CHALICE
DIAMOND CORP.
#711 – 675 West
Hastings Street, Vancouver,
B.C. V6B 1N2 Telephone: 604-685-2222 Fax: 604-685-3764
TSX-V: COD
www.chalicediamonds.com
FOR IMMEDIATE
RELEASE
November 29, 2007
LEESON PROPERTY ACQUIRED
Chalice
Diamond Corp. (TSX-V: COD) is pleased to announce, subject to
regulatory approval, the acquisition of a 100% interest in the Leeson Property,
located in Leeson & Rennie Townships, Sault Ste. Marie Mining Division,
approximately 85 km northeast of Wawa,
Ontario. Consideration for the Property consists of $15,000 upon receipt
of regulatory approval and 100,000 shares, payable within 30 days of regulatory
approval. There is a 3% net smelter return payable, two-thirds of which
(2%) may be purchased for $2,000,000. If the Optionee recovers a diamond
in an outcrop that is over 0.25 carats in size during the sampling process, the
Optionee shall make a one-time bonus payment to the Optionor in the amount of
$100,000 and 200,000 common shares of the Optionee.
The
property is accessible by road and is adjacent to the past producing Renabie
gold mine. The Renabie Mine was the largest producing gold mine in the
Michipicoten greenstone belt. The Company will complete a compilation of
existing geological data to assess the potential for gold and diamonds.
Ground geophysical and geochemical surveys will be used to identify potential
targets for testing by trenching or drilling.
About
Chalice Diamond Corp.
Chalice
Diamond Corp. is a spin-off company from Golden Chalice Resources Inc. and, in
conjunction with joint venture partners, holds a large prospective diamond area
play lying between Chapleau and Wawa,
Ontario.
CHALICE
DIAMOND CORP.
On behalf of the Board of Directors
/s/
“Richard Hughes”
Richard
Hughes, Chairman
For Further Information Contact: The Hughes
Exploration Group
Phone: (604) 685-2222 or visit Chalice
Diamond’s web-site: www.chalicediamonds.com
This
document contains certain forward looking statements which involve known and
unknown risks, delays and uncertainties not under the corporation’s
control which may cause actual results, performance or achievements of the
corporation to be materially different from the results, performance or
expectation implied by these forward looking statements.
The
TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this news release.
