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CHALICE MINING LIMITED — Capital/Financing Update 2009
Dec 28, 2009
64649_rns_2009-12-28_6e38c017-2194-4b2d-901b-98d3db1b91f8.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
Sale of Wilga Gold Project to AngloGold Ashanti Australia Limited
Chalice Gold Mines Limited ABN 47 116 648 956
Chalice Gold Mines Limited (ASX: CHN) advises that it has agreed to sell its interest in the Wilga Joint Venture to AngloGold Ashanti Australia Limited (ASX: AGG) for $20,000. In addition, Chalice retains a 1.5% Net Smelter Return interest in possible future production capped at $1.5 million.
The Wilga Joint Venture covers Exploration Licence 39/1003 and Prospecting Licence 39/4890 in the Eastern Goldfields of Western Australia, approximately 55 kilometres south of Laverton and 10 kilometres southeast of AGAA’s Sunrise Dam Gold Mine. These have been subject to a Joint Venture between Chalice and AGAA whereby the latter had the option of earning a 75% interest in the properties by the expenditure of $2 million over four years. Despite an intensive exploration program, including a substantial amount of Aircore and Reverse Circulation drilling, no significant gold mineralization was located. However large quantities of water were encountered in the drilling and, given the proximity to the Sunrise Dam operation, this is of potential future value to AAGA.
The sale is subject to typical conditions precedent for transactions of this nature and third party, including Ministerial consents.
29 December 2009
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ZARA PROJECT, ERITREA INVESTMENT HIGHLIGHTS
High grade gold deposit (944,000 oz @ 5.8 g/t)
Scoping study completed
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DR DOUG JONES Managing Director 29 December 2009
Feasibility study by Mid-2010
Medium term production potential
Large underexplored ground position with potential for discovery of additional resources
Chalice Gold Mines Limited, Level 2, 1292 Hay Street, West Perth, Western Australia T: +618 9322 3960 F: +618 9322 5800 E: [email protected]
Chalice Gold Mines Limited, Level 2, 1292 Hay Street, West Perth, Western Australia T: +618 9322 3960 F: +618 9322 5800 E: [email protected]