Jun 03, 2010 11:26 ET

Golden Chalice Resources Receives NI 43-101 Property of Merit Report for Radio Hill Iron Ore Property

- Several historical, non- NI 43-101 compliant resource estimates have been completed on Radio Hill ranging from 90 million tons grading 27.3% soluble iron to 427 million tons grading 27.3% soluble iron estimated by drilling and bulk tonnage sampling

- Historic metallurgical tests indicate the potential to produce 63 to 65% iron concentrate

<!-- <h2> <p>- Several historical, non- NI 43-101 compliant resource estimates have been completed on Radio Hill ranging from 90 million tons grading 27.3% soluble iron to 427 million tons grading 27.3% soluble iron estimated by drilling and bulk tonnage sampling</p> <br> <br> <p>- Historic metallurgical tests indicate the potential to produce 63 to 65% iron concentrate</p> </h2> -->

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 3, 2010) - Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to announce that it has received an independent Property of Merit report on the Radio Hill iron deposit from Micon International Inc.

"We are extremely encouraged by the Micon Property of Merit Report for the Radio Hill Iron Ore project. The excellent infrastructure, close proximity to a mining community and recent escalation of iron ore prices makes the Radio Hill iron deposit an attractive project." comments Company VP of Exploration, Peter Caldbick. "With confirmation of the project's merits and detailed recommendations of drilling by Micon, the company can advance this project to the next stage with a resource audit. It is especially encouraging that historical metallurgical bench scale test work established the potential of the deposit to be developed commercially at that time."

• Based on all of the historical documentation reviewed, results of GCR's exploration and its site visit to the property, Micon concludes that a moderate sized iron resource is likely to exist at Radio Hill that may be developed commercially as a conventional iron ore operation. Existing infrastructure is in place including a railroad siding previously built to access iron-ore; hydroelectric power, water and natural gas.

• Historic metallurgical test work indicated that a commercially acceptable iron concentrate could be produced from Radio Hill mineralized material using magnetic separation followed by flotation

• There is an opportunity for development of the Radio Hill iron resource as feed for direct reduced iron (DRI) such as the Kobe ITmk3 iron nugget process

• The part of the Radio Hill deposit that is thickened by folding is open (i.e., untested by drilling) down plunge to the northwest

• $3.5 million exploration program has been outlined by MICON to advance the project and provide the data necessary to commission a NI 43-101 Resource Estimate

• Although the historical resource and reserve estimates were prepared to the standards of the day, since none of the original core remains available and only limited amounts of the original metallurgical testwork remains, none of the iron resources at the Radio Hill property meet the requirements for a 43-101 compliant mineral resource

• The historical metallurgical testwork completed on the Radio Hill property was well done but additional work, including pilot plant testing of representative blended samples, must be undertaken

A complete Technical Report, compiled in accordance to Canadian Securities Administrators National Instrument Form 43-101F1 Guidelines, will be filed on Sedar within 45 days of release of this press release.

Micon recommends that a thorough program of drilling, assaying, metallurgical bench-scale testing as well as pilot scale testing should be implemented in order to verify earlier results and better characterize the quality of the mineralization. The cost of the program is estimated to be $3.5 million which would meet the requirements for a 43-101 compliant mineral resource. It is Micon's opinion that the proposed exploration plans are properly conceived and justified.

Iron formation at the Nat River deposit, approximately 9.8 kilometers east of the Radio Hill iron deposit on the adjacent Golden Chalice Resources Timmins West Property is considered by Micon to be an effectively unexplored area with the potential for commercial iron deposits.

The historical estimates contained in this news release are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 ("NI 43-101"). Accordingly, the Company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves. The term "ore" in this release is being used in a descriptive sense for historical accuracy, and is not to be misconstrued as representing current economic viability

ABOUT TIMMINS WEST PROJECT

The Timmins West Project covers portions of iron formation that includes the historically identified iron deposits of Radio Hill and Nat River approximately 80 km southwest of Timmins. The property comprises 68 claims in two groups that encompass the Radio Hill and Nat River iron formations. The areal extent of the property is approximately 12,304 ha. The location, close to the Canadian National Railway (CN) and to Timmins, together with the associated infrastructure in the Timmins area, is a significant advantage for the future development of the property.

Peter Caldbick, P.Geo., is the qualified person for the purposes of National Instrument 43-101 for the Company's Timmins West Project . The contents of the press release have been reviewed and approved by Peter Caldbick.

ABOUT GOLDEN CHALICE

On February 4, 2010 the Company announced it had commissioned a NI 43-101 resource estimate on its flagship Langmuir Nickel Project where 2007 drilling intersected 72 meters of 1.14% nickel. The Langmuir Project is easily accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits. The Company owns 100% of the property which covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits.

This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the corporation's control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward looking statements.

For more information, please contact

Corporate Inquiries:
Golden Chalice Resources Inc.
Alan Campbell or Kevin Hull, Investor Relations
(604) 685-2222
info@goldenchaliceresources.com
www.goldenchaliceresources.com