Golden Chalice Resources Inc. (TSX-V: GCR) ("The Company") is pleased to announce it has arranged for a private placement of up to 10,000,000 units. The financing will consist of non-flow through units priced at $0.12 per unit and flow through units priced at $0.14 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 $0.15 per share in the first year and $0.30 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 $0.50 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 g/t gold over 83.4 meters (West Timmins News Release June 24, 2009).
About Golden Chalice
Along with its Abitibi East Property, the Company's continues to be focused on its flagship Langmuir Project where 2007 drilling intersected 72 meters of 1.14% nickel. The Langmuir Project is easily accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits. The Company owns 100% of the property which covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits.
Along with the Langmuir Project, the Company has recently brought forward a number of its gold projects, including the Timmins West and Abitibi East properties.
CONTACT INFORMATION
Corporate Inquiries:
Alan Campbell or Kevin Hull, 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/goldenchalice
