GCR Gespeg Resources Ltd

Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to
announce it has posted on SEDAR its recently completed NI 43-101 Mineral
Resource Evaluation Report for the W4 deposit at its Langmuir Nickel Project.
The report can be found by through SEDAR's website located at www.SEDAR.com. The
report was completed by SRK Consulting Inc. of Toronto, Ontario.


EXCERPT FROM EXECUTIVE SUMMARY:

"The characteristics of Langmuir W4 are of sufficient merit to justify
undertaking preliminary engineering, environmental and metallurgical studies
aimed at completing the characterization of the nickel sulphide mineralization.
This would provide a snapshot assessment of the current information base at
Langmuir W4, which can provide economic guidelines for future exploration
strategies within the Langmuir Property.


The geological setting and character of the nickel sulphide mineralization
delineated to date on Langmuir W4 are of sufficient merit to justify additional
exploration and development expenditures."


"The W4 deposit represents the highest grade nickel deposit that is amenable to
open pit mining methods in the immediate area and it is the Company's full
intention to capitalize on this advantage given current metal prices," stated
Company President, Steve de Jong. "The completion of the Resource Estimate is a
major hurdle for the Company as we begin to assess the development potential of
the W4 deposit. It is encouraging to see SRK's recommendations involve
metallurgical and environmental testing and that the W4 deposit is of sufficient
merit to justify development expenditures."


HIGHLIGHTS FROM THE REPORT INCLUDE:



--  an Indicated mineral resource of 677,000 tonnes at an average grade of
    1.00% nickel and an additional 171,000 tonnes at an average grade of
    0.89% nickel in the Inferred category, the majority of which is amenable
    to open-pit mining methods. 

--  SRK notes that these mineral resources occupy only a small footprint of
    the larger Golden Chalice controlled Langmuir Property 



The Company has also received from SRK a conceptual open pit shell from which
the 'Open Pit' portion of the resource estimate was estimated (page 65 of
Report). To view a 3D image of the conceptual open pit shell click on the
following link:


http://www.brmstatpack.com/lt/1001/1135/w4-open-pit

The mineral resource statement prepared by SRK is detailed in Table 1, below.

Table 1: Mineral Resource Statement(i), Langmuir W4 Nickel Project, Ontario (May
12, 2010)




----------------------------------------------------------------------------
----------------------------------------------------------------------------
Category             Quantity    Grade                     Metal            
                    --------------------------------------------------------
                       Tonnes       Ni         Cu             Ni          Cu
                        000't        %          %      lbs 000's   lbs 000's
----------------------------------------------------------------------------
Open Pit(ii)                                                                
Indicated             590,000     0.99       0.06         12,816         840
Inferred              125,000     0.88       0.06          2,437         157
----------------------------------------------------------------------------
Underground(ii)                                                            
Indicated             87,000      1.04       0.08          1,997         149
Inferred              46,000      0.91       0.05            923          53
----------------------------------------------------------------------------
Combined                                                                    
Indicated             677,000     1.00       0.06         14,813         989
Inferred              171,000     0.89       0.06          3,360         210
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i)  Mineral resources are reported in relation to optimized pit shells. 
     Mineral resources are not mineral reserves and do not have demonstrated
     economic viability. All figures are rounded to reflect the relative
     accuracy of the estimate. All assays have been capped where
     appropriate.
(ii) Open pit mineral resources are reported at a cut-off of 0.40 percent   
     nickel inside a conceptual pit shell. Underground mineral resources are
     reported at 0.70 percent nickel and include resource blocks above
     cut-off outside the conceptual pit shell. Cut-off grades are based on a
     nickel price of US$8 per pound and a metallurgical recovery of
     eighty-seven percent, without considering revenues from other metals.



Kevin Montgomery, P.Geo., is the Company's qualified person for the purposes of
National Instrument 43-101 for the Company's Timmins' area projects. The
technical contents of the press release have been reviewed and approved by Kevin
Montgomery.


ABOUT GOLDEN CHALICE

On May 19, 2010, the Company announced it had completed a NI 43-101 resource
estimate for 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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