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
June 8, 2007
Golden
Chalice Resources – Shareholder Rights Plan
Golden
Chalice Resources Inc. announces
that it has implemented a Shareholder Rights Plan, subject to Exchange
approval. In addition, the Rights Plan will be presented
at the next shareholders meeting for approval. The Shareholder Rights Plan is
not being implemented in response to or in contemplation of any known takeover
bid or other similar transaction. The Rights Plan is designed to assist in
maximizing shareholder value in the face of a takeover bid, to encourage the
fair and equal treatment of all shareholders and to provide the board of
directors and shareholders with additional time to fully consider any
unsolicited takeover bid.
The
Rights Plan is similar to those adopted by other Canadian listed companies, and
is consistent with corporate practice. The Rights Plan is not intended to
prevent takeover bids. As long as a bid meets certain requirements intended to
protect the interests of all shareholders, called a permitted bid, the
provisions of the Rights Plan will not be invoked. Details of the Rights Plan will
be included in the Company’s next Management Information Circular.
The
Company also announces that it has granted 530,000
options to directors and officers of the Company and 958,000 options to
employees and consultants at an exercise price of $3.25 per share for a period
of five years. The options are subject to a four month hold period
expiring October 9, 2007.
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 W.
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 interviews with Company Chairman and President.
From
time to time Golden Chalice raises exploration funds from the issue of flow
through shares. This latest discovery was made possible through flow-through
financing which was arranged, in part, with the MineralFields Group.
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.