FRP- an Eldorado Affair!Frontier Pacific posts Eldorado letters on website
2008-05-13 09:15 ET - News Release
Mr. Victor Bradley reports
FRONTIER PACIFIC MINING CORPORATION: POSTING ON WEBSITE REGARDING HOSTILE TAKEOVER BID
Frontier Pacific Mining Corp. has posted on its website copies of correspondence it has received relating to Eldorado Gold Corp.'s activities in Greece in connection with its hostile takeover bid to acquire all of Frontier Pacific's outstanding common shares.
The correspondence posted on the Frontier Pacific website is a letter, in Greek together with its English translation, submitted by Eldorado to regional officials in Greece, including both the mayor of the City of Alexandroupolis and the prefect of the District of Evros, where the Perama Hill project is located, seeking immediate meetings with those officials and promoting itself and its plans following its assumed completion of the acquisition of Frontier Pacific.
The letters were dated April 21, 2008, the date Eldorado announced its offer for Frontier Pacific.
The letters, as well as Eldorado's unsolicited approaches to Frontier Pacific personnel in Greece, represent an inappropriate and presumptuous intrusion in Frontier Pacific's affairs. Such actions jeopardize the years of carefully planned community and government relations activities undertaken by Frontier Pacific. These aggressive tactics also contradict Eldorado's stated desire to proceed on the basis of a consensual transaction.
Frontier Pacific will formally request Eldorado to cease contacting government officials and Frontier Pacific personnel in Greece and advise Eldorado that it will seek a remedy if any damages are caused by those activities.
The special committee of Frontier Pacific's directors continues to evaluate the terms of the Eldorado offer set out in its circular dated May 9, 2008, and to seek alternatives to that offer. The board of directors will advise Frontier Pacific shareholders of its recommendation in connection with the offer on or before May 26, 2008. In the meantime, Frontier Pacific shareholders are urged not to take any action in relation to the Eldorado offer.
We seek Safe Harbor