VANCOUVER, BC – June 15, 2011 – Chalice Diamond Corp. (TSX-V:COD) (the “Company”) is pleased to announce that it has reached an agreement to settle outstanding amounts owed to it by Klondike Gold Corp (“KG-V”) and Amador Gold Corp (“AGX-V”).
KG-V has agreed to repay COD $429,000, in the form of: $200,000 in cash, or shares at current market price (based on a 15 day trading average) and 750,000 shares of KG-V payable upon Exchange approval. If KG-V elects to repay in the form of cash, the $200,000 cash amount will be disbursed as follows: $50,000 upon Exchange approval and $50,000 on each of the next three anniversary dates.
AGX-V has agreed to settle its debt of $192,000 in the form of: $50,000 cash, or shares at current market price (based on a 15 day trading average) and 700,000 shares of AGX-V payable upon Exchange approval. In the event AGX-V elects to pay the $50,000 in the form of cash the monies will be disbursed as follow: $25,000 upon Exchange approval and $25,000 on or before the six month anniversary date.
For further information contact:
Rasool Mohammad, President & CEO
Phone: (604) 639-4533
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.