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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Thu Apr 21 2011 - 10:45:29 EDT
Chalice Gold Mines Limited Announces Release of an Updated Presentation on
Exploration Activities in Eritrea
Chalice Gold Mines Ltd
<http://www.stockhouse.com/financialtools/sn_overview.asp?symbol=T.CXN&table
=LIST> CXN
4/21/2011 7:00:15 AM
PERTH,
<http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=8135774>
WESTERN
AUSTRALIAhttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif, Apr
21, 2011 (Marketwire via COMTEX News Network) --
Chalice Gold Mines ("The Company") (TSX:CXN)(ASX:CHN) is pleased to announce
that it today released an updated presentation on the Company's exploration
activities at its projects in Eritrea.
To view this presentation, please visit the
<http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=8135774>
Company's
websitehttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif -
Investor Relations at www.chalicegold.com.
DOUG JONES
Managing Director
About Chalice
Chalice Gold Limited is a gold exploration company which owns the high
grade, open-pittable Koka Gold Deposit and a substantial, largely
unexplored, land package in Eritrea. The Koka Gold Deposit consists of an
"in-pit" JORC and NI 43-101 compliant Probable Reserve of 4.6 million tonnes
of ore with a grade of 5.1 grams of gold per tonne, containing 760,000
ounces of gold. Chalice's interest in the project is subject to the State of
Eritrea's 10% carried interest, and Eritrea's right to purchase, at fair
value, a further 30% ownership in the deposit. The Company is focused on
developing the Koka Gold Deposit into a low cost gold mine which is expected
to produce 104,000 ounces of gold per year over a 7 year mine life at an
average cash cost of US$ 338/oz gold. Chalice also holds a substantial
strategic ground position of 1,437 km2 consisting of licenses along strike
of the Koka Gold Deposit, and proximal to Nevsun's Bisha Mine. These
exploration concessions host numerous, high potential, early and advanced
stage gold and base metal exploration targets. Chalice is undertaking a
systematic exploration effort on these exploration concessions with the aim
of discovering significant new deposits.
Competent Persons and Qualified Person Statement
The information in this report that relates to Exploration Results is based
on information compiled by Dr Doug Jones, a full-time employee and Director
of Chalice Gold Mines Limited, who is a Member of the Australasian Institute
of Mining and Metallurgy and is a Chartered Professional Geologist. Dr Jones
has sufficient experience in the field of activity being reported to qualify
as a Competent Person as defined in the 2004 edition of the Australasian
Code for Reporting of Exploration Results, Minerals Resources and Ore
Reserves, and is a Qualified Person under National Instrument 43-101 -
'Standards of Disclosure for Mineral Projects'. The Qualified Person has
verified the data disclosed in this release, including sampling, analytical
and test data underlying the information contained in this release. Dr Jones
consents to the release of information in the form and context in which it
appears here.
The Mineral Resource estimate was prepared by Mr. John Tyrrell who is a
Member of the Australasian Institute of Mining and Metallurgy. Mr. Tyrrell
is a full time employee of AMC and has sufficient experience in gold
resource estimation to act as Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (the JORC Code)' and is a Qualified
Person under National Instrument 43-101 - 'Standards of Disclosure for
Mineral Projects'. Mr Tyrrell consents to the inclusion of this information
in the form and context in which it appears.
The information in this statement of Ore Reserves is based on information
compiled by Mr David Lee who is a Member of the Australasian Institute of
Mining and Metallurgy and a full time employee of AMC. Mr Lee has sufficient
relevant experience to be a Competent Person as defined in the JORC Code and
is a Qualified Person under National Instrument 43-101 - 'Standards of
Disclosure for Mineral Projects'. Mr Lee consents to the inclusion of this
information in the form and context in which it appears.
Forward Looking Statements
This document may contain forward-looking information within the meaning of
Canadian securities legislation and forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act of
1995 (collectively, forward-looking statements). These forward-looking
statements are made as of the date of this document and Chalice Gold Mines
Limited (the Company) does not intend, and does not assume any obligation,
to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and
reflect Company management's expectations or beliefs regarding future events
and include, but are not limited to, statements with respect to the
estimation of mineral reserves and mineral resources, the realization of
mineral reserve estimates, the timing and amount of estimated future
production, costs of production, capital expenditures, success of mining
operations, environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage. In certain cases,
forward-looking statements can be identified by the use of words such as
plans, expects or does not expect, is expected, budget, scheduled,
estimates, forecasts, intends, anticipates or does not anticipate, or
believes, or variations of such words and phrases or statements that certain
actions, events or results may, could, would, might or will be taken, occur
or be achieved or the negative of these terms or comparable terminology. By
their very nature forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, risks
related to actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices of mineral
resources; possible variations in ore reserves, grade or recovery rates;
accidents, labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion of
development or construction activities; as well as those factors detailed
from time to time in the Company's interim and annual financial statements
and management's discussion and analysis of those statements, all of which
are filed and available for review on SEDAR at www.sedar.com. Although the
Company has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking statements will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements.
Shares outstanding: 218 million Fully diluted: 225 million
SOURCE: Chalice Gold Mines Limited
Chalice Gold Mines Limited
Mr Tim Goyder
Executive Chairman
(+618) 9322 3960
Chalice Gold Mines Limited
Dr Doug Jones
Managing Director
(+618) 9322 3960
Chalice Gold Mines Limited
Joanne Jobin
+1 647 964 0292
jjobin@chalicegold.com
www.chalicegold.com
For North American Investors
Chalice Gold Mines Limited
Dan Hrushewsky
+1 647 864 2735
dhrushewsky@chalicegold.com
For media inquiries, please contact:
Read Corporate
Nicholas Read
(+618) 9388 1474
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