Chinese Company Acquired Chalice’s 60% Stake in Eritrea

Chalice Gold goes Red for China

By Chalice Gold Mines,

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.
This follows the agreement in July 2011 pursuant to which Chalice agreed to sell a 30% interest in the Zara Project to the Eritrean National Mining Corporation (“ENAMCO”) which is in addition to the 10% carried interest in the project already held by ENAMCO. Continue reading