Golden Chalice Resources Inc.
TSX VENTURE : GCR

Golden Chalice Resources Inc.

December 15, 2009 08:45 ET

Golden Chalice Resources Acquires Two Properties in West Timmins Gold District Along Destor-Porcupine Fault

- ROSSWIN PROPERTY COVERS NORTHERN HALF OF CIRCULAR MAG FEATURE CONTAINING IRON FORMATION WHICH HAS NEVER BEEN DRILL TESTED, GOLDEN CHALICE CURRENTLY OWNS PROPERTY CONTAINING SOUTHERN SECTION

- ADJACENT TIMMINS WEST PROJECT HOSTS MULTIPLE PORPHYRIES

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 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 South gold property and the Rosswin property. The Kenogaming South property consists of five claims (40 units) in Kenogaming Township, Porcupine Mining Division. The Rosswin property consists of one claim of 3 units in Penhorwood Township, Porcupine Mining Division directly north of the Company's Timmins West property. Both properties are accessible by road and are located approximately 50 km southwest of Timmins.

To view a map of the Kenogaming South and Rosswin properties, please click on the following link:

http://media3.marketwire.com/docs/tw_map_1215.pdf

"We staked the Timmins West Property because the geology is a mirror image to that of the Timmins Mining Camp," commented Company President, John Keating in a recent press release (November 10, 2009) highlighting the Company's Timmins West Project. "Fortunately for us, the Timmins West Property has received very limited exploration in the past because the area is almost entirely covered by a veneer of overburden that hides potential gold deposits. Our large land package has the potential to host multiple gold deposits similar to those in the Timmins and the Lakeshore Gold-West Timmins areas. In addition to gold, we are also assessing potential development opportunities, including possible partners, for the Radio Hill Iron-Ore Deposit on the Timmins West Property" 

Consideration for the Kenogaming South property consists of $70,000 and 200,000 shares, payable over four years. There is a 3% net smelter return payable, two-thirds (2%) of which may be purchased for $1,500,000. Upon completion of a positive feasibility study a further 100,000 common shares would become payable. Consideration for the Rosswin property consists of $4,000. There is a 2% net smelter return payable, one-half (1%) of which may be purchased for $1,000,000.

About Golden Chalice

Golden Chalice Resources is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada.

The Company continues to advance 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: www.goldenchaliceresources.com 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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