SOURCE: Golden Chalice Resources Inc.

October 18, 2007 06:45 ET

Drilling Confirms the Large Size Potential of the Langmuir Nickel Discovery

VANCOUVER, BC--(Marketwire - October 18, 2007) - Golden Chalice Resources Inc. (TSX-V: GCR) is pleased to announce that drilling on the Langmuir nickel discovery has defined a large mineralized system. The mineralization has been traced for at least 150 metres in length along strike and down to a vertical depth of 250 metres. Modeling and interpretation of drill results to date indicate the nickel zones strike roughly east-west with subvertical dips that are slightly to the north. The main A zone has an irregular shape that widens as it goes deeper before splitting into the A & B zones. Nearer to surface the estimated true width varies from 4 to 7 m and expands up to 20m at 100 metres vertically below surface. At 250 metres depth the main zone splits into two zones ranging from 3 to 14m in estimated true width. There is also a third zone (C) that is emerging at depth with estimated true widths of 4 to 7m. The zones are open along their strike length both east and west and open to depth below the 250m limit of drilling to date.

Assay results have been received for 9 of the 22 holes drilled on strike and to depth on the nickel discovery. Mineralization consistently occurs as disseminated, fracture infilled, blebby and net textured pentlandite-pyrrhotite with localized massive sulphide sections in peridotitic flows. Grades generally average greater than 1% nickel with elevated platinum and palladium. Massive sulphide sections grade up to 17% nickel.

Two drills will continue to test the nickel mineralized zones on 25 metre sections to the east and west. The drills will then focus on drilling at depth below the 250 metre level, followed by infill drilling to start building an ore resource.

The Langmuir property is well located being close to infrastructure in the established mining camp of Timmins, Ontario. The property is accessible by road and is only 35 km south east of Timmins where Xstrata's Kidd Creek Metallurgical Facility currently processes nickel ore from the Montcalm deposit 100 km west of Timmins. The Langmuir Property is also adjacent to Liberty Mineral's Redstone Mine where a new nickel processing mill was recently commissioned.

Highlights of the recent drilling include drill hole GCL07-16 collared approximately 25 meters west of the discovery hole reported in a May 16th press release and drilled up-dip of drill hole GCL07-14. This hole returned an intercept of 0.93% Ni over a drilled width of 10.70 meters from 38.8 to 49.50 meters including 1.2% Ni over 5.30 meters from 38.80 to 44.10 meters.

Drillhole GCL07-17 collared 50 meters west of the discovery drill hole returned an intercept of 1.33% Ni over 19.20 meters drilled width from 167.50 to 186.70 meters and 0.88% Ni over 12.60 meters from 284.90 to 297.50 meters. Drill hole GCL07-18, collared approximately 40 meters down dip of GCL07-17 returned an intercept of 1.58% Ni over 5.70 meters from 325.60 to 331.30 meters drilled width. Drill hole GCL07-19, collared approximately 30 meters up dip of GCL07-17 returned an intercept of 1.27% Ni over 4.70 meters from 74.0 to 78.70 meters drilled width.

Details of the above intercepts as well as estimated true widths for these new and previous drill hole intercepts, are detailed in the accompanying table.

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GRID SECTION  From   To   Interval  Ni  Cu   Pt   Pd     Estimated
   DDH                    Drilled                       True Width
  ZONES                   Width
            --------------------------------------------------------
              (m.)  (m.)   (m.)    (%)  (%) (g/t)(g/t) (rounded to
                                                       nearest 0.1m)
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 Section 0
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Hole GCL07-06

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Zone A &B      99.5  172.0  72.5  1.14 0.08 0.11 0.26       20.5

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  Zone A      107.8  130.0  22.2  1.31 0.08 0.15 0.36        6.7

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  Zone B      149.5  167.0  17.5  2.23 0.22 0.20 0.49        5.7

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Hole GCL07-10

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  Zone A      81.0   95.9   14.9  2.36 0.26 0.22 0.52        6.3

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      Incl.   81.0   84.7    3.7  2.95 0.14 0.42 0.94

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      Incl.   90.0   95.9    5.9  3.52 0.48 0.23 0.58

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 Hole GCL07-11

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  Zone A     213.0  220.8    7.8  0.89 0.06 0.18 0.21        3.8

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  Zone B     264.3  270.3    6.0  1.52 0.21 0.13 0.29        2.3

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  Zone C     314.4  326.0   11.6  1.11 0.23 0.11 0.23        6.6

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 Section 25W

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Hole GCL07-14

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  Zone A     149.0  179.5   30.5  1.26 0.09 0.12 0.3        10.9

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      incl.  153.0  167.0   14.0  1.79 0.15 0.14 0.34

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  Zone B     226.0  253.9   27.9  1.08 0.06 0.16 0.29       13.8

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      incl.  226.0  233.4    7.4  2.06 0.12 0.38 0.67

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      incl.  240.5  243.7    3.2  2.4  0.18 0.18 0.34

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  Zone C     277.5  288.0   10.5  1.76 0.12 0.09 0.22        6.5

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Hole GCL07-15

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  Zone A     235.7  257.3   21.6  1.34 0.12 0.1  0.22       10.9

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      incl.  235.7  247.0   11.3  2.05 0.17 0.14 0.27

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Hole GCL07-16

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  Zone A      38.8   49.5   10.7  0.93 0.08 0.08 0.20        5.8

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      incl.   38.8   44.1    5.3  1.2  0.08 0.10 0.27

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 Section 50W

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Hole GCL07-17

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  Zone A     167.5  186.7   19.2  1.33 0.1  0.12 0.25        9.3

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      incl.  171.2  184.8   13.6  1.69 0.13 0.15 0.3

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  Zone C     284.9  297.5   12.6  0.88 0.09 0.06 0.12        7.3

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      incl.  284.9  291.0    6.1  1.23 0.12 0.05 0.1

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Hole GCL07-18

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  Zone C     325.6  332.3    6.7  1.42 0.10 0.11 0.25        4.3

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Hole GCL07-19

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  Zone A      74.0   82.7    8.70 0.88 0.10 0.07 0.15        4.1

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       incl.  74.0   78.7    4.7  1.27 0.12 0.09 0.23

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A rigorous quality assurance program is employed which includes the insertion of standards and blanks for each batch of samples. Samples of the NQ size drill core are sawed in half, with one-half sent to a commercial laboratory, Expert Laboratory of Rouyn-Noranda, Quebec, and the other half retained for future reference. Core samples are routinely analyzed for nickel, copper and cobalt by aqua regia digestion with atomic absorption techniques. Any analyses greater than 5,000 ppm are re-analyzed using total acid digestion and atomic absorption techniques. Check analyses utilizing another assay laboratory are also being done.

Peter Caldbick, P.Geo., and Kevin Montgomery, P.Geo. are the qualified persons 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 and palladium 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 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 W. Hughes
Chairman

For Further Information Contact:
The Hughes Exploration Group
Phone: (604) 685-2222
Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see
Smartstox interviews with Company Chairman and President.

Mineralfields Group (a division of Pathway Asset Management) has provided funding to the Company via a private placement.

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.

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