Chalice Gold Mines Limited : Change to completion timetable for SFECO transaction
03/01/2012| 08:48pm US/Eastern
ABN 47 116 648 956
ASX Announcement 2 March 2012
Change to due diligence timetable for SFECO transaction
Chalice Gold Mines Limited (ASX:CHN((TSX:CXN) advises that it
has agreed to amend the timetable outlined in the short form
agreement ("the Agreement") under which Chalice agreed to
sell its 60 percent interest in the Zara Project in Eritrea
to China SFECO Group (SFECO).
The Agreement was subject to SFECO being satisfied with its
due diligence which was to be completed by 12 March 2012.
Chalice understands that the due diligence process is
progressing satisfactorily however SFECO has requested an
extension to the due diligence period of one month to 12
April 2012 in order to facilitate its internal processes and
obtain its Board approval within 14 days thereafter.
Chalice has agreed to the request on the understanding that
both parties use their reasonable endeavours to meet the
original timetable which contemplated final completion of the
transaction in June 2012.
TIM GOYDER Executive Chairman
High grade gold open pit
Mine permitting nearing completion
- Low cash costs of $338/oz of gold
- 7 year mine life at >100,000 oz average production per
Large underexplored ground position in the Arabian Nubian
Chalice Gold Mines Limited, Level 2, 1292 Hay Street, West
Perth, Western Australia
T: +618 9322 3960 F: +
618 9322 5800 E: firstname.lastname@example.org