Challenger Gold

ASX: CEL Challenger Gold Limited is developing two of its key gold/copper projects in South America. 1. Hualilan Project Located in San Juan Province Argentina, is a near term development opportunity. It has extensive historical drilling with over 150 drill-holes and a Non-JORC historical resource (#1) of >500,000 Oz @ 10 g/t gold which remains open in most directions. In the 15 years prior to being acquired by CEL the project was dormant. CEL’s focus over the coming 12 months will be to redefine the scope of the Hualilan Project to better determine the best means of development to seek to achieve early cash-flows. 2. El Guayabo Project Last drilled by Newmont Mining in 1995 and 1997 targeting gold in hydrothermal breccias. Historical drilling has demonstrated potential to host significant copper and associated gold and silver mineralisation. Historical drilling has returned a number of intersections of plus 100m of intrusion related breccia and vein hosted mineralization including 112m @ 0.6% Cu+ 0.7 g/t Au + 14.7 g/t Ag and 156m @ 2.6 g/t Au + 9.7 g/t Ag + 0.2% Cu. The Project has multiple targets including breccia hosted mineralization, an extensive flat lying late stage vein system and an underlying porphyry system target neither of which has been drill tested.