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CHALICE MINING LIMITED — Capital/Financing Update 2010
May 20, 2010
64649_rns_2010-05-20_471087cb-aa06-4fbf-97b7-48cdb339aaf3.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
Increased investment in London Africa
Chalice Gold Mines Limited ABN 47 116 648 956
Chalice Gold Mines Limited (ASX:CHN) advises that it has increased its investment in unlisted United Kingdom based London Africa Limited (“London Africa”) from an 11.8% interest to a 20% interest.
Chalice has subscribed for a further 1.4 million shares in London Africa at 12.5p per share for £175,000 (~A$304,000). The funds will be applied to a continuing work program currently being undertaken and managed by London Africa.
21 May 2010
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The London Africa prospecting licences cover 1,562 square kilometres in the prospective Akordat-Orata area in Eritrea and are contiguous to Chalice’s Zara Gold Project (Figure 1).
INVESTMENT HIGHLIGHTS
Feasibility study scheduled for completion by July 2010
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Medium term production potential
Large underexplored ground position with potential for discovery of additional resources
TIM GOYDER Executive Chairman
21 May 2010
Chalice Gold Mines Limited, Level 2, 1292 Hay Street, West Perth, Western Australia T: +618 9322 3960 F: +618 9322 5800 E: [email protected]
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Figure 1: London Africa Prospecting Licences in relation to the Zara Project
Chalice Gold Mines Limited, Level 2, 1292 Hay Street, West Perth, Western Australia T: +618 9322 3960 F: +618 9322 5800 E: [email protected]