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Re:   News Releases - Friday, December 04, 2009
      Golden Chalice Resources Increases and Closes Private Placement
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Golden Chalice Resources Inc. (TSX-V: GCR) ("The Company") is pleased
to announce, subject to TSX Venture approval, the amendment and closing
of a private placement announced October 14, 2009. The total number of
units has been increased from 10,000,000 to 16,252,667 for total
proceeds of $2,052,020.00.  The units are priced at $0.12 per non flow
through unit and $0.14 per flow through unit.  Each unit consists of
one flow through or non flow through common share and one non flow
through, non-transferable share purchase warrant entitling the holder
to purchase one additional common share at a price of $0.15 per share
for the first year and $0.30 for the next four years.  The Company may
give written notice that the Warrants will expire in 30 days if the
Company's shares trade at or above $0.50 for 10 consecutive trading
days.  Shares issued in the private placement are subject to a four
month hold period. In accordance with Exchange policies, finders' fees
may be paid on a portion of the funds raised.

Proceeds from the private placement will be used for exploration
expenditures on the Company's Timmins West and Abitibi East Gold
projects and other Timmins camp projects as well as for general working
capital.

About Golden Chalice
Along with its Abitibi East and Timmins West gold projects, the Company
continues to focus on advance flagship Langmuir 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.

CONTACT INFORMATION
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com

AGORACOM Investor Relations: Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldenchalice  

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) 2009 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 Fri Dec 4, 2009 at 2:18:16 PM Pacific Time
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