GOLDEN CHALICE RESOURCES INC.
711 – 675 West
Hastings Street, Vancouver, B.C. V6B
1N2 (604) 685-2222 *Fax: (604) 685-3764
FOR IMMEDIATE RELEASE
February 20, 2007
www.goldenchaliceresources.com
TSXV: GCR
ROW LAKE PROPERTY
ACQUISITION AND DRILLING
Golden Chalice
Resources Inc. (TSXV: GCR) is pleased to announce, subject to
regulatory approval, the acquisition of a 100% interest in the Row Lake
Property, located approximately 20 kilometres north of Larder Lake,
Ontario. Consideration for the Property consists of $40,000,
200,000 shares and a work commitment of $90,000 all over a period of 36
months. There is a 2% net smelter return payable, of which half may be
purchased for $1,000,000.
The Row Lake Property located in Ben
Nevis and Katrine
Townships, consists of 6
claims totaling 47 units for 1,880 acres and is accessed by an all weather
gravel road off of highway 66. The Property is underlain by andesite,
gabbro, rhyloite and volcanicclastic rocks. A series of faults cross the
Property.
The Property has two circular
magnetic anomalies that could be kimberlite pipes or possibly a peridotite with
nickel, copper and platinum group metal mineralization. One
circular target is a reverse polarity magnetic anomaly that sits under a swamp
and is rimmed by an electromagnetic anomaly. This unusual target may be a
peridotite with nickel and copper mineralization or a kimberlite pipe.
The other circular magnetic anomaly occurs under a round lake and may be a
kimberlite pipe. Both anomalies have been outlined by ground geophysics
and a drill contract has been signed for testing the targets in the coming
weeks when the drill comes available. Peter
Caldbick, P.Geo, is a qualified person for the purposes of
National Instrument 43-101 and has approved the contents of this news release.
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,
Bathurst Camp in New Brunswick and the Burwash
area in the Yukon.
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
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.