Glamis Gold Ltd., a Vancouver mining company, "continues to be financially inadequate.'' Eldorado's board of directors' decision to reject the revised offer for the company's common shares, 8.25 percent convertible debentures and special warrants was unanimous, said Bloomberg business news service.

Directors are recommending securityholders of Eldorado reject the offer. "The revised Glamis offer is not a good deal for our shareholders,'' said Eldorado president Mr. Richard Barclay.

The revised offer relies largely on the value of Glamis' shares which have fallen since the original offer announcement.

"The board of directors is very concerned about the negative trend of Glamis' share price which has fallen 18 percent in market price since the announcement of the original offer,'' he said.

The imputed value of the revised offer represents an increase of less than seven percent from the original offer, based on Monday's closing price, the company said.

The board of directors said the future growth potential for Eldorado shareholders is significantly better if the company were to continue in its present form rather than in combination with Glamis.

The revised offer to acquire Eldorado, extended to August 9, is $1.50 (Cdn) and .47 of a Glamis share for each Eldorado common share and special warrant compared to the previous offer of $1.20 (Cdn) and .40.