GCR Gespeg Resources Ltd

Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to
announce that it has received an independent Property of Merit report on the
Radio Hill iron deposit from Micon International Inc.


"We are extremely encouraged by the Micon Property of Merit Report for the Radio
Hill Iron Ore project. The excellent infrastructure, close proximity to a mining
community and recent escalation of iron ore prices makes the Radio Hill iron
deposit an attractive project." comments Company VP of Exploration, Peter
Caldbick. "With confirmation of the project's merits and detailed
recommendations of drilling by Micon, the company can advance this project to
the next stage with a resource audit. It is especially encouraging that
historical metallurgical bench scale test work established the potential of the
deposit to be developed commercially at that time."




Conclusions/recommendations of the report:                                  

--  Based on all of the historical documentation reviewed, results of GCR's
    exploration and its site visit to the property, Micon concludes that a
    moderate sized iron resource is likely to exist at Radio Hill that may
    be developed commercially as a conventional iron ore operation. Existing
    infrastructure is in place including a railroad siding previously built
    to access iron-ore; hydroelectric power, water and natural gas. 

--  Historic metallurgical test work indicated that a commercially
    acceptable iron concentrate could be produced from Radio Hill
    mineralized material using magnetic separation followed by flotation 

--  There is an opportunity for development of the Radio Hill iron resource
    as feed for direct reduced iron (DRI) such as the Kobe ITmk3 iron nugget
    process 

--  The part of the Radio Hill deposit that is thickened by folding is open
    (i.e., untested by drilling) down plunge to the northwest 

--  $3.5 million exploration program has been outlined by MICON to advance
    the project and provide the data necessary to commission a NI 43-101
    Resource Estimate 

--  Although the historical resource and reserve estimates were prepared to
    the standards of the day, since none of the original core remains
    available and only limited amounts of the original metallurgical
    testwork remains, none of the iron resources at the Radio Hill property
    meet the requirements for a 43-101 compliant mineral resource 

--  The historical metallurgical testwork completed on the Radio Hill
    property was well done but additional work, including pilot plant
    testing of representative blended samples, must be undertaken 



A complete Technical Report, compiled in accordance to Canadian Securities
Administrators National Instrument Form 43-101F1 Guidelines, will be filed on
Sedar within 45 days of release of this press release.


Micon recommends that a thorough program of drilling, assaying, metallurgical
bench-scale testing as well as pilot scale testing should be implemented in
order to verify earlier results and better characterize the quality of the
mineralization. The cost of the program is estimated to be $3.5 million which
would meet the requirements for a 43-101 compliant mineral resource. It is
Micon's opinion that the proposed exploration plans are properly conceived and
justified. 


Iron formation at the Nat River deposit, approximately 9.8 kilometers east of
the Radio Hill iron deposit on the adjacent Golden Chalice Resources Timmins
West Property is considered by Micon to be an effectively unexplored area with
the potential for commercial iron deposits.


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 TIMMINS WEST PROJECT 

The Timmins West Project covers portions of iron formation that includes the
historically identified iron deposits of Radio Hill and Nat River approximately
80 km southwest of Timmins. The property comprises 68 claims in two groups that
encompass the Radio Hill and Nat River iron formations. The areal extent of the
property is approximately 12,304 ha. The location, close to the Canadian
National Railway (CN) and to Timmins, together with the associated
infrastructure in the Timmins area, is a significant advantage for the future
development of the property.


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.


ABOUT GOLDEN CHALICE

On February 4, 2010 the Company announced it had commissioned a NI 43-101
resource estimate on its flagship Langmuir Nickel 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. 


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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