On 31 May 2005, Eldorado announced their intention to combine with Afcan Mining.
Eldorado and Afcan's management, supported by their major-shareholders have
agreed to a share exchange ratio of one share of Eldorado in exchange for six
and one-half (6.5) shares of Afcan. The offer, which applies to existing shares
and warrants, values each Afcan share at approximately Cdn $0.42 cents
representing a significant premium over the company's 30 day average share price
of Cdn $0.35 cents per share and values Caledon's stake at approx Cdn $10.5
million.
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