Golden Chalice Resources Inc.
TSX VENTURE : GCR

Golden Chalice Resources Inc.

November 10, 2009 12:02 ET

Golden Chalice Resources Commences Gold Exploration on Timmins West Property and Advances Radio Hill Iron-Ore Project

- MULTIPLE TARGET PORPHYRIES TO BE EXPLORED FOR GOLD POTENTIAL ON TIMMINS WEST PROJECT, EXPLORATION WORK TO COMMENCE IMMEDIATELY ON CENTRAL PORPHYRY

- GEOLOGY HOSTING PORPHYRIES SIMILAR TO THAT OF THE TIMMINS GOLD CAMP AND THE WEST TIMMINS MINING/LAKE SHORE GOLD DISCOVERY, 45 KM TO THE NORTHEAST ALONG THE SAME FAULT ZONE

- DEVELOPMENT OPTIONS, INCLUDING PARTNERSHIPS, BEING ASSESSED FOR THE RADIO HILL IRON ORE PROJECT

- EXISTING INFRASTRUCTURE IN PLACE INCLUDING A RAILROAD SIDING BUILT IN THE 1960'S TO ACCESS IRON-ORE

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2009) - Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to announce it has commenced exploration work on its Timmins West project, focusing on a number of known porphyries on the property. Initial exploration will focus on one of the central porphyries, where historic testing shows it is geochemically similar to the Pearl Lake Porphyry in Timmins. The Pearl Lake porphyry is associated with the McIntyre and Hollinger gold mines in Timmins. The two mines jointly produced more than 25 million ounces of gold.

"We staked the Timmins West Property because the geology is a mirror image to that of the Timmins Mining Camp," comments Company President, John Keating. "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."

Making up the western extension of the Timmins West property, is the Radio Hill Iron-Ore project. Non NI 43-101 resource compliant estimates done in the 1960's estimated the potential for up to 420 million tons of 25.78% soluble iron to a depth of about 300 metres. Historic metallurgical tests indicate the potential to produce 63 to 65% iron concentrate.

The magnetite rich iron formation forms a topographical high and is reported to cover an area over 2 km long with a maximum width of approximately 500 meters. Previous drilling has only tested the iron formation to a vertical depth of 400 meters and historic reports indicate the potential for the mineralization to continue at depth. In addition to the Radio Hill occurrence, the Timmins West land package also hosts over 40 km of the Nat River iron formation that can be explored for iron-ore potential.

The Radio Hill Iron-Ore project is accessible by paved highway and gravel secondary road. The Kukatush railroad siding of the Canadian National Railroad is 3 km along an existing road from the Radio Hill Iron Ore occurrence. Hydroelectric power, water, and natural gas are also available in the area. The property was last worked and explored in the 1960s by Kukatush Mining Corporation.

Peter Caldbick, P.Geo., is the qualified person for the purposes of National Instrument 43-101 for the Company's Timmins West Project. The contents of the press release have been reviewed and approved by Peter Caldbick.

The historical estimates contained in this news release are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves. The term "ore" in this release is being used in a descriptive sense for historical accuracy, and is not to be misconstrued as representing current economic viability.

About Golden Chalice

Along with its Timmins West Property, the Company's continues to 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.

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 gold 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.

Contact Information