for control of Bermuda-registered Eldorado Corporation has been rejected as inadequate.

Glamis Gold, which trades on the Toronto and New York stock exchanges, made the cash-and-share offer in a letter to Eldorado shareholders on June 15. The offer is open until Thursday.

Glamis vice-president James Billingsley said last week that the offer is $1.20 (Cdn.) plus four-tenths of a Glamis share, for each share of Eldorado. Glamis closed at $11.50 on the Toronto Exchange on Wednesday. Eldorado, which trades on the Toronto and Vancouver exchanges, closed at $6 on Wednesday in Toronto.

Billingsley said Glamis is primarily interested in Eldorado for its gold property in Sonora State, Mexico. He said Eldorado also holds two gold properties in Arizona that could be brought into production.

"We are fairly familiar with the Mexican property, where 1.2 million ounces of gold are thought to be in the ground,'' he said. "Eldorado is primarily an exploration company, and we are primarily a mining company. We've been in business for 15 years, while they have been going for about a year. We feel a combination of Eldorado and Glamis would work very, very well.'' Eldorado president Mr. Rick Barclay was unavailable for comment yesterday at the company's working office in Vancouver, but in a statement released on Wednesday, Eldorado management said that the Glamis offer was inadequate.

Billingsley was unsurprised at that reaction.

"I'd be amazed if they said otherwise,'' he said. "I've never heard of a case yet where a guy called back and said `this is a fabulous offer'.'' Still, he's hopeful of striking a deal. "We feel it's a reasonable and fair offer. We think we have certain things to offer them -- senior management and liquidity, for example. Hopefully, Eldorado's shareholders will feel the same way.''