Chalice Profile

Chalice Gold Mines Limited is focused on gold mine development and exploration in Eritrea. It is developing, together with its 40% partner ENAMCO (the Eritrean National Mining Corporation), the high grade, open pit Koka Gold Deposit. The Koka Gold Deposit hosts a JORC and NI 43-101 compliant Probable Mineral Reserve of 4.6 million tonnes with a grade of 5.1 g/t gold, containing 760,000 ounces.

The low cash operating cost of US $338/oz gold is expected to be in the lowest quartile of global gold mine production costs. Planned mine production will average 104,000 gold ounces per year over a seven year mine life.

The Koka Gold Deposit lies within the 547 square kilometre Zara block of Exploration Licences where Chalice currently has an active drilling program underway to test IP resistivity targets along strike from the Koka deposit.

Chalice also holds 100% of a further 825 square kilometres of exploration ground consisting of the Hurum license along strike from the Zara licences, and the Mogoraib North Licence proximal to Nevsun’s Bisha Mine. This extensive exploration package hosts numerous, high potential, early and advanced stage gold and base metal exploration targets. Chalice is undertaking a systematic exploration effort on these licences with the aim of discovering significant new deposits.