Matthew Hill – 26November 2010
Perth-based Chalice Gold, exploring for gold in Eritrea, listed on the TSX on Friday, and chairperson Tim Goyder predicted its Zara project would have a capital payback period of “slightly over two years” at a $1 200/oz gold price.
According to a feasibility study, the Koka deposit at Zara would produce an average 104 000 oz/y with low cash operating costs of $338/oz and an initial mine life of seven years.
“With these robust economics, Chalice has, in cooperation with the Eritrean government, commenced the permitting process for the Koka project to facilitate the grant of a mining licence to enable development to commence during 2011,” Goyder told shareholders on Thursday at Chalice’s annual general meeting in Perth. Continue reading Eritrea: Chalice Gold Listed in Toronto Stock Exchange