CHALICE MINING LIMITED 
By ABN 47 116 648 956
ASX:CHN TSX:CXN
ASX Announcement 27 April 2012 Shanghai Construction Group Board approves acquisition of Chalice's stake in Zara Gold Project
Chalice Gold Mines Limited (ASX:CHN) (TSX:CXN) is pleased to
advise that the Board of Shanghai Construction Group Co Ltd
("SCG") has approved the agreement to acquire Chalice's 60
per cent interest in the Zara Project in Eritrea for US$78
million plus a deferred payment of US$2 million.
As a result of the SCG Board approval, a Sale and Purchase
Agreement ("the Agreement") has
been executed between SCG subsidiary, China SFECO Group
("SFECO") and Chalice. Key conditions precedent to completing
the Agreement include:
