Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to
announce it has commenced exploration work on its Timmins West project, focusing
on a number of known porphyries on the property. Initial exploration will focus
on one of the central porphyries, where historic testing shows it is
geochemically similar to the Pearl Lake Porphyry in Timmins. The Pearl Lake
porphyry is associated with the McIntyre and Hollinger gold mines in Timmins.
The two mines jointly produced more than 25 million ounces of gold.


"We staked the Timmins West Property because the geology is a mirror image to
that of the Timmins Mining Camp," comments Company President, John Keating.
"Fortunately for us, the Timmins West Property has received very limited
exploration in the past because the area is almost entirely covered by a veneer
of overburden that hides potential gold deposits. Our large land package has the
potential to host multiple gold deposits similar to those in the Timmins and the
Lakeshore Gold-West Timmins areas. In addition to gold, we are also assessing
potential development opportunities, including possible partners, for the Radio
Hill Iron-Ore Deposit on the Timmins West Property."


Making up the western extension of the Timmins West property, is the Radio Hill
Iron-Ore project. Non NI 43-101 resource compliant estimates done in the 1960's
estimated the potential for up to 420 million tons of 25.78% soluble iron to a
depth of about 300 metres. Historic metallurgical tests indicate the potential
to produce 63 to 65% iron concentrate.


The magnetite rich iron formation forms a topographical high and is reported to
cover an area over 2 km long with a maximum width of approximately 500 meters.
Previous drilling has only tested the iron formation to a vertical depth of 400
meters and historic reports indicate the potential for the mineralization to
continue at depth. In addition to the Radio Hill occurrence, the Timmins West
land package also hosts over 40 km of the Nat River iron formation that can be
explored for iron-ore potential.


The Radio Hill Iron-Ore project is accessible by paved highway and gravel
secondary road. The Kukatush railroad siding of the Canadian National Railroad
is 3 km along an existing road from the Radio Hill Iron Ore occurrence.
Hydroelectric power, water, and natural gas are also available in the area. The
property was last worked and explored in the 1960s by Kukatush Mining
Corporation.


Peter Caldbick, P.Geo., is the qualified person for the purposes of National
Instrument 43-101 for the Company's Timmins West Project. The contents of the
press release have been reviewed and approved by Peter Caldbick.


The historical estimates contained in this news release are not in accordance
with the mineral resources or mineral reserves classifications contained in the
CIM Definition Standards on Mineral Resources and Mineral Reserves, as required
by National Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not
treating these historical estimates as current mineral resources or mineral
reserves as defined in NI 43-101 and such historical estimates should not be
relied upon. A qualified person has not done sufficient work to date to classify
the historical estimates as current mineral resources or mineral reserves. The
term "ore" in this release is being used in a descriptive sense for historical
accuracy, and is not to be misconstrued as representing current economic
viability.


About Golden Chalice

Along with its Timmins West Property, the Company's continues to focus on its
flagship Langmuir Project where 2007 drilling intersected 72 meters of 1.14%
nickel. The Langmuir Project is easily accessible by road and is near existing
mining infrastructure in the Timmins camp, host to numerous world-class gold and
base metal deposits. The Company owns 100% of the property which covers more
than 30 km of favorable stratigraphy with potential for hosting Kambalda-style
deposits.


Golden Chalice has assembled a portfolio of properties in established mining and
mineral districts, notably the Abitibi in Ontario, the Bathurst camp in New
Brunswick, and a gold project in Nevada.


Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox
interviews with Company Chairman and President.


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.
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