VANCOUVER, BC -- (MARKET WIRE) -- 05/16/07 -- Golden Chalice
Resources Inc. (TSX-V: GCR) (PINKSHEETS: GCRIF) is pleased to announce the drill hole intersection of 1.14% Nickel over 72.50 metres, including two separate heavily mineralized intervals of 2.23% Nickel (Ni), 0.22% Copper (Cu), 0.20 g/t Platinum (Pt), and 0.50 g/t Palladium (Pd) over 17.50 metres of drill core, and 1.74 % Ni, 0.12% Cu, 0.20 g/t Pt, and 0.47 g/t Pd over 13.10 metres of drill core.

This intersection is from drill hole GCL07-6 recently completed on
the Company's 100% owned Langmuir Property (see table below) and is
the first hole drilled to test a cluster of 4 airborne VTEM anomalies
on the property. The Langmuir Property is located about 35 km south
of Xstrata's Kidd Creek Metallurgical site in Timmins, Ontario. The
Kidd Creek site has a nickel circuit for concentrating ore from
Xstrata's Montcalm nickel mine located over 90 km west of Timmins.

The Langmuir property includes over 20 km of ultramafic and mafic
flows and sills favourable for hosting nickel, copper and platinum
group mineralization (pgm). Less than 50% of this favourable
stratigraphy has been flown by the VTEM airborne system with 18
separate clusters of airborne EM anomalies being identified. The
current first phase of drilling is designed to test each cluster
which are largely covered by overburden or swamp.

Hole GCL07-06 was drilled to test a linear trending cluster of
airborne EM anomalies that occur across 4 flight lines, spaced 75
metres apart. Two additional EM anomalies are on strike, but
slightly offset from the others. The hole was oriented to drill
across the EM trend along the flight line azimuth of 325 degrees with
a dip angle of -55 degrees.

The drill hole intersected a strongly mineralized nickel, copper, and
pgm zone occurring within an altered peridotitic komatiitic flow.
Nickel mineralization is associated with disseminated, fracture
filling, and blebs of sulphides throughout the 72.50 metre core
length. Higher values of up to 5.7% nickel occur when sulphide
concentrations increase to 30 or 35%. The following table displays
weighted average summaries for the mineralized intersection. True
width of the zone is not known at this time.


Table of preliminary results for drill hole GCL-07-06

Core
Length Pd
From(m) To(m) (m) Ni(%) Cu(%) Co(%) Pt(g/t) (g/t)
------- ----- --- ----- ----- ----- ------- -----
Zone 99.50 172.00 72.50 1.14 0.08 0.02 0.11 0.26

including 116.90 130.00 13.10 1.74 0.12 0.02 0.20 0.47

and 149.50 167.00 17.50 2.23 0.22 0.04 0.20 0.50

Bore-hole geophysics (downhole pulse EM) is to be completed on all
holes including GCL07-6. This will provide additional interpretive
data for the next phase of drilling which will test this new nickel
discovery and any other mineralization intersected during the first
phase of drilling.

A rigorous quality assurance program is employed which includes the
insertion of standards and blanks for each batch of samples. Samples
of the NQ size drill core are sawed in half, with one-half sent to a
commercial laboratory, Expert Laboratory of Rouyn-Noranda, Quebec, and
the other half retained for future reference. Core samples are
routinely analyzed for nickel, copper and cobalt by aqua regia
digestion with atomic absorption techniques. Any analyses greater
than 10,000 ppm are re-analyzed using total acid digestion and atomic
absorption techniques. Check analyses utilizing another assay
laboratory are also being done.

Peter Caldbick, P.Geo., and Kevin Montgomery, P.Geo. are the
qualified people for the purposes of National Instrument 43-101 for
the Company's Langmuir Project. Project supervision is by Kevin
Montgomery and the contents of the press release have been reviewed
and approved by Peter Caldbick.

About Golden Chalice
Golden Chalice 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 and in the Bathurst
Camp in New Brunswick. 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.

For Further Information Contact:
Richard Hughes
Phone: (604) 685-2222
or visit Golden Chalice's website: www.goldenchaliceresources.com to see
Smartstox interview with Company Chairman and President.

GOLDEN CHALICE RESOURCES INC.
711 - 675 West Hastings Street
Vancouver, B.C.
V6B 1N2
Phone: (604) 685-2222
Fax: (604) 685-3764
www.goldenchaliceresources.com