Chalice Gold Mines Limited - Press Release

Symbol:  ASX: CHN TSX:  CXN
Shares outstanding:    250 million
Fully diluted: 255 million

PERTH, Western Australia, Jan. 24, 2013 /CNW/ - Chalice Gold Mines ("the Company") ASX:CHN TSX:CHN advises that its Activity and Cash Flow Reports for the quarter ended December 31, 2012 have been issued today.  The full texts of these reports are available at the Company's website www.chalicegold.com and under the Company's profile at www.sedar.com.

Quarterly Highlights

  • Massive sulphide discovery at Mogoraib River prospect, within >6km strike of prospective VMS trend, suggesting the potential for a significant VMS system similar to the nearby world-class Bisha Mine.
  • Down-hole EM at Mogoraib River suggests that drilling to date has only intersected the up-dip portion of a very strong conductor that lies below and to the north of existing drilling.
  • Ground and down-hole EM underway to outline the extent of mineralisation and to assist in vectoring in on higher grade zones.
  • Drilling at Mogoraib River set to commence in late February 2013.
  • Chalice returns $25M to shareholders following the sale of the Zara Project to China SFECO Group.
  • Experienced mining executive Mr Bill Bent appointed as Managing Director to lead the Company through its next phase of growth, commencing February 2013.

SOURCE: Chalice Gold Mines Limited

For further information:

Tim Goyder, Executive Chairman
Dr Doug Jones, Managing Director
Chalice Gold Mines Limited
Telephone +61 9322 3960

For media inquiries, please contact:

Nicholas Read
Read Corporate
Telephone: +618  9388 1474