GCR Gespeg Resources Ltd

Golden Chalice Resources Inc. (TSX VENTURE:GCR) (the "Company") is pleased to
announce that the new management team has conducted a financial review of the
Company, commenced a property review, continues to build and add value to the
Board of Directors and is developing its strategy to guide its 2010 exploration
programs and budgeting.


FINANCIAL UPDATE:

The Company has sufficient funds for the remainder of the year but will require
additional funding for any significant future exploration programs. A review of
the Company's finances has led to a number of recommendations, some of which
have already been implemented. Company overhead and operating expenditures have
been drastically reduced and all work programs have been temporarily suspended
pending a thorough property review by the new Board of Directors. "We will
continue the process of reviewing expenditures to ensure the maximum amount of
Company dollars are spent in the ground as exploration expenses," states Company
CFO, Stephen Pearce.


PROJECT UPDATE:

The project review, scheduled for the beginning of August in Timmins, Ontario,
will include the new Board of Directors and management team, project geologists,
previous consulting geologists to the Company and several property vendors.
Based on this review, the Company will develop specific plans for each project
which will be announced shortly thereafter.


The Company has filed its National Instrument 43-101 technical report for the
Langmuir W4 Nickel Deposit and shareholders are invited to visit sedar.com for a
copy of this report. A technical report on the Company's Radio Hill project is
expected to be filed on Sedar within the next week and the Company will announce
its filing and summary at that time.


A preliminary review by the new management has identified certain priority
project areas:


Langmuir W4 Nickel Deposit: The Langmuir nickel project, located within the
boundaries of the City of Timmins, Ontario, is a high grade nickel deposit
amenable to open pit mining methods. The deposit contains an indicated resource
677,000 tons grading 1% (14,813,000 pounds of nickel) and inferred resource of
171,000 tons grading 0.89% (3,360,000 pounds of nickel), see May 19, 2010 news
release. According to the SRK Consulting report, the next step to advance the
project is to commission environmental, metallurgical, and scoping studies as
well as conduct infill drilling on sections of the deposit in the inferred
category. It is recommended that deep drilling beneath and downdip of the
deposit will be handled as a different campaign in order to expedite the initial
scoping study. 


Radio Hill Iron-Ore Project: The recent 43-101 Technical Report of the Radio
Hill Iron-Ore Project conducted by MICON International Ltd. contained a number
of exploration recommendations for the Company. A $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. Numerous historical
resources estimates have been conducted on the project ranging 90.2 million tons
of iron-ore grading 27.3% (limited to a 680 foot elevation cut-off) to 427.6
million tons grading 27.3% (no known elevation cut-off). An estimated 140 drill
holes have been put into the Radio Hill Iron formation.


Other Projects slated for Review: Nevada UKE/Aphro Gold Project, Brinklow Gold,
Bathurst Portage and Taylor Projects, Timmins West and Abitibi East.


CORPORATE UPDATE:

Dr. Trygve Hoy, P.Eng. has been added to the Board of Directors and he will play
an instrumental role in the evaluation of the Company's projects. The new
management team has commenced a review of the Company's website and expects this
to be completed by the end of July. Following the project review, the Company
will provide further updates to shareholders of its priorities and
recommendations for each project. The Company's focus will continue to be on
both base and precious metal exploration in areas with existing infrastructure
in jurisdictions favourable to mining practices.


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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