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Re: News Releases - Wednesday, March 05, 2008
Farr and Doon Properties Acquired
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Golden Chalice Resources Inc. (TSXV: GCR) is pleased to announce the
acquisition of a 100% interest in the Farr and Doon properties. Both
properties are adjacent to GCR's large Shillington property. Their
proximity to Shillington, in conjunction with the presence of gold,
copper, or silver showings on the properties support the potential for
iron-oxide-copper-gold mineralization.
The Farr Property, located in Farr Township, Larder Lake Mining
Division, Ontario is approximately seven kilometres northwest of the
village of Elk Lake, Ontario and is accessible by logging road.
Consideration for the property consists of the payment of $55,000 over
a period of two years. There is a 2% net smelter return payable, of
which half (1%) may be purchased for $500,000.
The Farr area was first prospected for silver in the early 1900s. In
1950 the Roy silver mine opened and operated for approximately three
years. In 2005, an old trench was found that showed hematite,
chalcopyrite and cobalt staining, and grab sampling returned assay
results of 9.72 oz silver, .086 ounces gold and 8% copper per ton.
The Doon Property, located in Doon Township, Larder Lake Mining
Division, Ontario is approximately 12 kilometres west of the town of
Matachewan and is accessible by an all-weather road which is maintained
by logging companies. Consideration for the property consists of the
payment of $40,000 over a period of two years. There is a 2% net
smelter return payable, of which half (1%) may be purchased for
$500,000.
In the 1970s, a grid was cut on the south portion of the Doon property
and soil sampling was completed. The results of this soil sampling
showed up to 575 parts per million gold.
Golden Chalice plans to conduct surficial prospecting, geochemical
sampling and geophysics in advance of trenching or drilling on the
properties. In addition, GCR is completing VTEM airborne surveys over
selected areas of the Shillington Property. The results of this work
will be used to target potential IOCG mineralization.
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 couple of 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.
GOLDEN CHALICE RESOURCES INC.
On behalf of the Board of Directors
Richard W. Hughes, Chairman
For Further Information Contact: The Hughes Exploration Group
Phone: (604) 685-2222 or visit Golden Chalice's web-site:
www.goldenchaliceresources.com to see Smartstox interviews 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.
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Copyright (c) 2008 GOLDEN CHALICE RESOURCES INC. (GCR) All rights
reserved. For more information visit our website at
http://www.goldenchaliceresources.com/ or send
mailto:info@goldenchaliceresources.com
Message sent on Wed Mar 5, 2008 at 8:48:40 AM Pacific Time
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