June 23, 2011 adminsns

Chalice Diamond Closes Private Placement

Vancouver, BC – June 23, 2011 – Chalice Diamond Corp. – COD:TSX-V (“Chalice” or the “Company”) announces that further to the Company’s news release dated June 16, 2011 the Company received TSX-V approval on June 23, 2011 and closed its private placement with 4,303,330 NFT units (the “NFT units”) and 3,180,000 flow-through units (the “FT units”) for gross proceeds of $1,281,499.50. A finders’ fee of $108,500 was paid from the proceeds.

Each NFT unit and FT unit consisted of one common share and one-half of one non-transferable common share purchase warrant. Each full warrant entitles the holder to purchase one additional non flow-through common share of the company at an exercise price of $0.30 for two years from the date of issue of the warrant.

All securities issued will be subject to a four month hold period. Proceeds from the flow-through portion of the placement will be applied to Chalice’s exploration expenditures on the Company’s Canadian properties and the proceeds from the non flow-through portion of the placement will be applied to general working capital.

For further information contact:

Rasool Mohammad, President & CEO
Phone: (604) 639-4533
Email: info@chalicediamond.com

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.


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