Business
Golden Chalice Completes Property Evaluations
Golden Chalice Completes Property Evaluations
About this update from Clean Energy Transition Inc.
[{"type":"text","content":"Golden Chalice Completes Property Evaluations\n\n\n\nGolden Chalice Completes Property Evaluations\n\nVancouver, British Columbia CANADA, February 27, 2009 /FSC/ - 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.\n\nThe 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.\n\nGolden 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.\"\n\nOngoing 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.\n\nLynn 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.\n\nSubject to TSX, regulatory and warrant holder approvals, Golden Chalice plans to re-price options and warrants as follows. Options that expire from April 2009 th...