Chalice Gold Mines Limited - December 2013 Quarterly Report

Symbol:  ASX: CHN TSX:  CXN
Shares outstanding:    251 million
Fully diluted: 259 million

PERTH, Western Australia, Jan. 31, 2014 /CNW/ - Chalice Gold Mines ("The Company") ASX:CHN TSX:CXN is pleased to announce that its Activity and Cash Flow Reports for the quarter ended December 31, 2013 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

  • Chalice announced a revised deal structure by Plan of Arrangement to acquire a 100% interest in the Cameron Gold Camp Project in Ontario, Canada from Coventry Resources Inc. for 46 million Chalice Shares. The transaction is expected to be completed on or around 7 February 2014.

  • The Cameron Gold Camp Project hosts the Cameron Gold Deposit, with measured and indicated mineral resources of 567,100oz at 2.45 g/t, comprising of measured mineral resources of 213,400oz at 2.68 g/t and indicated mineral resources of 353,700oz at 2.33 g/t, plus an inferred mineral resource of 830,100oz at 2.11 g/t (excluding the Dubenski and Dogpaw deposits) as set out in the Revised Technical Report on the Cameron Gold Camp Project, published by Coventry Resources in February 2013.

  • The focus for 2014 at the Cameron Project will include optimising and increasing the resources potentially amenable to open pit extraction through pit optimisation and near-mine exploration, as well as continuing to progress critical path project development activities.

  • Drilling commenced at GeoCrystal Limited's Webb Diamond Project in Western Australia and Uranium Equities Limited's Oodnadatta and Marla IOCG Copper-Gold Projects in South Australia.

  • Chalice's balance sheet remains strong with cash of A$55M at 31 December 2013.

SOURCE Chalice Gold Mines Limited

For further information:

Tim Goyder, Executive Chairman 
Bill Bent, Managing Director
Chalice Gold Mines Limited 
Telephone +61 9322 3960

For media inquiries, please contact:
Nicholas Read
Read Corporate 
Telephone: +618  9388 1474