SOURCE: Golden Chalice Resources Inc.

February 18, 2009 19:33 ET

Golden Chalice Resources Intersects 2.75% Nickel Over 24.4 Meters and Begins 2009 Drill Program on Deeper Conductivity VTEM Targets

VANCOUVER, BC--(Marketwire - February 18, 2009) - Golden Chalice Resources (TSX-V: GCR) (PINKSHEETS: GCRIF) (the "Company") is pleased to announce the latest results from the 2008 infill drill program which focused on the Langmuir Nickel Discovery on its wholly owned Langmuir Property, 35 kilometers southeast of Timmins, Ontario. The infill drill program is further defining the Langmuir Nickel Zone discovered in May of 2007, and is part of an ongoing exploration program which includes drilling of deep-seated VTEM conductors identified by recent airborne geophysical surveys. Drilling has begun on a number of VTEM targets and/or MMI soil geochemistry anomalies.

Drill hole GCL08-69 intersected 2.75% Nickel over a drilled width of 24.4 meters from 34.6 to 59.0 meters including a narrower intercept of 3.79% Nickel over a drilled width of 14 meters from 41.0 to 55.0 meters. This intercept occurs approximately 115 meters west of drill hole GCL07-06 which intersected 1.14% Nickel over 72.50 meters (reported in May 2007) and 30 meters vertically below the bedrock overburden interface.

Drill hole GCL08-68, drilled above hole GCL08-69 intersected 2.90% Nickel over a drilled width of 2.80 meters from 33.6 to 36.4 meters and 0.84% Nickel over 9.0 meters drilled width from 43.4 to 52.4 meters. The upper intercept is approximately 12 meters vertically below the overburden bedrock interface.

An additional drill hole GC08-67 intersected 1.51% Nickel over a drilled width of 9.75 meters approximately 70 meters west of drill hole GC07-06 and 20 meters vertically below the bedrock overburden interface.

Management is pleased with the results of the 2008 Langmuir Discovery infill drilling. Drilling has confirmed the near surface presence and strong continuity of nickel mineralization along strike of the original discovery drill hole. The A and B Zone mineralization has been confirmed to a vertical depth of 250 meters below surface and is still open to depth.

Current drilling will test for additional new nickel mineralized zones on part of the Langmuir property. Modeling of the airborne geophysical survey and results from a Metal Mobile Ion (MMI) soil geochemical survey suggest the potential for additional new nickel and platinum group metal (PGM) zones. These new targets occur at depth or on strike with the Langmuir discovery.

The results of the 2008 infill drilling are tabulated below with recent drill results highlighted.



LANGMUIR NICKEL DISCOVERY AREA IN FILL DRILL RESULTS

  DDH    Zone  From   To   Length  Ni   Cu   Pt    Pd   Estimated
                (m)   (m)   (m)   (%)  (%)  (g/t) (g/t) True Width
GCL08-48   A     126   140     14 1.70 0.11  0.12  0.29         10
         Incl.   126 135.9    9.9 2.12 0.14  0.15  0.38        7.0
GCL08-49   A   164.4 185.8   21.4 0.99 0.09  0.10  0.23         11
GCL08-50   A   123.1   134   10.9 1.13 0.04  0.07  0.17        9.5
GCL08-50 Incl. 123.1 124.1    1.0 9.28 0.27  0.35  0.99
GCL08-51   A   130.4   141   10.6 3.14 0.28  0.34  0.68        8.0
GCL08-52   A   181.6   190    8.4 0.26 0.03  0.02  0.04        5.0
GCL08-53   A     190   197      7 1.09 0.09  0.09  0.23        5.0
GCL08-54   A     103   114     11 0.23 0.02  0.03  0.05        7.0
GCL08-55   A      53  59.2    6.2 1.14 0.09  0.07  0.17        5.0
GCL08-55 Other  85.0  87.0      2 0.88 0.02  0.07  0.10        N/A
GCL08-56   A      91  98.2    7.2 1.53 0.09  0.15  0.43        5.0
GCL08-57   A    58.7  66.5    7.8 1.69 0.18  0.09  0.22        5.0
GCL08-58 NSV
GCL08-59   A      84    90    6.0 0.69 0.03  0.07  0.16        5.0
         Incl.    84    88    4.0 0.81 0.04  0.08  0.19        3.3
GCL08-60   A     101   105    4.0 0.81 0.01  0.11  0.23        3.5
GCL08-61   A    33.4  39.2    5.8 1.24 0.14  0.10  0.24        3.5
GCL08-62   A    74.5    85   10.5 1.40 0.13  0.10  0.25        6.5
GCL08-63   A   103.3 119.5   16.2 1.63 0.13  0.12  0.28         10
GCL08-64   A     130 151.9   21.9 1.48 0.07  0.11  0.28         14
         Incl.   130   139      9 1.64 0.03  0.15  0.35        5.8
         Incl.   145 151.9    6.9 2.16 0.19  0.14  0.36        4.4
GCL08-65   A      20    34     14 1.18 0.07  0.11  0.22         12
         Incl.    20  22.9    2.9 1.73 0.07  0.27  0.46        2.5
         Incl.  28.5    34    5.5 1.56 0.09  0.10  0.23        4.7
GCL08-66   A      55    68     13 0.36 0.01  0.02  0.03          9
         Incl.    55    57      2 0.82 0.03  0.05  0.10        1.4


  DDH    Zone  From   To   Length  Ni   Cu   Pt    Pd   Estimated
                (m)   (m)   (m)   (%)  (%)  (g/t) (g/t) True Width
GCL08-67   A   25.75  35.5   9.75 1.51 0.11  0.15  0.38        5.5
         Incl.  26.5  32.5      6 1.94 0.15  0.15  0.38        3.4
GCL08-68   A    33.6  36.4    2.8 2.90 0.10  0.04  0.14        2.5
         OTHER  43.4  52.4      9 0.84 0.05  0.08  0.19        7.8
GCL08-69   A    34.6    59   24.4 2.75 0.16  0.18  0.51       15.5
         Incl.    41    55     14 3.79 0.21  0.24  0.68        8.9
GCL08-70   A    22.2    28    5.8 1.51 0.09  0.06  0.12        5.0
GCL08-71  NSV
GCL08-72  NSV
GCL08-73   A   129.3   149   19.7 0.65 0.05  0.05  0.10         11
         Incl. 129.3 132.1    2.8 1.05 0.02  0.13  0.28        1.6
         Incl.   145   149      4 0.96 0.02  0.05  0.11        2.2


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 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.

Contact Information