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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Wed Jun 15 2011 - 15:41:01 EDT
Chalice Gold sells part of mine to Eritrean National Mining for US$32
million
By: The Canadian Press
Posted: 06/15/2011 1:42 PM |
<http://www.winnipegfreepress.com/business/breakingnews/123932539.html#comme
nts> Comments: 0
PERTH, Australia - Chalice Gold Mines Ltd. (TSX:CXN) says the Eritrean
National Mining Corp. has agreed to buy a 30 per cent participating interest
in its Zara gold project for US$32 million.
The miner, which is based in Australia but trades on the TSX, said that the
agreement will pave the way for final permitting, financing and development
of Zara.
In exchange, Eritrean will receive a stake in Zara Mining, an operating
company, that will own, develop and operate the Koka gold mine in Eritrea,
eastern Africa, which is part of the broader project.
ENAMCO has also agreed to pay an additional US$2 million to reimburse a
share of the exploration costs associated with the project, which is already
in development.
"Reaching an ownership agreement with ENAMCO enables us to move forward
towards development of this high-grade, low-cost gold project," said Chalice
managing director Doug Jones.
"We have an excellent working relationship with ENAMCO and look forward to
building a successful and profitable mine for the benefit of the Zara
shareholders and the Eritrean people."
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