From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Fri May 21 2010 - 17:17:35 EDT
Chalice Gold Mines increases interest in London Africa to 20%
Friday, May 21, 2010, at 4:40 pm.
Chalice Gold Mines (ASX: CHN), an East African-focused company developing
the high grade 1 million ounce Zara gold project in Eritrea, has increased
its investment in unlisted United Kingdom based London Africa Limited from
an 11.8% interest to a 20% interest.
Chalice has subscribed for a further 1.4 million shares in London Africa at
12.5p per share for £175,000 (~A$304,000).
The company said the funds will be applied to a continuing work program
currently being undertaken and managed by London Africa.
The London Africa prospecting licences cover 1,562 square kilometres in the
prospective Akordat-Orata area in Eritrea and are contiguous to Chalice’s
Zara gold project.
Chalice has already completed a scoping study at Zara and is currently
conducting a feasibility study with a targeted first production in 2011.
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