Tag Archives: China’s SEFCO to finalize payment for Zara by June 2012

Chalice Agrees Revised Terms with ENAMCO for Sale of 30% Zara Project

The Eritrean National Mining Corporation (ENAMCO) will make US$3M payment this week with balance due at completion of SFECO transaction

Eritrea agrees to pay US$34 than the previously agreed US$32m to Chalice under the the revised terms for its 30% share

By ASX,

Chalice Gold Mines Limited (ASX: CHN; TSX: CXN) advises that it has agreed to vary the payment and completion terms of its agreement with the Eritrean National Mining Corporation (“ENAMCO”) for ENAMCO’s acquisition of a 30 per cent interest in the Zara Gold Project in Eritrea, East Africa.

The variation is in line with the timetable for completing the proposed sale of Chalice’s remaining 60 per cent interest in the Zara Project to China SFECO Group (“SFECO”), announced last month. Continue reading Chalice Agrees Revised Terms with ENAMCO for Sale of 30% Zara Project