GCR Gespeg Resources Ltd

Golden Chalice Resources Inc. (TSX VENTURE:GCR) ("The Company") is pleased to
announce the outcome of its three day meeting held at the Company's offices in
Timmins, Ontario, earlier this month. The new management team and Board of
Directors established a focused mandate to move forward creating the best
possible environment to advance senior projects and explore properties of
highest potential while at the same time dropping properties of lesser merit. 


The Company's ongoing objective is to evaluate properties in a timely and
efficient manner, advance those of merit, and terminate those with lower
potential which may draw resources away from other projects. The Company
recognizes the importance of both "grass-roots" and advanced exploration
projects and will continue to ensure it is adequately diversified without
overextending its resources. Furthermore, the Company will actively seek JV
partners to help advance and potentially develop existing, advanced-stage
properties, as well as early-stage properties which do not fit in with near term
exploration plans. New management is committed to fiscally responsible business
practices and acting in the best interest of its shareholders.


Recent Company Highlights:

A new management team, as well as new Directors, were put in place on June 28,
2010. This team includes Steve de Jong, Director, President, Stephen Pearce,
Director, CFO and Frank Durant, Director. On July 9, 2010, Trygve Hoy, PhD,
PEng, also joined the Board of Directors. On August 18, 2010, Dr. Hoy was named
Company VP of Exploration.


The Board of Directors intends to invite an iron ore expert to participate on
the Board to help advance the Radio Hill and Nat River projects.


The head office in Vancouver has been moved, and is now temporarily located at
1290-625 Howe Street.


A thorough review of the Company's entire land holdings led by Dr. Hoy, PEng
with input from Peter Caldbick, PGeo, Kevin Montgomery, PGeo, Terry Mersereau,
PGeo and Andrew Tims, PGeo, as well as a number of Company consultants, has been
completed with priority given to maintaining and advancing only those properties
with the highest mineral potential.


The geological review and property evaluation determined the following:



--  Langmuir Nickel Deposit: The recently completed NI43-101 indicates open
    pit potential as well as several still untested areas below the existing
    deposit and elsewhere on the property. A number of proposals for
    environmental baseline studies from environmental consulting firms are
    under review. The Company hopes to commence preliminary work on its
    baseline study in the immediate future. A number of options, including
    joint venture possibilities, are being evaluated as the Company
    continues to advance the W4 deposit towards production.

--  Radio Hill Deposit: The Company is pleased and encouraged by the
    recently completed NI 43-101 'Property of Merit' report on the iron ore
    project and will be actively seeking a joint venture partner. Further
    drilling may be required to upgrade the existing historical resource to
    today's NI 43-101 standards. The Company is looking to appoint an iron
    deposit expert to the Board of Directors to assist with this project.

--  Nat River Project: This iron-ore anomaly is located adjacent to the
    Radio Hill project and requires further drill testing as well as
    petrological examination. The proximity and untested nature of the Nat
    River iron formation add greatly to the overall potential of Radio Hill.

--  Abitibi East - East Extension: The central part of the block has
    considerable volcanogenic massive sulphide (VMS) potential, and will be
    retained; adjacent claims will be dropped.

--  Abitibi East - Warden: This property has been returned to its vendor.

--  Abitibi East - Shallow River: The Company will pursue a JV partner for
    further exploration on the Shallow River VMS target.

--  Brinklow: This property, located near Thunder Bay, Ontario, (near
    Premier Gold's property with reported 1.3 million ounces of gold) has
    had considerable early-stage exploration by the Company which has
    defined several gold targets. Trenching of some of these targets,
    including coincidental IP/geochemistry targets, is scheduled to begin
    immediately.

--  Ellen Creek: A "grassroots" exploration property, in good standing, with
    several prospective gold targets that the Company will explore in the
    future.

--  Kenogaming: This property has been terminated. 

--  Kenogaming South: This property has been terminated.

--  Kimberlite Portfolio: Enough assessment work has been done to keep these
    properties in good standing. Their potential will be reviewed again in
    the future.

--  Monpre: This property, which does not require further property payments
    and is in good standing, will be kept until a more detailed evaluation
    of its gold potential has been made.

--  Northland: This property, located in the Kirkland Lake gold camp, is
    considered to have significant gold exploration potential. Early-stage
    exploration indicates a drill program is warranted. The property is in
    good standing and will he held until a JV partner is located or until
    the Company is in a position to drill. 

--  Porphyry: This property has been terminated.

--  Row Lake: Enough assessment work has been done on this property to keep
    it in good standing for at least three years. It has diamond, nickel and
    copper potential and will remain in the Company's portfolio as a "grass-
    roots" project.

--  Shillington: A copper-gold property that the Company will continue to
    explore as a possible iron oxide copper gold (IOCG) or porphyry system;
    property size will be reduced considerably to minimize exploration
    funding requirements.

--  Shillington West: This property has a large VTEM anomaly in a mag low
    area with considerable potential. Geological mapping and prospecting are
    required to further evaluate it.

--  South Porcupine: This property has both gold and zinc targets and is
    currently in good standing. Recent drilling intersected anomalous
    amounts of gold and results indicate further drilling is warranted. A JV
    partner may be brought in to advance this project.

--  Taylor Group Claims: Located in the Bathurst district in New Brunswick,
    these claims have excellent VMS potential. The property size is
    currently being reduced and plans for further exploration, focusing on
    core areas, are being prepared.



The Company will continue to update investors as it develops exploration plans
for those properties it has decided to move forward with as well as provide
regular updates on its advanced Langmuir and Radio Hill projects.


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.

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