=======================================================================
Re:   News Releases - Thursday, June 03, 2010
      Golden Chalice Resources Receives NI 43-101 Property of Merit
      Report for Radio Hill Iron Ore Property
=======================================================================

VANCOUVER, BC - Golden Chalice Resources Inc. (TSX-V: 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."

Conclusions/recommendations of the report:


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.

CONTACT INFORMATION

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


The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.

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.

=======================================================================
Copyright (c) 2010 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 Thu Jun 3, 2010 at 11:33:26 AM Pacific Time
=======================================================================
.