Iron Mountain Survey

[Ed Monton]

I wonder what these guys drink out of during board meetings?

lol

Golden Chalice Resources Inc.: Commencement of Major Exploration Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 27, 2006) - Golden Chalice Resources Inc. (TSX VENTURE:GCR) is pleased to announce it plans to undertake an extensive exploration program on its North American properties over the next 8 months. The $2 million exploration program will include activities ranging from prospecting to detailed trenching and drilling of new precious metal, base metal and diamond targets.

Exploration Activities during 2005 and the winter of 2006 discovered the following mineralized zones,

- Copper breccia zone with gold potential on the Shillington property, Ontario

- Volcanogenic sulphide horizon with zinc on the Abitibi East property, Ontario

- Nickel sulphide mineralization in ultramafic sills and flows on the Langmuir property, Ontario

- Kimberlite dike with large diamond potential on the Chapleau Project, Ontario

- Zinc-lead mineralization on the Portage property, New Brunswick

- Carlin Style gold mineralization potential on the UKE property, Nevada

- Platinum-palladium-nickel-copper zones on the Burwash property, Yukon

The Company also completed detailed airborne geophysical surveys using Geotech's state-of-the-art VTEM airborne geophysical system on the Abitibi East, Langmuir, Timmins West, Chapleau, and Shillington properties in Ontario; the Portage, Carboniferous and Cheavers Properties in New Brunswick; and the Burwash Property in the Yukon. The results of these airborne surveys combined with ground work and discoveries made over the last year are being used to identify targets for ground exploration, drilling and trenching this year.

GCR plans to improve exploration success potential by using new technologies to explore for known types of mineralization at depth in old mining districts, and to also use new exploration models to explore for different types of deposits. For example, GCR's properties have never been explored with the latest most advanced exploration technologies, such as VTEM or MMI (Mobile Metal Ion) geochemistry. These technologies are well designed to discover known types of mineralization at depth within the various mining districts, such as the McIntyre or Dome gold mines, and the Kidd Creek copper-zinc-silver deposit in the Abitibi mineral district. These same technologies are also able to discover potential new or different types of deposits in old mining districts. Some new or different types of deposits for the Abitibi or Chapleau areas of Ontario include Iron-Oxide-Copper-Gold (IOCG) deposits, diamond bearing kimberlites, and the Noril'sk or Voisey's Bay type nickel-copper-cobalt-platinum-group-metals deposits.

GCR 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

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.

CONTACT INFORMATION
Golden Chalice Resources Inc.
Richard Hughes
Chairman
[phone]
[phone] (FAX)
www.goldenchaliceresources.com