SOURCE: Golden Chalice Resources Inc.

December 04, 2007 08:00 ET

Deep Drilling Commences on Abitibi East Property

VANCOUVER, BC--(Marketwire - December 4, 2007) - Golden Chalice Resources Inc. (TSX-V: GCR) (PINKSHEETS: GCRIF) is pleased to announce the commencement of deep drilling on the Abitibi East Property located approximately 65 km east of Xstrata's zinc processing metallurgical facility in Timmins, Ontario.

The Company's July 17, 2007 news release describes in detail the large zinc zone intersected in previous drilling, the need to drill below the zinc discovery at deeper levels and the similar geological environment to the large Kidd Creek Mine 75 km. to the west. Kidd Creek Mine has produced over 117,547,000 tonnes of ore averaging 2.2% copper (Cu), 7.25% zinc (Zn), 0.28% lead (Pb) and 147.43 g/t silver (Ag).

Dr. George Hudak, an Associate Professor at the University of Wisconsin-Oshkosh and researcher on the relationships between volcanology, hydrothermal alteration and VMS deposits, has assisted Company geologists in the recognition of lithologies and alteration at the Abitibi East Property. Dr. Hudak is currently utilizing lithogeochemistry (rock chemistry) and petrographic studies (microscope analysis of rock) to help vector (target) in on felsic domes and potential synvolcanic fault zones which are often associated with VMS deposits.

The increase in size and strength of the zinc mineralized zone at depth combined with the recognition of debris flows with felsic lava fragments and sulphidic clasts, graphitic and cherty exhalites, moderate to strong silicification and sericitization, stringer Zn, Cu and Pb mineralization, and replacement style mineralization in the drilling to date, support the potential for a volcanogenic massive sulphide deposit on the Abitibi East Property.

A Summary of Volcanogenic Massive Sulphide Deposit Environments and how they relate to the Abitibi East exploration is available on Golden Chalice Resources' web site www.goldenchaliceresources.com.

Further drilling is planned to target the downdip and strike extent of this newly discovered mineralization. Peter Caldbick, P.Geo., is the qualified person for the purposes of National Instrument 43-101 and has read and approved this news release.

Private Placement Closes

The Company is pleased to announce that it has completed a private placement of 1,731,680 units at a price of $1.70 per unit for gross proceeds of $2,943,856. Each common share purchase warrant will entitle the holder to purchase one common share at the price of $1.70 per Share at any time up to 4:30 p.m. Vancouver time on November 19, 2008 and at the price of $2.00 per Share at any time up to 4:30 p.m. Vancouver time on November 19, 2009. Any shares issued will be subject to a hold period expiring on March 20, 2008.

Included in the private placement was the sale of 200,000 flow-through units to MineralFields Group.

In connection with the transaction, the agents, Limited Market Dealer Inc., Standard Securities, Research Capital Corp. and Integral Wealth Securities Ltd., were paid total cash commissions of $165,808. Proceeds of the private placement will be used to expand the drilling programs on the Company's Abitibi East, Bathurst Carboniferous and Langmuir Properties.

About MineralFields

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about the MineralFields Group is available at www.mineralfields.com.

About Golden Chalice

Golden Chalice Resources Inc. is a Canadian mining exploration company that seeks to find mineable mineralization in Ontario, New Brunswick, Quebec, British Columbia and Nevada. Creative geological interpretations along with the latest in geophysical and geochemical surveys give this aggressive company a full range of prospects that may host gold, silver, platinum group metals, nickel, copper and diamonds. During the last couple of years the Company has strategically accumulated large land packages in existing mining or mineral districts such as the Abitibi in Ontario and the Bathurst Camp in New Brunswick. These properties have existing infrastructure and are often within road access to metallurgical facilities to process mined ores.

GOLDEN CHALICE RESOURCES INC.
On behalf of the Board of Directors
Richard W. Hughes, Chairman

For Further Information Contact: The Hughes Exploration Group
Phone: (604) 685-2222 or 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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