Golden Chalice Resources Inc.
TSX VENTURE : GCR

Golden Chalice Resources Inc.

March 02, 2010 12:10 ET

Golden Chalice Resources Inc. Commissions NI 43-101 Report on Radio Hill Iron-Ore Project; Completes Drilling on South Porcupine

- HISTORICAL NON-COMPLIANT 43-101 RESOURCE ESTIMATE OF 326 MILLION TONS GRADING 25.58% SOLUBLE IRON CALCULATED BY DRILLING AND BULK TONNAGE SAMPLING, HISTORIC METALLURGICAL TESTS INDICATE THE POTENTIAL TO PRODUCE 63 TO 65% IRON CONCENTRATE.

- PREVIOUS DRILLING HAS ONLY TESTED THE IRON FORMATION TO A VERTICAL DEPTH OF 400 METERS, HISTORIC REPORTS INDICATE THE POTENTIAL FOR MINERALIZATION TO CONTINUE TO DEPTH

- MICON INTERNATIONAL LTD. COMMISIONED TO UNDERTAKE REPORT

- EXISTING INFRASTRUCTURE IN PLACE INCLUDING A RAILROAD SIDING PREVIOUSLY BUILT TO ACCESS IRON-ORE; HYDROELECTRIC POWER, WATER AND NATURAL GAS ALSO AVAILABLE IN THE AREA

- NI 43-101 RESOURCE ESTIMATE ALSO UNDERWAY FOR THE COMPANY’S LANGMUIR NICKEL-PLATINUM-PALLADIUM PROJECT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2010) - Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to announce it has engaged the services of Micon International Ltd. to initiate a property of merit National Instrument 43-101 compliant report on its wholly-owned Radio Hill Iron-Ore project, the western extension of the Company's Timmins West property.

An historic, non NI 43-101 resource compliant estimate done in the 1960's estimated the potential at 326 million tons of 25.58% soluble iron to a depth of approximately 300 meters. Historic metallurgical tests indicate the potential to produce a 63 to 65% iron concentrate.

"We are excited to be moving forward with a 43-101 report on the property," comments Company President, Richard Hughes. "The Radio Hill Iron-Ore project is unique in that a large part of the infrastructure needed to advance the project towards production, including the Kukatush railroad siding, was built in the 1960s and never utilized. Data gathered from the report will be used to provide a more thorough understanding of the potential feasibility of the project as well as assess various options in moving the project towards production. We are also awaiting results from the recently commissioned NI 43-101 resource estimate on the Company's Langmuir project."

To view a map of the Company's Radio Hill Iron-Ore project click on the following link (if the link does not work cut and paste it into the location bar of your web browser):

http://www.brmstatpack.com/lt/1001/1068/radio-hill-pdf

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 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.

The Company would also like to announce it has completed an early-stage drill program on its South Porcupine Gold and Nickel project. Core is currently being logged and assays are pending.

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

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 Company is also pleased to announce the appointment of Diana Mark as Corporate Secretary and Kathi Bartels as Assistant Corporate Secretary.

About Golden Chalice

On February 4, 2010 the Company announced it had also commissioned a NI 43-101 resource estimate on its flagship Langmuir Nickel/Platinum/Palladium 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.

Visit Golden Chalice's web-site: www.goldenchaliceresources.com for further information on the Company and its various projects.

To see Smartstox interviews with Company Chairman, Richard Hughes, click on the following link:

http://www.brmstatpack.com/lt/1001/1070/smartstox-interview---gcr

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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