SOURCE: Golden Chalice Resources Inc.

February 28, 2008 09:00 ET

Golden Chalice Resources Inc. Building on Nickel Discovery

VANCOUVER, BC--(Marketwire - February 28, 2008) - Golden Chalice Resources Inc. (TSX-V: GCR) is pleased to announce results from its ongoing drill program on the Langmuir Nickel Discovery located approximately 35 kilometers southeast of Timmins and 30 kilometers south of the Xstrata metallurgical complex in Ontario. Golden Chalice geologists are currently computer modeling and interpreting the shape and size of the nickel mineralized discovery zone based on drilling to date (see model below). The nickel mineralization has been traced for a strike extent of approximately 200 meters and is defined to at least a depth of 250 meters below surface. In addition, nickel mineralization has been intersected at approximately 375 meters vertically below surface on the eastern down plunge extent of the C Zone.

To view the Golden Chalice Resources Inc. Langmuir Nickel Discovery Zone Model, please click on the link provided: www.usetdas.com/maps/goldenchalice/goldenchalicelangmuirnickel.pdf

Image hosted by Filing Services Canada Inc. website.

Based upon recent interpretive work, the nickel mineralization displays exceptionally good continuity in the three (A,B,C) nickel zones intersected to date (see cross-section below). Golden Chalice is now drilling from north to south with tighter spaced drilling to validate continuity between drill intercepts and confirm true widths of the mineralization. Drilling will also continue to determine the down plunge extent of mineralization, and near surface projection of the discovery zone to assess the open pit mining potential. Upon completion of this next phase of drilling, an external consultant will be engaged to determine a 43-101 compliant resource estimate for the Langmuir Nickel Discovery.

To view the Golden Chalice Resources Inc. Langmuir Nickel Discovery Zone Cross Section, please click on the link provided: www.usetdas.com/maps/goldenchalice/goldenchalicelangmuircrosssection.pdf

Image hosted by Filing Services Canada Inc. website.

Recent drilling on the eastern extent of the nickel discovery has confirmed the down plunge continuation of mineralization on the A and C Zones. Drill hole GCL07-31, collared 50 meters east of the discovery drill hole, intersected 0.95% Ni over 4.0 meters from 411.8 to 415.8 meters at a vertical depth of 300 meters below surface. Drill hole GCL07-33, also collared 50 meters east of the discovery drill hole intersected the A Zone and returned 1.40% Ni over 3.6 meters from 121.0 to 124.6 meters. Drill hole GCL07-35, collared 75 meters east of the discovery drill hole intersected nickel mineralization at 375 meters below surface and returned 0.60 % Ni over 7.0 meters from 449.7 to 456.7 meters. Drill hole GCL07-41, also collared 75 meters east of the discovery drill hole, swung 25 meters to the east and intersected 1.08% Ni over 2.8 meters in what is interpreted as the A Zone at a vertical depth of 235 meters below surface. Results are tabulated below. Drill holes GCL07-32, 34 and 36 to 40 were drilled both on the east and west extensions and encountered anomalous but sub economic nickel mineralization.

One drill will continue to explore and build a resource at the discovery zone while two drills test airborne VTEM anomalies on other parts of the Langmuir Property. Many of these anomalies have characteristics (e.g.: orientation, conductance, size) similar to Golden Chalice's Langmuir Nickel Discovery. The airborne anomalies are hosted by subvertically dipping successions of peridotitic komatiite flows, the same rock type as the nickel discovery zone.

The anomalies appear on strike with the discovery zone and occur in an arcing trend that wraps around the Shaw Dome. This geological environment bears a striking similarity to Kambalda nickel ore and host rocks that are localized along the flanks of the Kambalda Dome in Western Australia. Nickel ore deposits in the Kambalda camp often occur in groups or clusters. For example, 12 nickel deposits occur within an ultramafic flow unit of approximately 8 km by 4 km in area. Golden Chalice is testing clusters of airborne anomalies on its Langmuir Property that occur within similar types of ultramafic flows. The ultramafic flow package is over 35 km long and up-to 4 km wide on the Langmuir Property. Therefore, the potential exists on the Langmuir Property to have one or more clusters or groupings of Kambalda style nickel deposits.

Western Mining Corp. (WMC) was one of the first companies to explore and develop Kambalda nickel deposits in the late 1960's. By the late 1990's, WMC was still mining and reportedly producing up-to 35,000 tonnes of nickel annually from its' Kambalda operations alone. This equates to about 77 million pounds of nickel per year. The current price for nickel is about US$12.50 per pound.

---------------------------------------------------------------
DDH       From   To   Drilled   Est. True   Ni   Cu   Pt   Pd
           (m)   (m)  Width(m)   Width(m)   %    %    g/t  g/t
---------------------------------------------------------------
GCL07-31  279.9 281.6   1.7        1.2     0.86 0.02 0.15 0.08
---------------------------------------------------------------
          411.8 415.8   4.0        3.0     0.95 0.09 0.06 0.12
---------------------------------------------------------------
GCL07-33  121.0 124.60  3.6        2.1     1.40 0.09 0.01 0.02
---------------------------------------------------------------
GCL07-35  438.5 441.8   3.3        2.0     0.63 0.04 0.01 0.01
---------------------------------------------------------------
GC07-41   302   304.8   2.8        1.8     1.08 0.06 0.02 0.02
---------------------------------------------------------------

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.

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

/s/"Richard W. Hughes"

Richard Hughes, Chairman


For Further Information Contact:

The Hughes Exploration Group

Phone: (604) 685-2222 or visit Golden Chalice's website: 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.

Contact Information