SOURCE: Golden Chalice Resources Inc.

February 27, 2009 12:46 ET

Golden Chalice Announces New Nickel Discovery on Langmuir

VANCOUVER, BC--(Marketwire - February 27, 2009) - Golden Chalice Resources (TSX-V: GCR) (PINKSHEETS: GCRIF) (the "Company") is pleased to announce the discovery of new nickel mineralization at its wholly owned Langmuir Property located approximately 35 km southeast of Timmins, Ontario. (See Figure 1.)

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The first hole of the 2009 drilling program has intersected a massive sulphide zone with high-grade nickel about 1.5 km east of the Langmuir Discovery Zone where initial drilling in May of 2007 had intersected 1.14% nickel over 72.5 meters. (See Figure 2.)

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* This first hole of the 2009 drill program intersected 3.34% nickel (Ni) over 0.9 meters from 373.50 to 374.40 meters. This interval includes a 20-cm massive sulphide section grading 11.35% nickel, 0.6% copper and 1.46 g/t combined platinum/palladium.

The newly intersected mineralization occurs approximately 300 meters vertically below surface within komatiitic volcanics. The intersected sulphide zone is similar in style to the mineralization occurring within or proximal to the Langmuir Discovery Zone. The drill target was a deep VTEM conductor identified using a computer modeling program for locating Kambalda-style deposits.

Management is extremely encouraged by these initial drill results as they represent the first new nickel discovery on strike with the Langmuir Discovery Zone. The results also validate the theory of a Kambalda-type district with potential for multiple nickel deposits over a relatively small area of the large Langmuir Property. This deposit type takes its name from the Kambalda nickel district of Australia, where at least 36 sulphide bodies host collective reserves of 48 million tonnes at 3.6% nickel and 0.25% copper.

A geophysical (borehole time domain electromagnetic) survey done down the first hole of the 2009 program has identified a significant nearby off-hole electromagnetic (EM) response. This EM response may represent a thickening in the nickel sulphide zone on strike with the drill hole. The drill hole also occurs in proximity to a cluster of VTEM conductors and strong nickel Mobile Metal Ion (MMI) responses with geochemical signatures similar to the Langmuir Discovery Zone that are yet to be tested. The Company plans to drill this off-hole response as well as the MMI responses.

The road-accessible Langmuir Property covers more than 30 km of favorable stratigraphy with potential to host Kambalda-style nickel deposits, which usually occur as bodies of net-textured to massive sulphides that can be cylindrical, podiform, or in rare instances, tabular. The bodies may be tens to two hundred meters in strike length, meters to tens of meters thick, and tens to hundreds of meters down-dip in size. The bodies may be stacked and typically occur in clusters as seen in the Kambalda district.

Along with testing of the new nickel discovery and the recently defined geophysical and geochemical targets, Golden Chalice will continue to test its most advanced target, the Langmuir Discovery Zone. Recent infill drilling, as high as 3.79% nickel over 14 meters, has confirmed the continuity of mineralization along strike of this zone (see press release, Feb. 18/09). These and other results will be used toward building an initial NI 43-101 compliant resource estimate.

Golden Chalice has other promising projects near the Timmins mining camp of Ontario, including the Radio Hill property, which hosts an historical non-compliant NI 43-101 resource of over 326 million tons grading 25.58% soluble iron, and the Abitibi East Property, which covers similar host rocks as the Kidd Creek deposit, 85 km to the west.

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. Ongoing exploration is focused on further testing a nickel discovery where drilling in early 2007 intersected 72.5 meters grading 1.14%, capturing broad industry attention.

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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