http://www.proactiveinvestors.com.au/companies/news/23688/chalice-gold-mines-receives-offer-too-good-to-refuse-23688.html
Chalice Gold Mines receives offer too good to refuse
Wednesday, December 28, 2011
Chalice Gold Mines (ASX:CHN)(TSX:CXN) has vowed to sell the remaining
60 per cent of its Zara gold project in Eritrea for US$80 million in
cash.
China's SFECO Group, a subsidiary of Shanghai Construction Group Co
will acquire the stake, following Chalice's sale of an earlier 30 per
cent of the Zara project to the Eritrean National Mining Corporation.
ENAMOC also held an additional 10% carried interest in the project.
SFECO will pay Chalice a further sum, up to US$20 million for the
balance of the area falling within the Zara Project (including Zara
North, South and Central).
The deal is subject to due diligence and agreement by shareholders.
The sale will leave Chalice with cash and on the lookout for a new
project. It will retain its interest in the Mogoraib North Project
south of the Zara Project.
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Received on Wed Dec 28 2011 - 11:01:08 EST