Agoracom

Vancouver, British Columbia - Golden Chalice Resources Inc. (GCR - TSX Venture, GCRIF - OTCBB_Pink_Sheets), is pleased to announce that, further to its strategy to focus on its Ontario properties, it has optioned its UKE and Aphro gold properties, totaling 69 claims (559 hectares). As part of the agreement, two additional properties totaling 143 claims (1157 hectares) will be added to the land package. This is the first time since 1986 that the entire King Solomon Gold Mining District has been consolidated. This previous lack of consolidation disrupted district exploration for 20 years.

Under the terms of the option agreement, the Optionee has the right to earn a 50% interest in the UKE and Aphro properties by spending US$3,000,000 on any part of the property, provided that at least US$1,000,000 is spent on UKE and Aphro properties, and of that, at least US$500,000 is spent on the UKE property over a period of three years. Upon completion of the expenditures, Golden Chalice will have a 50% interest in the new properties being added to the land package. Upon the Optionee exercising its option, a 50/50 joint venture would proceed on the entire land package, with the Optionee having the right to earn an additional 15% interest by completing a feasibility study, a further 10% interest by arranging production financing and an additional 5% interest by bringing a mine into production, thereby leaving Golden Chalice with a 20% working interest.

The UKE-Aphro claims are located in the south-central part of the Monitor Range within northern Nye County, Nevada. The UKE portion of the property was originally staked in 1988 and leased by Newmont in 1989. Newmont drilled one small part of the property with seven fairly shallow holes to test Round Mountain style mineralization. Five of the seven holes encountered gold mineralization with greater than 0.01 opt Au values in Tertiary Volcanics; none of the holes reached the favourable Paleozoic units that could host Carlin or Northumberland-style gold mineralization. The gold mineralization that was intersected is open in all directions and at depth.

This joint venture provides a district-wide gold exploration opportunity that has seen very limited historical exploration because it was previously hampered by rival claim ownership. The geology, structure and mineralization present on the UKE-Aphro property indicate that additional exploration and drilling is highly warranted.

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.

Contact Information

Visit www.goldenchaliceresources.com for current information and to see a Smartstox interview with the Company's Chairman, Richard Hughes

AGORACOM Investor Relations: Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldencha...

Golden Chalice Resources Inc.
#711-675 West Hastings Street
Vancouver, B.C.
Canada V6B 1N2
Telephone: (604) 685-2222
Fax: (604) 685-3764
www.goldenchaliceresources.com

Source: Golden Chalice Resources Inc. (TSX-V: GCR http://www.goldenchaliceresources.com/
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