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CHALICE MINING LIMITED — Capital/Financing Update 2009
Dec 28, 2009
64649_rns_2009-12-28_61adbf91-5c4a-40ed-a8de-265835f3bf7d.pdf
Capital/Financing Update
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Investment in London Africa Ltd
Chalice Gold Mines Limited ABN 47 116 648 956
CHALICE GOLD MINES LIMITED (ASX:CHN) has agreed to invest in the United Kingdom based London Africa Limited (“London Africa”) which holds a number of prospecting licences in Eritrea.
Chalice will subscribe for 1.6M shares in London Africa at 12.5p per share for GBP200,000 (A$358,000) which will give Chalice an 11.8% interest in the Company. The funds will be applied to a work program currently being undertaken and managed by London Africa.
29 December 2009
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The London Africa tenements cover 1,562 square kilometres in the prospective Akordat-Orata area in Eritrea.
INVESTMENT HIGHLIGHTS
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TIM GOYDER Executive Chairman
High grade gold deposit (944,000 oz @ 5.8 g/t)
Scoping study completed 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]