SOURCE: Golden Chief Resources, Inc.

October 24, 2006 13:25 ET

Golden Chief Announces the Commencement of a Seven Well Drilling Project

LEWISVILLE, TX -- (MARKET WIRE) -- October 24, 2006 -- Golden Chief Resources, Inc. (PINKSHEETS: GCHR) was informed by the operator that they have filed Notices of Intent to Drill on seven locations on the Ownbey Lease located in Chautauqua County, Kansas. The currently productive Weiser formation is the target zone in these wells. Weather permitting, the operator expects to begin drilling operations in November.

Where this statement includes "forward-looking" statements within the meaning of Section 27A of the Securities Act, the Company desires to take advantage of the "safe harbor" provisions thereof. Therefore, the Company is including this statement for the express purpose of availing itself of the protections of such safe harbor provisions with respect to all of such forward-looking statements. The forward-looking statements in this announcement reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from those anticipated. In this announcement, the words "anticipates," "believes, "expects," "intends," "future" and similar expressions identify forward-looking statements. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that may arise after the date hereof. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this statement.

Contact Information

    Golden Chief Resources, Inc.
    Mike McIlvain