Chalice Gold Mines (CXN-T) July 27, '16 advises that advises that its Activity and Cash Flow Reports for the quarter ended June 30, 2016 have been issued today. The full texts of these reports are available at the Company's website www.chalicegold.com and under the Company's profile at www.sedar.com.
Quarterly Highlights:
Sale of the Cameron Gold Project in Canada to First Mining Finance (FF-V) for 32.26M shares in First Mining, unlocking significant value for the Company.
Chalice's investment in First Mining had a market value of ~A$25M at June 30, 2016. Therefore, at financial year-end, Chalice had net cash and investments totalling ~A$63M (or 22c per share).
At closing on July 26, 2016, the First Mining shares were worth ~A$35M, A$10M more than on June 30.
Subsequent to Quarter-end, Chalice commenced a share buy-back for up to 28.3M shares within 12 months.
Low-cost and potentially high-impact exploration initiative continues to ramp-up with drilling to commence as soon as possible at the Warrego North project in the Tennant Creek Mineral Field of the Northern Territory.
Significant ground positions secured in two of the world's premier gold provinces with further applications and claims staked in the Yilgarn Craton of Western Australia and the Abitibi Terrane in Canada.
Agreements executed for the sale of two non-core exploration projects, Ardeen and Gnaweeda.
Chalice continues to target additional high-potential opportunities globally.
Appointment of respected Australian mining executive Morgan Ball as a non-executive Director.
SOURCE Chalice Gold Mines Limited
Tim Goyder, Managing Director,
Richard Hacker, CFO,
Chalice Gold Mines Limited,
Telephone +618 9322 3960
chalicegold.com |
