SOURCE: Golden Chalice Resources Inc.

November 26, 2008 15:27 ET

1.48% Nickel Over 21.9 Meters Enhances Langmuir Discovery Zone

Winter Drilling Planned for New Exploration Targets; More Assays Expected Before the New Year; Working Towards a 43-101 Compliant Resource Estimate

VANCOUVER, BC--(Marketwire - November 26, 2008) - Golden Chalice Resources Inc. (TSX-V: GCR) (PINKSHEETS: GCRIF) is pleased to announce positive results from recent drilling on its wholly owned Langmuir Property located about 35 kilometers (km) southeast of Timmins, Ontario. The drill program consists of infill drilling to further define the Langmuir Discovery zone discovered in May of 2007, as well as deep drilling of deep-seated VTEM conductors identified by previous airborne geophysical surveys.

The infill drilling program was designed to better define the continuity, depth extent and open-pit potential of the Discovery Zone. Highlights include:

--  Hole GCL08-64 intersected 1.48% nickel over a drilled width of 21.9
    meters from 130.0 to 151.9 meters. Included in this intersection was a
    higher grade interval of 2.16% nickel over 6.9 meters (drill width) from
    145.0 to 151.9 meters.
--  Drill hole GCL08-49 intersected 1.0% nickel over 21.4 meters (drill
    width) from 164.4 to 185.8 meters.
    

Both holes intersected Zone A of the Discovery Zone, with GCL08-49 intersecting mineralization about 80 meters vertically below surface and GCL08-64 intersecting mineralization about 130 meters vertically below surface. The two intersections occurred about 70 meters apart. (See table below for additional infill drilling results.)

Assays are pending for additional infill drill holes on the Discovery Zone (see Figure 1). The results of the recent infill drilling program will be integrated with previous drill results and used toward building a NI 43-101 compliant resource estimate.

"We're encouraged by the results of our infill drilling, which returned some very high-grade nickel values, notably 9.28% nickel over one meter and 3.14% nickel over a drilled width of 10.6 meters," said President and CEO John Keating. "Our deep drilling of VTEM conductors is also progressing well, with intersections of anomalous nickel mineralization in several areas indicating greater potential for additional nickel discoveries."

The Langmuir Property covers more than 35 km of ultramafic flows and sills prospective for hosting "Kambalda-style" nickel sulphide mineralization associated with copper and platinum group metals (PGMs). The geological and structural setting is similar to nickel deposits localized along the flanks of the Kambalda Dome in Western Australia.

--  During the initial phases of exploration, the entire Langmuir Property
    was flown by Geotech's deep-penetrating VTEM B-field airborne system, which
    identified more than 18 separate clusters of airborne EM anomalies.
--  The Langmuir deposit was found by drilling one of the anomalies in one
    of these clusters in May of 2007. The discovery hole intersected 1.14%
    nickel over 72.45 meters, including two separate heavily mineralized
    intervals of 2.23% nickel, 0.22% copper, 0.20 g/t platinum and 0.50 g/t
    palladium over 17.50 meters of drill core, and 1.74 % nickel, 0.12% copper,
    0.20 g/t platinum and 0.47 g/t palladium over 13.10 meters of drill core.
    

EXPLORATION TARGETS

In addition to the 2007 infill drilling program to define the shape and size of the Langmuir deposit, Golden Chalice has been drill-testing geophysical VTEM anomalies. These exploration targets were developed using new modeling on the airborne VTEM survey data.

The initial assessment of the VTEM survey data in 2007 led to the discovery of the Langmuir deposit and detected numerous large conductive bodies at depths of more than 300 meters below and along strike of the Discovery Zone. (See Figure 2, the Discovery Zone as it appears on the conductivity model.) The modeling software has been successfully used by various parties in Australia's Kambalda mining district for more than a decade.

Nickel deposits in the Kambalda district typically occur in clusters and groups, with at least 12 deposits occurring within an ultramafic flow unit covering an area of about 8 km by 4 km. The favorable ultramafic package at Langmuir is more than 35 km long and up to four km wide and encompasses more than 18 separate clusters of airborne EM anomalies. Deep drilling on the VTEM conductivity model has confirmed potential for new nickel deposits.

--  Drill hole GCL08-04 was extended after a well-mineralized channel flow
    was identified (see news release of July 15, 2008) with approximately 2-3%
    disseminated sulphides within an ultramafic flow horizon similar to the
    ultramafic flows at the Langmuir deposit. Further down the hole, 0.23%
    nickel over a drilled width of 4.0 meters (from 349.0 to 353.0 meters) was
    encountered in an ultramafic flow. This anomalous intersection is located
    about 600 meters east of the Langmuir deposit.
--  On a separate east-west ultramafic flow horizon situated three km east
    of the Langmuir deposit, 0.20% nickel over 6.3 meters (from 135.7 to 142.0
    meters) was intersected above a deep VTEM conductivity target.
    

These anomalous intersections of elevated nickel represent excellent targets for additional drilling and confirm the property's potential for other Kambalda-type nickel deposits. (See Figure 3, which shows the extent of the property, yet to be fully tested.)

A drill program is planned for the upcoming winter season to evaluate these anomalous nickel intersections and other VTEM conductors east and along strike of the deposit. These targets are best accessed during the winter because of the area's swampy conditions.

The initial discovery drilling and subsequent infill drilling program at the Langmuir Property were not deep enough to intersect any of the deep targets. As a result, these untested deep conductive bodies represent an important exploration target for our current winter drilling program. Many targets are under swamps or are otherwise inaccessible until the winter freeze-up.

The Langmuir Property 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.

Golden Chalice has assembled a portfolio of properties in established mining and mineral districts, notably the Abitibi in Ontario and the Bathurst camp in New Brunswick.

Kevin Montgomery, P.Geo and Peter Caldbick, P.Geo. are the qualified persons for the purposes of National Instrument 43-101 for the Company's Langmuir Project. Project supervision is by Kevin Montgomery and the contents of the press release have been reviewed and approved by Peter Caldbick.

About Golden Chalice

The Company's main focus continues to be its flagship Langmuir Project. 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. Ongoing exploration is focused on further testing a nickel discovery where drilling in early 2007 intersected 72.5 meters grading 1.14%, capturing broad industry attention.

Golden Chalice has assembled a portfolio of properties in established mining and mineral districts, notably the Abitibi in Ontario, the Bathurst camp in New Brunswick, and a joint-venture project in Nevada.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Results of the 2008 infill drilling are tabulated below.

LANGMUIR NICKEL DISCOVERY AREA: IN FILL DRILL RESULTS

DDH        Zone   From    To    Length    Ni     Cu     Pt   Pd  Estimated
                   (m)    (m)     (m)     (%)    (%)   (g/t)(g/t)True Width
---------------------------------------------------------------------------
GCL08-48    A      126     140      14    1.70    0.11  0.12 0.29    10
---------------------------------------------------------------------------
           Incl.   126    135.9    9.9    2.12    0.14  0.15 0.38    7.0
---------------------------------------------------------------------------
GCL08-49    A    164.4    185.8   21.4    0.99    0.09  0.10 0.23    11
---------------------------------------------------------------------------
GCL08-50    A    123.1     134    10.9    1.13    0.04  0.07 0.17    9.5
---------------------------------------------------------------------------
GCL08-50   Incl. 123.1    124.1    1.0    9.28    0.27  0.35 0.99
---------------------------------------------------------------------------
GCL08-51    A    130.4     141    10.6    3.14    0.28  0.34 0.68    8.0
---------------------------------------------------------------------------
GCL08-52    A    181.6     190     8.4    0.26    0.03  0.02 0.04    5.0
---------------------------------------------------------------------------
GCL08-53    A      190     197       7    1.09    0.09  0.09 0.23    5.0
---------------------------------------------------------------------------
GCL08-54    A      103     114      11    0.23    0.02  0.03 0.05    7.0
---------------------------------------------------------------------------
GCL08-55    A       53     59.2    6.2    1.14    0.09  0.07 0.17    5.0
---------------------------------------------------------------------------
GCL08-55  Other   85.0     87.0      2    0.88    0.02  0.07 0.10    N/A
---------------------------------------------------------------------------
GCL08-56    A       91     98.2    7.2    1.53    0.09  0.15 0.43    5.0
---------------------------------------------------------------------------
GCL08-57    A     58.7     66.5    7.8    1.69    0.18  0.09 0.22    5.0
---------------------------------------------------------------------------
GCL08-58   NSV
---------------------------------------------------------------------------
GCL08-59    A       84      90     6.0    0.69    0.03  0.07 0.16    5.0
---------------------------------------------------------------------------
           Incl.    84      88     4.0    0.81    0.04  0.08 0.19    3.3
---------------------------------------------------------------------------
GCL08-64    A      130    151.9   21.9    1.48    0.07  0.11 0.28    14
---------------------------------------------------------------------------
           Incl.   130     139       9    1.64    0.03  0.15 0.35    5.8
---------------------------------------------------------------------------
           Incl.   145    151.9    6.9    2.16    0.19  0.14 0.36    4.4
---------------------------------------------------------------------------
N.S.V. No Significant Values

To view Figure 1. Langmuir Nickel Project Discovery Zone Model, click on the link below or copy and paste into your browser: http://www.goldenchaliceresources.com/i/pdf/2008-11-26_NRM1.pdf

To view Figure 2. Langmuir Nickel Project Conductivity-Depth Image, click on the link below or copy and paste into your browser: http://www.goldenchaliceresources.com/i/pdf/2008-11-26_NRM2.pdf

To view Figure 3. Langmuir Nickel Project, click on the link below or copy and paste into your browser: http://www.goldenchaliceresources.com/i/pdf/2008-11-26_NRM3.pdf

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