Golden Chalice Resources Inc.

Golden Chalice Resources Inc.

May 28, 2009 10:12 ET

Golden Chalice Resources Discovers New W3 Target Area at Langmuir

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2009) - Golden Chalice Resources (the "Company") (TSX VENTURE:GCR) is pleased to announce the discovery of new nickel mineralization approximately 500 meters east of the Langmuir Nickel Discovery Zone at its Langmuir Property, 35 km southeast of Timmins, Ont.

- Hole GCL09-11, the last hole of the 2009 winter drilling program, returned elevated nickel mineralization grading up to 0.34% nickel over a 2.4-meter drilled width from 372.50 to 374.90 meters, which includes 0.5% nickel over 0.7 meters.

The host rock is a channel peridotite flow horizon similar to that hosting the Langmuir Nickel Discovery Zone (W4), where drilling in May of 2007 had intersected 1.14% nickel over 72.5 meters., and the recent significant W2 Nickel Discovery of 1.72% nickel over 3.0 meters , about 1.5 km east of the Langmuir Nickel Discovery Zone. Company geologists have not yet determined whether this is a new channel flow horizon hosting nickel sulphides or is the same flow horizon hosting nickel mineralization in either the Langmuir Nickel Discovery Zone (W4) or the W2 Discovery.

The nickel mineralized intercept from Hole GCL09-11 occurs some 100 meters west of an earlier drill hole (GCL08-04) that intersected 0.23% nickel over a drilled width of 4.0 meters. Mineralization consists of disseminated pyrrhotite with a section of focused blebby and fracture-filled pyrrhotite with minor pentlandite.

Company geologists are encouraged by the latest drill result as it may represent a third nickel area following the recent 2009 W2 Nickel Discovery. The original drill targets in the W2 and W3 areas were deep VTEM conductors identified using computer modeling for locating "Kambalda-style" deposits.

"We are impressed with the geological similarities between this new area of mineralization and the original W4 Discovery Zone. The two W3 holes were drilled 100 meters apart as well as 500 meters east of the W4 zone and both intersected nickel mineralization which is consistent with the Kambalda model we are using to guide our program." comments Company president John Keating.

The Kambalda Mining District of Western Australia is one of the biggest nickel districts in the world. Australia is the third largest nickel producer with Kambalda accounting for one-fifth of Australia's production. In terms of nickel endowment, the Kambalda region is one of the greatest producing regions with over 21 ore bodies. Within the Langmuir Shaw Dome four deposits were discovered in the mid 1970s with two new nickel discoveries by Golden Chalice Resources in the past two years.

The original discovery and the newly discovered areas remain open at depth and/or along strike. GCR is reviewing the current drilling, geophysical and other data to develop drill targets to expand on the existing zones and test new zones identified by our geophysical modeling.

A map of the Langmuir property showing the new target area is currently being updated and will be available on the Company's website in the near future.

Peter Caldbick, P.Geo. has reviewed and approved the press release and Kevin Montgomery, P.Geo. is the project supervisor. Mr. Caldbick and Mr. Montgomery are the qualified persons for the purposes of National Instrument 43-101 for the Company's Langmuir Project.

About Golden Chalice

The Company's main focus continues to be its flagship Langmuir Project. 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 joint-venture project in Nevada.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

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

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