• Chalice and Sub‐Sahara on track to complete the merger of the two companies in August 2009. • Major elements of an immediate work program have commenced to rapidly advance the Zara Gold Project, Eritrea to feasibility. • Planning well advanced for 5,000m diamond drilling program to commence at Zara immediately on completion of the merger. • Chalice provides Sub‐Sahara with a loan facility to enable the advancement of timecritical elements of the Scoping and Feasibility Studies for the Zara Project. • Internationally recognised consortium of consultants led by Lycopodium Minerals and with extensive African experience appointed to conduct the Scoping Study and Feasibility Study for the Koka Deposit. • Revised resource estimate completed outlining 5.04 million tonnes at an average grade of 5.8 g/t gold for 944,000 ounces gold at a cut‐off of 1.2g/t at the Koka Deposit
SBS Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
