CHALICE MINING LIMITED — Investor Presentation 2012

Nov 29, 2012

Cashed up for growth and opportunity:

• Cash : $55M net cash following 10c capital return

• :

• Today’s exploration upside Large VMS system discovered in Eritrea

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• Tomorrow’s potential Seeking advanced projects

Disclaimer and Competent Person’s Statement

This presentation does not include all available Information on Chalice Gold Mines Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Gold Mines Limited Annual Reports and to ASX releases and take independent professional advice before considering investing in the Company.

For further information about Chalice Gold Mines Limited, visit the website at www.chalicegold.com

The information in this report that relates to Exploration Results 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 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and consents to the release of information in the form and context in which it appears here.

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 realization 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 current 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.

Slide: 2

Chalice Snapshot

A new chapter opens following sale of Eritrean gold asset for $114M

Capital Structure:

Share Price	~A$0.32
Shares on Issue	250 million
Market Capitalisation	~A$80 million (=32cps)
Options on Issue	5 million
Debt	-
Cash	~A$80 million
Capital Return –Record Date: 10 Dec 2012	A10cps (A$25 million)

• $55M cash following 10cps capital return

• New Managing Director appointed

• Targeting advanced new resource assets globally

• Highly leveraged to emerging VMS discovery in Eritrea – drilling continuing

• Strong share register , experienced Board & Management team

Board and Senior Management

Tim Goyder	Executive Chairman
Dr Doug Jones	Managing Director
Anthony Kiernan	Non-Exec Director
Stephen Quin	Non-Exec Director
Richard Hacker	CFO
Dr Harry Wilhemij	Exploration Manager
Experienced mining executive Bill Bent commencing as MD in February 2012 to drive business development and growth strategy. Dr Doug Jones to become Technical Director.

Current Regional Focus: the Arabian-Nubian Shield

Strong strategic foothold in one of the world’s exploration “hot spots”

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• Long mining history (+1,000 recorded ancient copper and gold mines)

• Minimal modern exploration

• World-class projects now being developed

Current Ground Position - Eritrea

Mogoraib North tenement encompasses outstanding exploration potential…

Zara Gold Project recently divested to China SFECO Group and ENAMCO for combined proceeds of $114M, leaving Chalice with the highly prospective Mogoraib North VMS Project.

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555 km² granted tenure
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Mogoraib North: On the Doorstep of a Giant

555 sq km tenement secured in early 2011 – immediately north of Bisha Mine

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BISHA VHMS MINE

• 2011 production: 379koz gold, copper expansion under construction

• 12 years of reserves, one of highest grade open pit mines in the world

Mogoraib North: On the Doorstep of a Giant

On the doorstep of one of the world’s premier new VMS mines

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VMS Geological Model

VMS deposits are created by volcanic-associated hydrothermal events in submarine environments

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• VMS deposits are a major source of global copper, zinc and lead production

• Most significant VMS deposits occur in clusters or camps, e.g.:

• Flin Flon (Manitoba) – 154 Mt contained in over 27 deposits, primarily copper, zinc and gold (camp discovered 1922)

• Kidd Creek (Abitibi, Ontario) – 149.3Mt @ 2.89% Cu, 6.36% Zn, 0.22% Pb, 92g/t Ag, 0.05g/t Au (deposit discovered 1963)

• Golden Grove (WA) – 65Mt @ 2% Cu, 3.5% Zn, 35g/t Ag, 0.7g/t Au (discovered 1971)

• Bathurst (New Brunswick) – 229.8Mt @ 0.46% Cu, 7.66% Zn, 3.01% Pb, 91g/t Ag, 0.46g/t Au (camp discovered 1952)

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Mogoraib North – A Major New VMS System

A highly prospective project which has recently delivered a new discovery for Chalice

• 555 sq km tenement 10km north of Bisha deposit

• Volcanogenic Massive Sulphide (VMS) ‘horizons’ trend north under transported cover into CHN ground

• Numerous bedrock conductor targets identified by ~3,825 line km VTEM survey flown in 2011

• Follow-up ground geophysics and soil geochem used to refine targets

• T209 VMS system discovered beneath cover in October 2012

• Gold potential along major structures

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Mogoraib North – 2012 Exploration Program

Sulphides intersected in 20th EM target to be drilled after lots of black shales!

• 30 priority conductor plates selected from >200 EM targets identified from initial interpretation of VTEM

• VTEM targets further screened and prioritised by ground checking and gravity – looking for coincident conductor plus gravity high

• Soil sampling and geological mapping:

• Area C gold target

• Lokage Gossan

• Systematic diamond drilling of prioritised targets

• Discovery of T209 VHMS system beneath transported cover

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T209 Discovery

A virgin discovery beneath shallow transported cover

• Disseminated, stringer & massive to semi-massive sulphides intersected in wide-spaced holes over 5km

• MOGD-00021 – Zn & Cu-rich sulphide intersection:

• 145-150m: 5m @ 0.86% Cu, 1.33% Zn, 0.1g/t Au, 7.48g/t Ag (including 1m at 1.03% Cu, 2.3% Zn)

• 154.5-157m: 2.5m @ 0.49% Cu, 1.18% Zn, 0.28g/t Au, 8.22g/t Ag (including 1m at 1.25% Cu, 2.55% Zn)

• Ground and down-hole EM to commence shortly

• better resolution and depth penetration than airborne VTEM survey.

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Residual Gravity Image
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RTP Magnetic Image

T209 Massive Sulphides – MOGD-00021

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Mogoraib North – Area C

Gold Potential

• Quartz vein system associated with porphyry dyke swarm

• Artisanal mining

• Coincident Au-Bi-Te-Mo anomalism in soils

• Similar geochemical signature to Koka gold deposit

• Classic geochemical signature of Intrusive-Related Gold Systems (IRGS)

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Mogoraib North – Area C

Soil Geochemistry

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Au Bi
Te Mo
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Capacity to secure quality new opportunities with potential to add significant value

Business Development Focus

• Aiming to put $55 million to work

• Preference for advanced or development stage opportunities with growth potential

• Preference for gold or gold-copper (± silver) but will consider other commodities on project-specific merits

• Initial focus on Africa but prepared to consider other jurisdictions

• Looking for >80% available equity

• Changes made to Board and Senior Management to drive future business development strategy – appointment of Bill Bent as MD (Feb 2013)

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Summary: A New Chapter Begins

Cash, Exploration Upside, Opportunity

• Divestment of Zara Project completed

• $80M net proceeds from sale

• Cash-backing = 32cps

• 10cps capital return to shareholders (subject to shareholder approval)

• VHMS & gold targets at Mogoraib North

• Hunt for new opportunities underway

• Board changes to drive growth strategy

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Summary: A New Chapter Begins

Cash, Exploration Potential, Opportunity

AUSTRALIA Bell Potter Trent Allen E: tcallen@bellpotter.com.au T: +612 9231 0880

Paterson Securities Limited

Simon Tonkin

E: STonkin@psl.com.au T: +618 9225 2816

Black Swan Mark Savich E: msavich@blackswanequities.com.au T: +61 8 9346 0320

EUROPE RFC Ambrian Partners Limited Duncan Hughes E: duncan.hughes@rfcambrian.com T: +44 (0) 20 3440 6820

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