News:Chalice Gold Mines

Hello Mardo,
As you say, not a lot of risk at these prices. But I'm afraid I'm getting confused with management of late. They said last month in their Quarterly Report regarding Eritrea "base and precious metal grades continue to be sub-economic. On the basis of these results, Chalice has made the decision to exit the Mogoraib North JV and wind up operations in Eritrea".
Previously (in February 2014) they had advised "Drilling confirms discovery of new Cu-Zn VMS system. Encouraging results with strong similarities to North West Zone on adjacent Bisha property".
Then in March this year the company embarked upon a share buy-back and proceeded to buy on market at 15cents and 15.5 cents. A month later the buying ceased despite shares being available at less that they were previously bought. Last month's Quarterly Report glibly informs us "10,036,591 have been acquired to date (of the 25m. originally announced) under the buy-back at an average price of 15.28c. for a total of $1,554,356 .......... Chalice will continue to assess the merits of this capital management initiative as market conditions evolve".
So, what's the inference there? Blowed if I know.
What keeps me holding is the fact that Executive Chairman Tim Goyder still holds his 41m. shares, having topped up 6.8m. shares 12 months ago (buying at 17c. - he must have thought that they were worth it at the time). Managing Director Bill Bent has also made share purchases since he was appointed to that position.
Just hoping that my judgement isn't too misplaced.

MM