romania, where they can get very touchy about foreign mining companies. We remember, as if it were yesterday, the then Perth-based Esmeralda Exploration discharging cyanide from its Romanian gold tailings into the local river system in 2000, which brought the mining operation to a very sudden end.

The price actually dropped the day ElDore Mining (EDM) announced it had acquired the Baita copper mine, which was opened as a government operation in 1948, privatised after the communists fell and then closed down last year. The mining and recovery circuits are described as inefficient and dilapidated, but ElDore plans to restart the mine within 90 days of the deal being concluded, the first task being refurbishment of the operation.

There are also 4.6 million tonnes of tailings containing copper, gold, silver, molybdenum, wolfram, zinc and lead, with an estimated value of between $80m and $100m.

Sounds do-able but, however, we have trouble getting past the Romania thing.