Chalice Completes Sale Of Zara Gold Project; Current Cash Balance of $82 Million

Chalice Gold Mines Limited (TSX: CXN) reported the completion of the US $78 million sale of the Zara Gold Project in Eritrea to China SFECO Group.

As quoted in the press release:

Chalice has received all funds and paid all applicable taxes due in Eritrea for both the SFECO transaction and the ENAMCO transaction. Chalice’s current cash balance (at today’s USD: AUD exchange rate) is $82 million, which equates to approximately 33 cents per share, putting the Company in an exceptionally strong position to embark on its next chapter of growth.

Chalice Executive Chairman Tim Goyder commented:

This is a time in the market when cash is king and opportunities abound. We are very pleased to have crystallised significant value for our shareholders from the successful completion of this transaction, and we are now looking forward to identifying and securing new projects that will define the next phase of growth for Chalice.

Click here to read the full press release.