Chalice files updated 43-101 Technical Report

Symbol:                  ASX: CHN TSX: CXN
Shares outstanding:              287 million
Fully diluted:                         291 million

PERTH, Western Australia, July 28, 2014 /CNW/ - Chalice Gold Mines ("Chalice" or "The Company") ASX:CHN TSX:CXN advises that it has today filed an updated and revised Technical Report and Mineral Resource estimate (Table 1) on the Company's Cameron Gold Camp Project in Canada with the Canadian securities regulators. 

The report has been prepared in accordance with Canadian National Instrument 43-101 and forms part of the Company's ongoing disclosure obligations for its listing on the Toronto Stock Exchange and is also in accordance with JORC Code (2012 Edition).

A copy of the report can be obtained from SEDAR at www.sedar.com or from the Company's website at www.chalicegold.com.

Cameron Gold Camp Project Background
The Cameron Gold Camp Project is an advanced exploration project located in the southern part of western Ontario approximately 80 kilometres south-east of the town of Kenora.  The Project currently consists of two project areas namely Cameron and West Cedartree, both owned 100% by the Company. The Cameron gold deposit lies within the Cameron project area whilst Dubenski and Dogpaw are located 8-10km west of the Cameron deposit on the West Cedartree tenements (Figure 1). 

The combined Mineral Resources for the three deposits comprising the Cameron Gold Camp Project at cut-off grades appropriate to location for open cut and underground mining are summarised in Table 1.

This revised Mineral Resource estimate for the Cameron Gold Camp Project updates and replaces previously reported Mineral Resources announced by previous project owners Coventry Resources Inc. for the Cameron and Dubenski gold deposits dated 5 July, 2012 (JORC 2004 compliant) and the Dogpaw gold deposit dated 13 May, 2013 (JORC 2012 compliant).

The data, interpretation and techniques utilised in the estimates for the Mineral Resources are summarised in Appendix 1.

Table 1: Cameron Gold Camp Project Mineral Resource Statement at cut-off grades appropriate to location for open cut and underground mining.

*Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.

Qualifying and Competent Person Statement

The information relating to the Mineral Resource estimates reported herein for the Cameron Gold Camp Project is derived from the sections of the Technical Report dated 28 July 2014 prepared for Chalice Gold Mines Limited by Mr. Peter Ball of Datageo Geological Consultants who is a Chartered Professional and Member of the Australasian Institute of Mining and Metallurgy. Mr Peter Ball is a consultant to the Company and is an independent Qualified Person as that term is defined in National Instrument 43-101. Mr. Ball has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 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. Mr. Ball consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results in relation to the Cameron Gold Camp Project (within the Technical Report dated 28 July 2014) 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 2012 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.

(signed)

BILL BENT
Managing Director

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, except as required by law or regulation.

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 realisation of mineral reserve estimates, the likelihood of exploration success, 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 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, as well as those factors detailed from time to time in the Company's interim and annual financial statements, all of which are filed and available for review on SEDAR at 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.

Image with caption: "Figure 1: Location of the Cameron Gold Camp Project and the Cameron, Dubenski and Dogpaw deposits (CNW Group/Chalice Gold Mines Limited)". Image available at: http://photos.newswire.ca/images/download/20140728_C3961_PHOTO_EN_4500.jpg

PDF available at: http://stream1.newswire.ca/media/2014/07/28/20140728_C3961_PDF_EN_4501.pdf

SOURCE: Chalice Gold Mines Limited