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Chancery Resources Inc. Reports Total Number of Issued and Outstanding Shares Reduced to 30,250,000 Shares

July 16, 2008

Chancery Resources Inc. (Chancery) (OTCBB: CCRY) is pleased to report the total number of issued and outstanding shares for Gemini now stands at 30,250,000 shares, down from the previous total of 151,250,000 shares. The company filed the 8K on June 5, 2008 and is making this announcement for clarification purposes as numerous online quote services have not updated this information to date.

Chancery’s core project is the El Cafetal Gold Mine in the historic Valparaiso gold mining district of Colombia. The El Cafetal concession covers an area of 135 hectares and Chancery’s management team is focused on the expansion and exploitation of this gold, silver and copper deposit. Chancery’s plans include a complete upgrade of the existing processing plant at El Cafetal, installing a modern mineral recovery plant and greatly increasing production rates. The current operation is processing and capturing only the gold, so the new processing plant would be capturing gold, silver and copper maximizing cash flow and lowering operating costs. The upgraded processing plant should greatly assist and accelerate Chancery’s plan to fund and expand the El Cafetal concession.

Notice Regarding Forward-Looking Statements

This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation of the gold production of the property, the expected completion date of the processing plant upgrade at the El Cafetal mine and the assumed production and net cash flow. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2007 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

 Contact: Juan Restrepo Gutierrez President & CEO Chancery Resources Inc. Calle 10 No. 25 - 103. Apto 110, Medellin, Colombia  Email: info@chancerymining.com Tel: 1-954-343-6603  

SOURCE: Chancery Resources, Inc.




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