Golden Chalice Resources Inc.
TSX VENTURE : GCR

Golden Chalice Resources Inc.

September 21, 2010 09:00 ET

Golden Chalice Commences Environmental Baseline Study on Langmuir Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2010) - Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to announce it has commenced a preliminary environmental baseline study on its 100% owned Langmuir Nickel project, located 35 km southeast of Timmins, Ontario. The project contains a high grade nickel deposit amenable to open pit mining methods. The W4 Langmuir deposit contains an indicated resource of 677,000 tons grading 1% (14,813,000 pounds of nickel) and inferred resource of 171,000 tons grading 0.89% (3,360,000 pounds of nickel), see May 19, 2010 news release.

"The environmental baseline study is the next step in the development of the Langmuir deposit. As we move forward with the study, the Company will continue to explore all the options, including joint venture possibilities, in order to fast track the W4 deposit towards production," comments Company President, Steve de Jong. "The Company's new management continues to do everything it can, including the recently announced share consolidation, to best position Golden Chalice to capitalize on the many opportunities provided by the exceptional assets in its project portfolio. Given the strong price of both nickel and iron-ore, we expect the Company to be extremely busy in the upcoming exploration season as it continues to advance its key projects."

The Company has commissioned Blue Heron - Solutions for Environmental Management Inc. of Timmins Ontario to complete a preliminary environmental baseline study in the area of the W4 Langmuir nickel deposit. This initial environmental study is expected to be completed by mid-December. 

Kevin Montgomery, P.Geo., is the Company's qualified person for the purposes of National Instrument 43-101 for the Company's Langmuir project. Mr. Montgomery has reviewed and approved the technical contents of the press release.

ABOUT GOLDEN CHALICE

On May 19, 2010, the Company announced it had completed a NI 43-101 resource estimate for its flagship Langmuir Nickel 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.

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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