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GOLDEN CHALICE RESOURCES INC.
711 – 675 West
Hastings Street, Vancouver, B.C. V6B 1N2
(604) 685-2222 *Fax: (604) 685-3764
www.goldenchaliceresources.com
TSXV: GCR
FOR IMMEDIATE RELEASE
April 26,
2007
EASTERN AND WESTERN EXTENSION OF
ABITIBI EAST PROPERTY ACQUIRED
Golden
Chalice Resources Inc. (TSXV: GCR) is pleased to announce, subject to regulatory
approval, the acquisition of a 100% interest in two properties. The first
is the Abitibi East – East Extension Property, located in Warden, Munro
and McCool Townships, Ontario
and the second is the Abitibi East – West Extension, located in Rickard
and Knox Townships, Ontario. Consideration for the East
Extension Property consists of $125,000 and 200,000 shares over a period of 3
years and an annual work commitment of $84,400 to maintain the property.
Consideration for the West Extension Property consists of $125,000 and 200,000
shares over a period of 3 years and an annual work commitment of $46,400 to
maintain the property. There is a 3% net smelter return payable, which
may be purchased for $4,000,000 Both agreements have a 3% net
smelter return payable, which may be purchased for $4,000,000, require the
Company to issue 50,000 shares upon completion of a positive feasibility study
and payments of $12,500 as advance royalty payments commencing 54 months from
the date of regulatory approval.
The Abitibi East
– East Extension Property is east of Golden Chalice’s Abitibi East
Property while the Abitibi West – West Extension Property is west of the
Abitibi East Property. Golden Chalice is currently drilling on the Abitibi East
Property for copper, zinc, lead, and silver mineralization in a geological
environment similar to the Kidd Creek Deposit (117,547,000 tonnes @ 2.2% copper
7.25% zinc, 0.28% lead and 147.43 g/t silver).
About
Golden Chalice
Golden Chalice is
well positioned to discover and capitalize on world class gold, silver, copper,
nickel, zinc, platinum, palladium and diamond deposits. During the last
couple of years the Company has strategically accumulated large land packages
in existing mining or mineral districts such as the Abitibi in Ontario and in 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.
GOLDEN CHALICE RESOURCES INC.
On behalf of the Board of Directors
Richard Hughes, Chairman
For Further Information Contact: Richard Hughes
Phone: (604) 685-2222 or visit Golden Chalice’s
web-site: www.goldenchaliceresources.com
to see Smartstox interview with Company Chairman and President.
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.
The TSX Venture Exchange
has not reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.