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Gold/Mining/Energy : Juniors News!
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From: canucklehead801/11/2012 6:11:59 PM
   of 62
 
Chalice Managing Director Doug Jones on Eritrea gold assays of 39.25 g/t over 3m
Chalice Gold Mines Ltd TSX:CXN and Zara Mining Share Company announced assays from the Koka South discovery adjacent to their Zara Gold Project in Eritrea. Results include

39.25 g/t gold over 3 metres
(including 115.33 g/t over 1 metre)
21.38 g/t over 5 metres
9.73 g/t over 7 metres
(including 49.64 g/t over 1 metre)
6.06 g/t over 5 metres

The project is a joint venture under Zara Mining SC, the operating company. Under the agreement, the Eritrean National Mining Corp will pay Chalice US$32 million for a 30% interest. ENAMCO will also pay Chalice approximately $2 million towards exploration costs on the Zara licences outside the Koka licence. Following completion of the agreement, the Zara Project’s ownership structure will be 60% Chalice, 30% ENAMCO and 10% free carried interest. Chalice and ENAMCO will pay development costs for Koka and exploration costs for the Zara licences on a two-thirds/one-third basis.

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