SOURCE: Golden Chalice Resources Inc.

November 21, 2007 17:42 ET

Expanding Drill Program Results Include 10.7 Meters of 2.37% Nickel

VANCOUVER, BC--(Marketwire - November 21, 2007) - Golden Chalice Resources Inc. (TSX-V: GCR) (PINKSHEETS: GCRIF) is pleased to announce results from its Langmuir Nickel Project, located approximately 35 kilometers southeast of Timmins and 30 kilometers south of the Xstrata Metallurgical complex in Ontario. Two drills are currently exploring the easterly and westerly strike extensions of the nickel mineralization intersected in early May of 2007. A third drill will be commissioned in the new year to commence drilling 25 additional B-field VTEM conductors with striking similarities to the Langmuir nickel discovery as mentioned in a previous press release.

Highlights of the recent drilling include drill hole GCL07-20, collared approximately 75 meters west of the discovery drill hole. This drill hole intersected 2.37% Ni over 10.70 meters (drilled width) from 202.80 to 213.50 meters. Drill hole GCL07-21, collared 25 meters east of the discovery drill hole, intersected 1.10% Ni over 8.3 meters (drilled width) from 246.0 to 253.30 meters.

The following table displays current drill results with estimated true widths:

------------------------------------------------------------------------
                                      Estimated
                              Drilled  True
         Section  From    To   Width   Width   Au    Pt    Pd   Cu   Ni
DDH                (m)    (m)   (m)     (m)    g/t   g/t   g/t  %    %
------------------------------------------------------------------------
GCL07-20   75W   202.80 213.50  10.70   5.0   0.06  0.20  0.38 0.10 2.37
------------------------------------------------------------------------
GCL07-21   25E   245.00 253.30   8.30   6.0   0.30  0.15  0.38 0.11 1.10
------------------------------------------------------------------------
incl.            249.00 250.30   1.30   0.95  0.12  0.26  0.66 0.14 2.42
------------------------------------------------------------------------
                 308.50 311.70   3.20   2.0   0.09  0.13  0.35 0.13 0.89
------------------------------------------------------------------------
                 314.70 325.70  11.00   7.0   0.01  0.06  0.14 0.06 0.64
------------------------------------------------------------------------
GCL07-22   75W   336.00 339.50   3.50   2.0   0.01  0.06  0.12 0.05 0.75
------------------------------------------------------------------------
           25E      no significant
GCL07-23               values
------------------------------------------------------------------------
------------------------------------------------------------------------
GCL07-24   75W    96.00 100.00   4.00   2.0   0.00  0.03  0.07 0.02 0.58
------------------------------------------------------------------------
                 136.00 144.00   8.00   4.0   0.12  0.06  0.13 0.05 0.82
------------------------------------------------------------------------
incl.            141.50 144.00   2.50   1.25  0.32  0.13  0.26 0.09 1.76
------------------------------------------------------------------------
GCL07-25   25E   466.20 478.70  12.50   7.0   0.00  0.00  0.01 0.03 0.56
------------------------------------------------------------------------
incl.            476.70 478.70   2.00   1.10  0.00  0.08  0.15 0.04 1.16
------------------------------------------------------------------------

A rigorous quality assurance program is employed which includes the insertion of standards and blanks for each batch of samples. Samples of the NQ size drill core are sawed in half, with one-half sent to a commercial laboratory, Expert Laboratory of Rouyn-Noranda, Quebec, and the other half retained for future reference. Core samples are routinely analyzed for nickel, copper and cobalt by aqua regia digestion with atomic absorption techniques. Any analyses greater than 5,000 ppm are re-analyzed using total acid digestion and atomic absorption techniques. Check analyses of the intercepts reported in this press release are being completed at the laboratory. A systematic program of checking zone assays at another lab is commencing.

Peter Caldbick, P.Geo., and Kevin Montgomery, P.Geo. are the qualified persons for the purposes of National Instrument 43-101 for the Company's Langmuir Project.

About Golden Chalice

Golden Chalice is well positioned to discover and capitalize on world class gold, silver, copper, nickel, zinc, platinum and palladium deposits. 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. Details relating to exploration activities on specific properties will be announced during the coming months as the work program is implemented.

GOLDEN CHALICE RESOURCES INC.

On behalf of the Board of Directors

Richard W. Hughes, Chairman

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

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

    Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see
    Smartstox interviews with Company Chairman and President.