Ann: Investor Presentation, page-30

Hi Eshun

I think you need to research AUC a little more before committing money. Specifically, my understanding from reading old AUC announcements is that Chalice's 10% stake was what AUC paid them for the tenement.

As such, in that light the 10% AUC interest is not a sign of CHN interest but that they decided the tenement is not the type of big high grade mine (like the $80m mine sale of years ago) that they want to develop, and they sold it off instead of further exploring and developing.

Seems a good deal for CHN, they got 55m shares and 10m options in AUC, they don't have to spend any further cash or focus on this but can get significant revenues from it if AUC makes it a success.

AUC could still be good, shallow open pit mines are obviously relatively cheap and easy to start, I'm just saying that you're interpreting the data point of CHN having a stake in the wrong context.

Not too keen on NAG, big market cap with no proven finds just a land grab, and they seem to have been more of a landfill than professional explorers until now.

SVY likewise has a bigish cap with no proven finds, but they are closingcin on what may or may not be a big potential find and seem more professional.

I like CHN in that their cap is entirely backed by cash, that's awesome for an explorer as they are usually begging for cash. Proven history of previous successes, and a few tenements with potential, I can't see much risk to leaving cash in them and a lot of upside.