Chalice Gold Mines Limited - September 2013 Quarterly Report

Oct 29, 2013, 05:11 ET from Chalice Gold Mines Limited

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

PERTH, Western Australia, Oct. 29, 2013 /CNW/ - Chalice Gold Mines ("the Company") ASX:CHN TSX:CHN advises that its Activity and Cash Flow Reports for the quarter ended Septmber 30, 2013 have been issued today.  The full texts of these reports are available at the Company's website and under the Company's profile at

Quarterly Highlights

  • Chalice took the first step towards building a portfolio of quality assets during the Quarter through a proposed merger with Coventry Resources Inc. by way of a Statutory Plan of Arrangement comprising 1 Chalice Share for every 1.78 Coventry Shares.

  • The proposed merger will combine Chalice's strong technical team and financial capacity with Coventry's quality Cameron gold deposit located in Ontario, Canada. The Cameron Project hosts Measured and Indicated Resources of 567,000oz at 2.45g/t and an Inferred Resource of 829,000oz at 2.11g/t.

  • Two Australian exploration deals were successfully completed during the Quarter, both with high quality "drill-ready" exploration targets in prospective, low-risk mineral provinces:

    • Chalice took a 10% placement in GeoCrystal Limited's Webb Diamond Project in Western Australia, with options to earn up to 19.9%. Drilling is currently underway; and

    • Chalice signed a joint venture (JV) with Uranium Equities Limited (UEQ), securing the right to earn up to 70% in the Oodnadatta and Marla IOCGU Projects in South Australia, by funding $5.5M in exploration. Drilling is expected to commence in early November 2013.

  • Chalice's balance sheet remains strong with cash of A$54.6M at September, 30 2013

SOURCE Chalice Gold Mines Limited