Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to
announce it has engaged the services of Micon International Ltd. to initiate a
property of merit National Instrument 43-101 compliant report on its
wholly-owned Radio Hill Iron-Ore project, the western extension of the Company's
Timmins West property.


An historic, non NI 43-101 resource compliant estimate done in the 1960's
estimated the potential at 326 million tons of 25.58% soluble iron to a depth of
approximately 300 meters. Historic metallurgical tests indicate the potential to
produce a 63 to 65% iron concentrate.


"We are excited to be moving forward with a 43-101 report on the property,"
comments Company President, Richard Hughes. "The Radio Hill Iron-Ore project is
unique in that a large part of the infrastructure needed to advance the project
towards production, including the Kukatush railroad siding, was built in the
1960s and never utilized. Data gathered from the report will be used to provide
a more thorough understanding of the potential feasibility of the project as
well as assess various options in moving the project towards production. We are
also awaiting results from the recently commissioned NI 43-101 resource estimate
on the Company's Langmuir project."


To view a map of the Company's Radio Hill Iron-Ore project click on the
following link (if the link does not work cut and paste it into the location bar
of your web browser):


http://www.brmstatpack.com/lt/1001/1068/radio-hill-pdf 

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 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.


The Company would also like to announce it has completed an early-stage drill
program on its South Porcupine Gold and Nickel project. Core is currently being
logged and assays are pending.


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


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 Company is also pleased to announce the appointment of Diana Mark as
Corporate Secretary and Kathi Bartels as Assistant Corporate Secretary.


About Golden Chalice

On February 4, 2010 the Company announced it had also commissioned a NI 43-101
resource estimate on its flagship Langmuir Nickel/Platinum/Palladium 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 for further
information on the Company and its various projects.


To see Smartstox interviews with Company Chairman, Richard Hughes, click on the
following link:


http://www.brmstatpack.com/lt/1001/1070/smartstox-interview---gcr 

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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