Chalice Gold Mines Limited (CXN.TO) today advised that it has received notification from China SFECO Group (SFECO) that SFECO has completed its due diligence regarding the purchase of Chalice's 60% inerest in the Zara Project in Eritrea in accordance with the agreed timetable.
Due to various internal Chinese Governmental approvals, completion is now expected mid to late July 2012, although SFECO will use its best endeavours to expedite the approvals process.
Completion of the sale of 60 per cent to SFECO will see the end of Chalice's holding in the Zara Project. Chalice will continue to hold its interests in the Mogoraib North and Hurum exploration licences
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