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Chalice Gold Mines Ltd Completes Sale Of Zara Gold Project In Eritrea To China SFECO Group And ENAMCO

Tuesday, 4 Sep 2012 03:38am EDT 

Chalice Gold Mines Ltd (Chalice) announced that it has completed the sale of the Zara Gold Project in Eritrea to China SFECO Group for USD 78 million plus a deferred payment of USD 2 million upon commencement of commercial production at the Koka Gold Mine. In addition, the Eritrean National Mining Corporation (ENAMCO) has settled the remaining balance of USD 29 million for its acquisition of a 30% interest in the Zara Project (in addition to its 10% free carried interest). Chalice has received all funds and paid all applicable taxes due in Eritrea for both the SFECO transaction and the ENAMCO transaction. 

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0.0050 +3.45%
30 Jul 2014