GCR Gespeg Resources Ltd

Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to
announce drill plans for its wholly-owned Radio Hill Iron-Ore project, the
western extension of the Company's Timmins West property.


The Radio Hill project hosts a number of historic, non-43-101 compliant resource
estimates(i) ranging from 90 - 427 million tonnes of approximately 27% iron. The
significant range in tonnage is a result of the different estimates measuring
the amount of iron to varying elevation levels, or possible open-pit depths. The
existing 90 million tonne historic resource estimate referred to in the recent
Radio-Hill 43-101 Property of Merit Report (Company news release July 20, 2010)
only took into consideration mineralization for the first 150 meters below
surface. Initial drilling is intended to confirm mineralization continues beyond
this to a depth of at least 400 meters.


The Property of Merit report was completed by Micon International Inc. ("Micon")
and is available on www.sedar.ca. In the report, Micon outlined an exploration
program intended to confirm reported mineralization at Radio Hill, test for
extensions below the existing zones, validate and expand upon previous
metallurgical testing and upgrade the resource estimate to 43-101 compliant
standards. The proposed drilling program is the initial step of this program.
The potential tonnage and grade are conceptual in nature and it is uncertain if
further exploration will delineate a mineral resource. 


"Given the strength in iron-ore prices and the historic size potential of the
deposit we are expediting exploration at Radio Hill", commented Company
President, Steve de Jong. "Further to this we are pleased to announce that
through recent discussions with the Mayor of Timmins, Ontario, we have learned
the city has commissioned a team to evaluate the possibility of local, recently
decommissioned facilities being used to process iron ore. Although it is too
early to speculate on the outcome of this team's report, it is encouraging for
the both the Company and the City of Timmins that these steps, which have the
potential to add significant value to the Company and its Radio Hill project,
are being taken." 


The proposed drilling will be the first step of the program, with the initial
holes intended to:




1)  Confirm the depth potential of the iron ore mineralization below the 90
    million tonne historic resource and, 

2)  Evaluate the high grade iron portion of the iron formation which forms
    the bulk of the formation. 

3)  Evaluate the mineralogy of the deposit. 



To view a map of the Company's Radio Hill Iron-Ore project click on the
following link:


http://www.brmstatpack.com/lt/1001/1068/radio-hill-pdf 

The magnetite rich iron formation forms a topographical high and covers an area
over 2 km long with a maximum width of approximately 500 meters. The Radio Hill
project is accessible by paved highway and gravel secondary road. The Kukatush
railroad siding of the Canadian National Railroad is 3 km along an existing road
from the Radio Hill Iron Ore occurrence. Hydroelectric power, water, and natural
gas are also available in the area. The property was last worked and explored in
the 1960s by Kukatush Mining Corporation. Historic metallurgical tests indicate
the potential to produce 63 to 65% iron concentrate.


(i) 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


Kevin Montgomery, P.Geo., is the qualified person for the purposes of National
Instrument 43-101 for the Company's Radio Hill Project. The contents of the
press release have been reviewed and approved by Mr. Montgomery.


ABOUT GOLDEN CHALICE

Golden Chalice is an advanced stage exploration company, with offices in
Vancouver, British Columbia and Timmins, Ontario. In addition to its Radio Hill
iron-ore project it is currently exploring the Langmuir nickel deposit in
Ontario, Carlin type gold occurrences in Nevada, volcanogenic massive sulphide
deposits in the Bathurst camp in New Brunswick and several gold targets in
northern and western Ontario.


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.

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