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PERTH, Western Australia, July 23, 2014 /CNW/ Chalice Gold Mines ("The Company") ASX:CHN TSX:CXN is pleased to advise that it has acquired the Dubenski Gold Deposit in Ontario Canada for C$700,000 by successfully renegotiating an existing option agreement. The acquisition gives Chalice 100% ownership of the gold deposit located within 10km of the Cameron Gold Project.

SOURCE Chalice Gold Mines Limited

A consideration payment of C$700,000; and

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The key terms and conditions of the Acquisition include:

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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.

Dubenski is located on Chalice West Cedartree Project, less than 10km to the west of the Cameron Gold deposit and provides an important additional potentially open pittable source of material to the existing Resources at the Cameron Project.

payment on all gold production mined in excess of 70,000 ounces (being US$13 per ounce where the gold price is less than or equal to US$1,500 per ounce and US$16 per ounce where the Gold price is greater than US$1,500 per ounce).

BILL BENTCompetent Persons and Qualified Person Statement

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Adidas Sl Loop Runner Trail Granite

The previous option agreement with the vendor included an exercise price of C$3,500,000 (exercisable on or before April 30, 2017) plus a 2.5% Net Smelter Royalty. The Dubenski deposit contains an Indicated Resource of 806,000 tonnes at 2.28 g/t for 59,000 ounces and an Inferred Resource of 392,000 tonnes at 1.44 g/t for 18,200 ounces at a cut off grade of 1g/t to a depth of 150m below surface.

The Dubenski Project consists of two contiguous mining leases covering 377 ha within the West Cedartree Project.

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Forward looking statements relate to future events or future performance and Adidas Sl Loop Runner Trail Granite reflect Company management 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 realisation 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.

Chalice Bill Bent said, "We are very pleased to have renegotiated the acquisition of the Dubenski deposit on favourable terms. Dubenski will make an important contribution to our goal of continuing to grow and enhance the Cameron Gold Project by securing additional high grade ounces in the region both through exploration success and acquisition."

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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. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially Adidas Sl Loop Runner Grey

The transaction is conditional upon any approvals and consents that may be necessary under the legal and regulatory regime to which the Dubenski Gold Deposit is subject.

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information relating to the mineral resource estimates reported herein for Dubenski is derived from the sections of the Technical Report dated February 5, 2014 prepared for Coventry Resources Limited by Mr. Peter Ball of Datageo Geological Consultants who is a Chartered Professional and Member of the Australasian Institute of Mining and Metallurgy. Mr. Ball has sufficient experience in the field of activity being reported to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and is a Qualified Person under National Instrument 43 101 of Disclosure for Mineral Projects The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Mr. 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.

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Gold mineralisation at Dubenski is hosted by a sub vertical shear zone over a strike of 400m that is up to 20m wide and has been delineated to a vertical depth of more than 150m. The mineralisation consists of fine grained pyrite and free gold associated with carbonate, sericite, silica and locally, fuchsite alteration within strongly deformed mafic volcanic rocks. The mineralisation is open in all directions.

Chalice acquires the Dubenski Gold Deposit

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Adidas Sl Loop Runner Trail Granite

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