VANCOUVER, BRITISH COLUMBIA, May 5, 2010 (Marketwire) -- Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to announce, subject to regulatory approval, the acquisition of a 100% interest in the Kenogaming South Extension, Kenogaming Central, and Goose Lake gold properties. The properties consist of eleven claims (81 units) in the Kenogaming and Shaw Townships, Porcupine Mining Division, Ontario. The Kenogaming properties are accessible by road and are approximately 50 km southwest of Timmins, Ontario while the Goose Lake property is approximately 15 km east of Timmins, near the southwest border of the South Porcupine property, building on the Company's land packages in each area.
To view a map of the Kenogaming South Extension, Kenogaming Central, and Goose Lake gold properties located in the West Timmins district, please click on the following link:
The Kenogaming properties occur along what may be a splay off the prolific gold-bearing Destor Porcupine Fault Zone ('DPFZ'). The DPFZ hosts the world famous Timmins gold camp as well as other gold deposits in the Harker-Holloway area of Ontario.
The newly acquired Goose Lake property, like the South Porcupine property, is within the Timmins mining camp that has produced over 67 million ounces of gold.
Consideration for the Goose Lake property consists of $15,000 and 200,000 shares, payable over three years. There is a 2% net smelter return payable, one-half (1%) of which may be purchased for $1,000,000.
Consideration for the Kenogaming South Extension property consists of $65,000 and 325,000 shares, payable over three years. There is a 2% net smelter return payable, one-half (1%) of which may be purchased for $1,000,000.
Consideration for the Kenogaming Central property consists of $70,000 and 250,000 shares, payable over three years. There is a 2% net smelter return payable, one-half (1%) of which may be purchased for $1,000,000. The Company also announces that it has completed its evaluation of the Rayner Lake property and decided not to continue with the option.
The Company also announces that, subject to the approval of the TSX Venture Exchange, it plans to extend the term and reduce the exercise price of 3,607,345 warrants issued by the Company which currently expire on May 15, 2010. The expiration date of these warrants will be extended for an additional three years, expiring on May 15, 2013. The warrant exercise price is amended to $0.15 for the third year, $0.20 for the fourth year and $0.25 for the fifth year
About Golden Chalice
On February 4, 2010 the Company announced it had commissioned a NI 43-101 resource estimate on its flagship Langmuir Nickel/Platinum/Palladium 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.