Ann: Chalice and ENAMCO Sign Zara Mining Agreemen, page-9

re: Ann: Chalice and ENAMCO Sign Zara Mining ... Yeh I tend to agree with Golden Ale that the Eritrean government will come up with the cash. There was a previous thread on this forum where a lot of the dealings of the government with Nevsun were detailed. The government did contribute cash up front to Nevsun.

The difference with Nevsun and Chalice is that with Chalice the two parties (i.e. - the gov. and CHN) have agreed on a price for Koka before the development of the mine whereas with Nevsun the finalised price for the project was not to be set until production started at Bisha. So when production started at Bisha they had to go thru the process of assessing an adequate price and then the appropriate money could be paid to Nevsun - out of earnings. Key point being the Eritreans still contributed plenty of coin up front before Bisha went into production.

I may look at entering again before the government money is due in the expectation of a positive result but i'll leave that for when the time comes.

Good luck to holders.