Chalice Gold Mines - Receipt of deferred consideration

Symbol:                    ASX: CHNTSX:  CXN

Shares outstanding:              282 million

Fully diluted:                            292 million

PERTH, Western Australia, Jan. 21, 2016 /CNW/ - Chalice Gold Mines ("Chalice" or "The Company") ASX:CHNTSX:CXN is pleased to advise that it has received the deferred consideration of US$2 million from China SFECO Group following first gold pour from the Zara Gold Project in Eritrea.

The US$2 million represents the final tranche for the sale of Chalice's interest in the Zara Gold Project.

SOURCE Chalice Gold Mines Limited

Tim Goyder, Managing Director, Chalice Gold Mines Limited, Telephone [phone]