Chalice Gold Mines Limited (ASX: CHN; TSX: CXN) is pleased to advise that it has intersected a zone of massive pyritic sulphides with significant copper and zinc values in drilling at its Mogoraib North Project in Eritrea, East Africa (Chalice – 60%; Eritrean National Mining Corporation (ENAMCO) – 40%).
Chalice Gold Mines Limited (ASX: CHN/TSX: CXN)is pleased to announce that it has today completed the sale of the Zara Gold Project in Eritrea to China SFECO Group for US$78 millionplus a deferred payment of US$2 million upon commencement of commercial production at the Koka Gold Mine.
The tale of Eritrea’s first major miner, Nevsun, which has had mixed fortunes this year and gold explorer, Andiamo Exploration, whose chairman has been a long time believer in the country’s mineral potential.
Two interesting presentations today at a Mining Journal Investor Seminar in London – one from an already operating, dividend-paying, miner in Eritrea with a remarkably good earnings profile and the other from a very early stage explorer looking for gold and VMS (Volcanic Massive Sulphide) copper-gold orebodies along the same trend.
Chalice Gold Mines Limited (TSX:CXN)(ASX:CHN) is pleased to announce that it has reached agreement with the Eritrean National Mining Corporation (“ENAMCO“) for ENAMCO’s acquisition of a 30% participating interest in Chalice’s Zara Gold Project in Eritrea, East Africa, paving the way for final permitting, financing and development of the Zara Gold Project.
The agreement covers the high-grade Koka Gold Deposit (“Koka”), as well as the Zara North, Central and South Exploration Licences (the “Zara Licences”) but excludes the Company’s 100% owned Mogoraib North and Hurum exploration licences. Koka is one of the highest grade undeveloped open pittable gold deposits in the world with Probable Mineral Reserves of 4.6 million tonnes grading 5.1g/t gold for 760,000 contained ounces of gold. Continue reading Eritrea Agrees to pay Chalice US$32 million for a 30% Share on Zara Gold Project→
Reuters – Eritrea has granted Australia’s Chalice Gold Mines (CHN.AX) two new exploration licences covering 830 square kilometres in the north of the Horn of African nation, the miner said in a statement.
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→