SOURCE: Golden Chalice Resources Inc.

May 22, 2007 16:05 ET

400 Metre Estimated Strike Length to Golden Chalice's New Nickel Discovery

VANCOUVER, BC -- (MARKET WIRE) -- May 22, 2007 --Golden Chalice Resources Inc. (TSX-V: GCR) (OTCBB: GCRIF) is pleased to announce that a review of the airborne VTEM geophysical data indicates that the new nickel discovery announced last week could have a strike length of over 400 metres.

The VTEM geophysicist's review of the airborne data indicates that the conductance and Tau values (time constant) for the airborne Electromagnetic (EM) anomalies are consistent along strike of the new nickel discovery in both directions and this represents over 400 metres of estimated strike length.

The discovery hole announced last week intersected 1.14% Nickel over 72.50 metres, including two separate heavily mineralized intervals of 2.23% Nickel (Ni), 0.22% Copper (Cu), 0.20 g/t Platinum (Pt), and 0.50 g/t Palladium (Pd) over 17.50 metres of drill core, and 1.74% Ni, 0.12% Cu, 0.20 g/t Pt, and 0.47 g/t Pd over 13.10 metres of drill core.

Peter Caldbick, P.Geo., and Kevin Montgomery, P.Geo. are the qualified people for the purposes of National Instrument 43-101 for the Company's Langmuir Project.

About Golden Chalice

Golden Chalice is well positioned to discover and capitalize on world class gold, silver, copper, nickel, zinc, platinum, palladium and diamond deposits. During the last couple of years the Company has strategically accumulated large land packages in existing mining or mineral districts such as the Abitibi in Ontario and in the Bathurst Camp in New Brunswick. These properties have existing infrastructure and are often within road access to metallurgical facilities to process mined ores. Details relating to exploration activities on specific properties will be announced during the coming months as the work program is implemented.

GOLDEN CHALICE RESOURCES INC.
On behalf of the Board of Directors
Richard Hughes, Chairman

For Further Information Contact:

Richard Hughes
Phone: (604) 685-2222 or visit Golden Chalice's web site:
www.goldenchaliceresources.com to see Smartstox interview with Company
Chairman and President.
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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • For Further Information Contact:

    Richard Hughes
    Phone: (604) 685-2222
    Web site: www.goldenchaliceresources.com

    GOLDEN CHALICE RESOURCES INC.
    711 - 675 West Hastings Street
    Vancouver, B.C.
    V6B 1N2
    Phone: (604) 685-2222
    Fax: (604) 685-3764