Chalice Gold Mines Limited - March 2014 Quarterly Report and Cashflows

Symbol:                    ASX: CHNTSX:  CXN

Shares outstanding:              287 million

Fully diluted:                          292 million

PERTH, Western Australia, April 30, 2014 /CNW/ - Chalice Gold Mines ("The Company") ASX:CHNTSX:CXN advises that its Activity and Cash Flow Reports for the quarter ended March 31, 2014 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

• Chalice completed the acquisition of the Cameron Gold Camp Project and Rainy River Project in Ontario, Canada from Coventry Resources by Plan of Arrangement for 46 million Chalice Shares.
  
• VTEM and aeromagnetics have been flown over the Cameron Project to close the gaps identified in the geophysical information.
  
• RC till sample drilling has commenced at the Cameron Project over the Jupiter anomaly, aimed at better definition of the anomaly and identification of potential drill targets.
  
• Diamond drilling will commence at prioritised drill ready targets within a 5km to 10km radius of the Cameron deposit during May, targeting potentially open pittable resources.
  
• An RC till sampling drilling program was completed at the Rainy River Project during the quarter focusing on several existing priority anomalies with results expected during calendar Q2.
  
• Following the success of the last round of exploration at the Webb Diamond Project in Western Australia, Chalice has increased its stake in GeoCrystal Limited to 24%.
  
• Chalice's balance sheet remains strong with cash of A$50M at 31 March 2014.

SOURCE: Chalice Gold Mines Limited

Tim Goyder, Executive Chairman, Bill Bent, Managing Director, Chalice Gold Mines Limited, Telephone [phone]; For media inquiries, please contact: Nicholas Read, Read Corporate, Telephone: [phone]