Golden Chalice to raise $1.2-million for exploration

2009-10-14 09:25 ET - News Release

Mr. Alan Campbell reports

GOLDEN CHALICE RESOURCES ANNOUNCES PRIVATE PLACEMENT

Golden Chalice Resources Inc. has arranged for a private placement of up to 10 million

units. The financing will consist of non-flow-through units priced at 12 cents per unit and

flow-through units priced at 14 cents per unit. Each of the units will consist 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 for four years at a price of 15 cents per share in the first year and 30 cents

per share for the remaining three years. The company may give written notice that the

warrants will expire in 30 days if the company's shares trade at or above 50 cents for

10 consecutive trading days. In accordance with exchange policies, finders fees may

be paid on the funds raised. The private placement is subject to regulatory approval.

Funds raised will be used for exploration on the company's Ontario and New Brunswick

properties as well as general working capital. Exploration will focus primarily on potential

gold targets in areas with geology similar to existing gold discoveries such as Lake Shore

Gold/West Timmins Mining's recent drill hole intercept of 12.75 grams per tonne (g/t) gold

over 83.4 metres (West Timmins news in Stockwatch June 24, 2009).

We seek Safe Harbor.