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.
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