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From: B-Haile (eritrea.lave@comhem.se)
Date: Mon Nov 01 2010 - 13:17:24 EST
29/10/2010 Quarterly Report - 30 September 2010
Chalice Gold Mines Limited ABN 47 116 648 956
Highlights
. Major new state-of-the-art deep penetration 3D IP survey commenced over the ~12km2 Koka-Konate-Fah corridor, a highly prospective area with potential for repeats of the Koka Deposit
. Social & Environmental Impact Assessment (SEIA) and the Social & Environmental Management Plan (SEMP) for the Koka Gold Project in Eritrea completed and lodged, paving the way for the Company to secure a Mining Licence
. Discussions commenced with the Eritrean Government on the terms of a Mining Agreement covering the Koka Project
. Diamond drilling completed at first near-mine prospect, Konate, returning some encouraging intersections including 7m@22.34 g/t Au, 4m @ 11.65g/t Au and 3m @ 12.79g/t Au
. Imminent co-listing on the Toronto Stock Exchange (TSX)
Overview
During the Quarter, Chalice Gold Mines Limited (ASX: CHN) continued to make significant progress towards building a substantial East African-focused gold company with key activities including a step up in near mine exploration and completion of the
Social and Environmental Impact Assessment for development of its flagship 840,000oz Koka Gold Project, part of the broader Zara Project in Eritrea.
'The Company has turned its attention to near mine exploration activities within the highly prospective 6km long corridor extending from Koka to the Konate-Fah area some 5km to the south. A major new deep-penetration Induced Polarisation (IP) survey commenced last week over an area of 12km2 within this corridor, designed to reveal new targets with the potential to host repeats of the Koka mineralisation.
Initial drilling has also returned some encouraging results from the Konate prospect.
'The completion and lodgement of social and environmental reports represents a key step towards securing a Mining Licence for the Koka Deposit in 2011.
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