GCR Gespeg Resources Ltd

Golden Chalice Resources Inc. (TSX VENTURE: GCR) ("The Company") is pleased to announce, subject to TSX Venture approval, the amendment and closing of a private placement announced October 14, 2009. The total number of units has been increased from 10,000,000 to 16,252,667 for total proceeds of $2,052,020.00. The units are priced at $0.12 per non flow through unit and $0.14 per flow through unit. Each unit consists of one flow through or non flow through common share and one non flow through, non-transferable share purchase warrant entitling the holder to purchase one additional common share at a price of $0.15 per share for the first year and $0.30 for the next four years. The Company may give written notice that the Warrants will expire in 30 days if the Company's shares trade at or above $0.50 for 10 consecutive trading days. Shares issued in the private placement are subject to a four month hold period. In accordance with Exchange policies, finders' fees may be paid on a portion of the funds raised.

Proceeds from the private placement will be used for exploration expenditures on the Company's Timmins West and Abitibi East Gold projects and other Timmins camp projects as well as for general working capital.

About Golden Chalice

Along with its Abitibi East and Timmins West gold projects, the Company continues to focus on advance 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.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contacts: Corporate Inquiries: Golden Chalice Resources Inc. Alan Campbell or Kevin Hull, Investor Relations (604) 685-2222 info@goldenchaliceresources.com www.goldenchaliceresources.com AGORACOM Investor Relations: GCR@agoracom.com http://www.agoracom.com/ir/goldenchalice