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High Grade Nickel Mineralization Intersected at Langmuir Nickel Discovery and Deep Drilling Confirms the Potential for Additional Nickel Discoveries at Depth

July 15, 2008

Golden Chalice Resources Inc. (TSX-V: GCR) (PINKSHEETS: GCRIF) is pleased to announce that drilling on the Langmuir Nickel discovery continues to intersect high grade nickel mineralization. Also of great importance is that assay results from deep drilling confirm the presence of the same rocks and style of nickel mineralization as the Langmuir discovery. These results suggest the potential for one or multiple nickel mineralized zones in addition to the discovery. This is the first time drilling has confirmed the potential for additional mineralized zones since the discovery was made in May 2007.

Recent shallow infill drilling on the Discovery Zone has better defined the continuity and grade of mineralization. Drill hole GCL08-51 intersected 3.13% Ni over a drilled width of 10.60 meters from 130.40 to 141.0 meters including 3.54% Ni over 8.40 meters from 130.40 to 138.80 meters (see table below). Drill hole GCL08-48 intersected 1.74% Ni over a drilled width of 14.0 meters from 126.0 to 140.0 meters including 2.28% Ni over 9.0 meters from 126.0 to 135.0 meters. This drilling on the Discovery Zone indicates that nickel mineralization extends to surface with strong continuity and good grade between previously drilled sections. Current drilling on the Langmuir Discovery Zone is being conducted on north-south azimuths perpendicular to an established east-west strike trend for the deposit rather than the previous VTEM flight trend azimuths of 325 degrees and therefore, drill hole intercepts are perceived to be closer to true widths.

Deep drilling is also testing newly modeled deep conductivity targets (see press release of May 13, 2008). Assays from the first hole drilled on the “Deep Conductivity VTEM Model” confirm that the hole has penetrated the same rock type that hosts the Langmuir Nickel Discovery. These adcumulate peridotitic komatiitic rocks with spinifex textures have approximately 2 to 3% interstitial disseminated sulphides. Anomalous nickel, copper, cobalt and PGM’s were found within this komatiitic flow horizon which has previously been intersected only within or near the Nickel Discovery Zone drilling. This flow horizon occurs approximately 700 meters east of the initial Discovery Zone and was intersected approximately 500 meters vertically below surface. This suggests that one or more additional nickel zones may exist within the multiple large deep VTEM targets that are each over one kilometer in length.

Within the Kambalda region of western Australia multiple nickel deposits occur within internal channel pathways in compound ultramafic sheet flows. Many of these deposits occur at deeper levels and pool or puddle within depressions. The mineralized flow horizon encountered in the first hole drilled on the deep conductivity model may be the same channel pathway encountered in the Langmuir Discovery Zone, and could therefore host additional nickel zones.

Management is encouraged by the results from this phase of drilling as it demonstrates that the nickel discovery has more high-grade nickel mineralization. Equally important is the discovery at depth of the same rock unit as in the Langmuir zone which now expands the potential for additional discoveries on the property.

The Langmuir Nickel Discovery is located in the southeast portion of Langmuir Township approximately 35 kilometers southeast of Timmins Ontario. It is accessible by road and is proximal to infrastructure. The company owns the mineral rights to more than 40 kilometres of stratigraphy favourable for hosting additional nickel discoveries.

 -***-   DDH    Zone   From    To   Length  Ni   Cu   Pt    Pd   Estimated --------------------------------------------------------------------                   (m)   (m)    (m)   (%)  (%)  (g/t) (g/t)   True                                                              Width -------------------------------------------------------------------- GCL08-42  NSV. to 44 -------------------------------------------------------------------- GCL08-45  Other  367.8 372.10  4.3   0.32 0.03 0.07  0.34     N/A --------------------------------------------------------------------                  371.8 372.10  0.3   1.13 0.10 0.07  0.97     N/A -------------------------------------------------------------------- GCL08-46  NSV. to 47 -------------------------------------------------------------------- GCL08-48    A     126   140     14   1.70 0.11 0.12  0.29     8.0 --------------------------------------------------------------------           Incl.   126  135.9   9.9   2.12 0.14 0.15  0.38     5.7 -------------------------------------------------------------------- GCL08-49 pending -------------------------------------------------------------------- GCL08-50    A    123.1  134    10.9  1.13 0.04 0.05  0.13     9.5 -------------------------------------------------------------------- GCL08-50  Incl.  123.1 124.1   1.0   9.28 0.27 0.35  1.00 -------------------------------------------------------------------- GCL08-51    A    130.4  141    10.6  3.14 0.28 0.34  0.68     8.0 -------------------------------------------------------------------- GCL08-52 pending -------------------------------------------------------------------- GCL08-53 pending -------------------------------------------------------------------- GCL08-54 pending -------------------------------------------------------------------- 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     4.0 -------------------------------------------------------------------- -****- 

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.

Distributed by Filing Services Canada and retransmitted by Marketwire

 CONTACT INFORMATION  Corporate Inquiries:  Alan Campbell Investor Relations (604) 685-2222 Website: www.goldenchaliceresources.com  AGORACOM Investor Relations:  Email: Email Contact Website: http://www.agoracom.com/ir/goldenchalice  Golden Chalice Resources Inc. #711-675 WEST HASTINGS STREET VANCOUVER, B.C.  CANADA  V6B 1N2  

SOURCE: Golden Chalice Resources Inc.




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