SOURCE: Golden Chalice Resources Inc.

May 08, 2008 10:27 ET

New Potential at Depth on Langmuir Nickel Property

VANCOUVER, BC--(Marketwire - May 8, 2008) - Golden Chalice Resources Inc. (TSX-V: GCR) (PINKSHEETS: GCRIF) is pleased to announce recent progress on its Langmuir Nickel Discovery exploration program. Drilling continues to successfully define the shape and size of the Nickel Zone discovered in 2007. This drilling is building towards a 43-101 compliant resource estimate for the nickel discovery. A second drill has been testing airborne geophysical VTEM anomalies on strike with the discovery zone. Assays from both drilling programmes are pending and results will be announced when they are received and compiled.

In addition to the drilling, and of significant importance, are the results of recent new modeling done by GCR's geophysicist on the airborne VTEM survey data. The initial assessment of the VTEM survey data resulted in the drilling of the discovery hole in May 2007 that intersected 1.14% nickel (Ni) over 72.4 metres of core length. The new assessment of the VTEM data, using a proven computer modeling technique, has accurately identified the size of the discovery zone and the potential for similar mineralization at depths below any drilling to date. This modeling software has been successfully employed in the Australian Kambalda mining district for well over a decade by CSIRO and Macquary University, and has been further supported by international mining companies such as Western Mining, BHP and Anglo-American.

The new modeling has detected numerous large conductive bodies at depth that have geophysical signatures similar to the discovery zone. The conductive bodies occur at depths of over 300 meters beneath the discovery zone. They can be traced for over 2 kilometres along strike. They have never been tested and occur well beneath any drilling to date. One of these deep conductive bodies is currently in the process of being drilled and the stratigraphy intersected at depth to date possesses strong similarities to the rocks hosting the Langmuir nickel discovery. This is the first drill hole to be drilled on these deep seated conductive bodies.

Management is extremely encouraged by the results to date and plan to continue to test these deep conductive targets with two drills. A block diagram of the large conductive bodies identified by the model will be available on the Company website, www.goldenchaliceresources.com, within the week.

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 few 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.

The statements made in this news 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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