merger, page-6

CHALICE GOLD MINES AND SUB-SAHARA RESOURCES – MERGER UPDATE
• Sub-Sahara Scheme Booklet lodged with ASIC.
• Funds advanced by Chalice Gold Mines to Sub-Sahara to allow time-critical exploration
activities of the Pre-Feasibility and Feasibility Studies, due for completion by October 2009
and May 2010 respectively, at the Zara Gold Project, Eritrea.
Chalice Gold Mines Limited (ASX: CHN – “Chalice”) and Sub-Sahara Resources NL (ASX: SBS – “Sub
Sahara”) are pleased to provide the following update on the progress of the proposed merger
between the two companies and the on-going work programme in Eritrea.
The proposed merger is designed to consolidated ownership and fund ongoing development of the
high-grade 944,000oz Zara Gold Project in Eritrea, East Africa, combining Chalice’s strong cash
position with Sub Sahara’s 69% interest in the Project.
The merger, together with a separate transaction with Africa Wide Resources Limited, will see
Chalice secure an 80% interest in the Zara Project as the basis for a long-term exploration and
development strategy in the Arabian-Nubian Shield – an emerging gold and base metal province.
Scheme Booklet and Indicative Timetable
Sub-Sahara has advised that the Scheme Booklet in relation to the proposed merger has been lodged
with the Australian Securities and Investments Commission (ASIC) for its review.
A revised indicative timetable to completion of the merger is as follows:
Lodgement of Scheme Booklet with ASIC 2 June 2009
First Court Hearing 18 June 2009
Despatch of Notice of Meeting and Scheme Booklet to SBS
Shareholders
23 June 2009
First Scheme Meeting 22 July 2009
Second Court Hearing 30 July 2009
Lodging Court Order with ASIC 6 August 2009