Chalice Gold Mines (ASX: CHN; TSX: CXN) announces that it has entered into a conditional shortform agreement (the “Agreement”) to sell its remaining 60 per cent stake in the Zara Project in Eritrea to China SFECO Group (SFECO), a subsidiary of Shanghai Construction Group Co. Ltd.
South Boulder Mines (ASX: STB) will accelerate the completion of the Definitive Feasibility Study (DFS) on the Colluli Open Cut Potash Project in Eritrea with a planned capital raising of A$10.1 million.
The company will exit a trading halt this morning after announcing the non-renounceable entitlement offer of up to 9.2 million shares at $1.10 per share on the basis of one new share for every 10 held.
Nevsun Resources Ltd. (TSX: NSU / NYSE Amex: NSU) is pleased to announce strong production results of 110,000 ounces of gold for the quarter ending September 30, 2011. Year-to-date the Bisha Mine in Eritrea has produced 278,000 ounces of gold, including 41,000 ounces during the commissioning phase early this year. Continue reading Nevsun Q3 Gold Output Rises by 18 Percent→
South Boulder has boosted the Measured and Indicated resource categories 130%, boosting the overall JORC Resource to 564.40 million tonnes at 18.60% KCl for 104.96 million tonnes of contained potash – which is easily extractable due to being within 100 metres of the surface.
The significance of the confidence upgrade is that the new resource will underpin the Definitive Feasibility Study, along with potential new ore reserve calculations.