COD Coastal Gold Corp

Chalice Diamond Corp. (TSX VENTURE:COD) (the 'Company') is pleased to announce
it is commencing drilling on the Bird property located approximately 43
kilometers northeast of Wawa, Ontario with the intention of testing a large
potential nickel-copper-PGE target on its 100% owned Bird reverse polarity
airborne anomaly. This is the first drill program undertaken by the Company.


The Bird target is centered over Swanson Lake and has a very strong reverse
magnetic polarity signature. Two airborne VTEM geophysical surveys have outlined
three magnetic nodes or areas of greatest magnetic intensity. The 'Western',
'Lake' and 'Eastern' nodes extend over a distance of 6 km with a width of 1.5
km.


The large area encompassed by the reverse magnetic anomaly is underlain by mafic
and ultramafic rocks, including peridotite. The cause of the reverse magnetic
signature is not apparent on surface, but it is believed to be a result of a
near surface magmatic intrusion.


"One important objective of this program is to confirm the presence of
ultramafic intrusive rocks within the anomaly which are similar to those hosting
the Eagle deposit. This first phase of drilling will target coincidental MMI and
magnetic anomalies to identify potential areas of nickel-copper-PGE
mineralization." comments Company President, John Keating.


The first two drill set-ups are located on the perimeter of a swamp therefore
accessibility is no longer a consideration for drilling in this particular area.


To view a map of the Bird Anomaly click here:

http://www.chalicediamond.com/i/pdf/BirdMagneticmapv2.pdf

The MMI geochemical orientation survey ran one line the length of the anomaly
and two shorter lines crossing the anomaly. The MMI signature was found to be
consistent with a mafic or ultramafic intrusive. The three magnetic nodes
coincided with the best MMI values for copper and nickel. Copper, lead and zinc
anomalies coincided with the 'Lake' and 'Eastern' nodes.


Further to the MMI signature is the presence of an iron formation striking into
the magnetic anomaly which could potentially provide a source of sulphur for the
precipitation of nickel sulphides.


The magnetic response of the target is similar to, but much larger than the
magnetic response of the rocks hosting the Eagle nickel-copper precious metal
deposit being advanced in nearby northern Michigan by Kennecott Minerals Co.


The Eagle deposit is a high-grade magmatic sulphide deposit containing nickel
and copper mineralization with associated cobalt, platinum, palladium and gold.
It has a published geologic resource of 4.05 million tonnes with an average
grade of 3.57% Ni, 2.91% Cu, 0.10% Co, 0.28 g/t Au, 0.73 g/t Pt and 0.47 g/t Pd.
The deposit is hosted in a peridotite intrusion that is unique because of its
reverse magnetic polarity.


Drilling of this area has been the Company's long term goal, which is now being
realized. The latest scientific methods available in exploration have been
utilized to identify targets with the highest potential to advance this
exploration project. Future updates will be forthcoming as work advances on this
large potential nickel-copper-PGE property.


Peter Caldbick, P.Geo. has reviewed and approved the press release. Mr. Caldbick
is the qualified person for the purposes of National Instrument 43-101 for the
Company's Chapleau-Wawa Project.


About Chalice Diamond

Chalice Diamond Corp., in conjunction with joint venture partners, is continuing
the search for diamond, base and precious metal deposits in the Wawa-Chapleau
region of Ontario, where it has staked or optioned approximately 100,000
hectares of highly prospective ground.


Visit Chalice Diamond's web-site: www.chalicediamond.com for current information
and to see Smartstox interviews with company Chairman Richard Hughes and
President and CEO John Keating.


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.

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