Iron Exploration
in Canada

Golden Chalice Resources Inc. (TSX-V: GCR) ("The Company") is pleased to announce that it has arranged for a private placement of up to 10,000,000 units for total proceeds of up to $1,400,000. The financing will consist of flow through units priced at $0.14 or non-flow through units priced at $0.12. Each of the flow-through units will consist of one flow through common share and one non-flow through, non-transferable share purchase warrant entitling the holder to purchase one additional common share for two years at a price of $0.15 per

• ROSSWIN PROPERTY COVERS NORTHERN HALF OF CIRCULAR MAG FEATURE CONTAINING IRON FORMATION WHICH HAS NEVER BEEN DRILL TESTED, GOLDEN CHALICE CURRENTLY OWNS PROPERTY CONTAINING SOUTHERN SECTION

• ADJACENT TIMMINS WEST PROJECT HOSTS MULTIPLE PORPHYRIES

• RECENT DRILLING ON THE EAST EXTENSION HAS INTERSECTED A WIDE ZONE OF ALTERATION WITH ANOMALOUS GOLD MINERALIZATION ON STRIKE WITH EXPLOR RESOURCES' DISCOVERY OF 142.26 G/T OVER 3 METERS

• IMMEDIATE PLANS ARE TO EXPAND THE CURRENT IP GRID TO FURTHER DEFINE GOLD TARGETS ON STRIKE AND FOLLOW UP WITH DRILLING

• HISTORICAL DRILLING INTERSECTED 47 METERS OF 2.3% ZINC, FOLLOW-UP DRILLING BEING PLANNED

• BATHURST MINING CAMP HOSTS 45 VOLCANIC-SEDIMENT HOSTED MASSIVE SULFIDE DEPOSITS AND NUMEROUS BASE METAL SHOWINGS

• PORTAGE PROPERTY ONE OF THE LEAST EXPLORED PORTIONS OF THE BATHURST CAMP

• 600 LINE KM OF AIRBORNE VTEM SURVEYING HAS BEEN FLOWN WITH MORE THAN 50 ANOMALIES IDENTIFIED -- 6 HAVE BEEN TESTED, LOW GRADE SULFIDES HAVE BEEN CORED ON THREE

MULTIPLE TARGET PORPHYRIES TO BE EXPLORED FOR GOLD POTENTIAL ON TIMMINS WEST PROJECT, EXPLORATION WORK TO COMMENCE IMMEDIATELY ON CENTRAL PORPHYRY

• PROPERTY LOCATED AT INTERSECTION OF DESTOR-PROCUPINE FAULT AND NORTH-SOUTH SPLAY
• CLAIMS CONTIGUOUS WITH TIMMINS WEST/RADIO HILL PROPERTY

• GEOLOGICAL FEATURES AND STRUCTURAL CONTROLS SIMILAR TO RECENT LAKE SHORE GOLD/WEST TIMMINS MINING DISCOVERY OF 12.75 g/t AU OVER 83.4M

• DRILLING UNDERWAY ON ABITIBI EAST PROPERTY, ADJACENT TO EXPLOR RESOURCES' 2009 DISCOVERY OF 142.26 G/T AU OVER 3.0 METERS

• DRILL CONTRACTS SIGNED, DRILLING TO BEGIN IN AUGUST
• CLAIMS ADJACENT TO EXPLOR RESOURCES 2009 GOLD DISCOVERY OF 142.26 G/TONNE AU OVER 3.0 METERS

PRIVATE COMPANY TO INCUR $344,694 IN EXPENDITURES ON ABITIBI EAST
CLAIMS ADJACENT TO EXPLOR RESOURCES 2009 GOLD DISCOVERY OF 142.26 G/TONNE AU OVER 3.0 METERS

• NEIGHBOUR EXPLOR RESOURCES INTERSECTS 142 G/TONNE OVER 3 METERS ON ADJACENT CLAIMS
• LARGEST LAND HOLDER IN IMMEDIATE AREA