Golden Chalice Resources Inc.

Golden Chalice Resources Inc.

September 23, 2009 09:31 ET

Golden Chalice Resources Acquires Kenogaming Gold Property in West Timmins along Destor-Porcupine Fault



VANCOUVER, BRITISH COLUMBIA--(Marketwire – Sept. 23, 2009) - Golden Chalice Resources Inc. (TSX VENTURE:GCR)("The Company") is pleased to announce, subject to regulatory approval, the acquisition of a 100% interest in the Kenogaming gold property. The Kenogaming property consists of ten claims (100 units) in Kenogaming Township, Porcupine Mining Division. The property is accessible by road and is approximately 50 km southwest of Timmins and builds on the Company's land package in the area.

"The acquisition of this gold property along with our recent announcement to move forward with exploration on the Timmins West/Radio Hill project will ensure the Company maximizes its exposure to precious metals. Drilling is also underway on gold targets on the Company's Abitibi East property, paid for by a private company," states Company Chairman, Richard Hughes. "We look forward to bringing the Kenogaming gold property forward and are currently using historic data to plan the initial exploration program."

To view a map of the Kenogaming gold property, located in the West Timmins district, please click on the following link:

The property occurs along what may be a splay off the prolific gold-bearing Destor Porcupine Fault Zone ('DPFZ'). The DPFZ hosts the world famous Timmins gold camp as well as other gold deposits in the Harker-Holloway area of Ontario. Potential for gold mineralization may be evidenced by historical gold-bearing quartz boulders found down glacial ice-direction of the properties.

Consideration for the property consists of $115,000 and 500,000 shares, payable over four years. There is a 3% net smelter return payable, one-third (1%) of which may be purchased for $1,500,000 and the final 1% for a further $1,500,000.

The Company also announces it has granted 635,000 stock options to directors and officers of the Company and 1,440,000 stock options to employees and consultants at a price of $0.10 per share for a period of five years.

About Golden Chalice

Along with its Abitibi East Property, the Company's continues to be focus on its flagship Langmuir 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.

Along with the Langmuir Project, the Company has recently brought forward a number of its gold projects, including the Timmins West and Abitibi East properties.

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.

Visit Golden Chalice's web-site: to see Smartstox interviews 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.

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