[dehai-news] Marketstock.com.au: Chalice Gold Mines increases interest in London Africa to 20%


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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Fri May 21 2010 - 17:17:35 EDT


Chalice Gold Mines increases interest in London Africa to 20%

Friday, May 21, 2010, at 4:40 pm.

Chalice Gold Mines (ASX: CHN), an East African-focused company developing
the high grade 1 million ounce Zara gold project in Eritrea, has increased
its investment in unlisted United Kingdom based London Africa Limited from
an 11.8% interest to a 20% interest.

Chalice has subscribed for a further 1.4 million shares in London Africa at
12.5p per share for £175,000 (~A$304,000).

The company said the funds will be applied to a continuing work program
currently being undertaken and managed by London Africa.

The London Africa prospecting licences cover 1,562 square kilometres in the
prospective Akordat-Orata area in Eritrea and are contiguous to Chalice’s
Zara gold project.

Chalice has already completed a scoping study at Zara and is currently
conducting a feasibility study with a targeted first production in 2011.

 

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