Golden Chalice Resources Inc. (GCR - TSX Venture, GCRIF - OTCBB_Pink_Sheets), has completed an extensive evaluation of its property portfolio and is currently taking steps to conserve and focus its working capital and resources on key projects. More than half of the Company's outstanding option agreements have been favourably renegotiated.
The Company has also completed rigorous property evaluations resulting in the termination of eight projects: Coulson, Cheavers, Dokis, Farr, Kidd, Kimberley, Meteor Lake and Tower. These and other measures will better position the Company to focus its resources on advanced assets such as the Langmuir Nickel Project near Timmins, Ontario.
Golden Chalice Chairman Richard Hughes comments, "Current market conditions are providing us with the needed leverage to renegotiate a number of key agreements. Adding to this the termination of eight of these agreements eliminates future funding commitments and leaves the company in a position to conserve working capital and focus on more advanced projects, specifically the Langmuir. We look forward to 2009 and are working aggressively to best position the Company to capitalize on opportunities as they arise."
Ongoing exploration at the flagship Langmuir Project is focused on further testing a nickel discovery where initial drilling intersected 72.5 meters grading 1.14% nickel. The latest results from a winter-drilling program include 3.79% nickel over 14 meters within a larger intersect of 2.75% nickel over a drilled width of 24.4 meters. Ongoing drilling will continue to test the Discovery Zone and deep-seated VTEM conductors identified by previous airborne geophysical surveys.
Lynn Evoy has been appointed a Director of Golden Chalice, effective November 20, 2008. He is also a Abitibi Mining Corp., Amador Gold Corp., Chalice Diamond Corp. and Klondike Gold Corp. Lynn brings to the company over thirty years experience in the exploration mining and investment industry.
Subject to TSX, regulatory and warrant holder approvals, Golden Chalice plans to re-price options and warrants as follows. Options that expire from April 2009 through January 2013 (currently priced between $0.12 and $0.80) will be lowered to $0.10. Warrants that expire on March 28, 2009 will be re-priced to $0.15, and warrants that expire in mid-November of 2009 will be re-priced to $0.20. The warrant terms will not change.
About Golden Chalice
The Company's main focus continues to be its flagship Langmuir Project. The Langmuir Project is accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits.
Golden Chalice has assembled a portfolio of properties in established mining and mineral districts, notably the Abitibi in Ontario, the Bathurst camp in New Brunswick, and a joint-venture project in Nevada.
CONTACT INFORMATION
Corporate Inquiries: Kevin Hull or Alan Campbell, Investor Relations
Phone: (604) 685-2222
Email: info@goldenchaliceresources.com
Website: www.goldenchaliceresources.com
AGORACOM Investor Relations: Email: GCR@agoracom.com
Website: http://www.agoracom.com/ir/goldencha...
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Source: Golden Chalice Resources Inc. (TSX-V: GCR http://www.goldenchaliceresources.com/
