VANCOUVER, BC – May 27, 2010 – Chalice Diamond Corp. (TSX-V:COD) (the “Company”) announces that, subject to the approval of the TSX Venture Exchange, the Company wishes to extend the term and reduce the exercise price of 14,675,860 warrants issued by the Company which currently expire on June 23, 2010 (the “Warrants”).

January 29, 2010 Follow-up on 8.4 kg Grab Sample Yielding 35 Diamonds Including 5 Macrodiamonds. FOLLOW-UP WORK TO BE COMPLETED AT CORBIERE WHERE AN 8.4 KG GRAB SAMPLE YIELDED 35 DIAMONDS INCLUDING FIVE MACRODIAMONDS AND ONE DIAMOND MEASURING 0.86 MM DRILL PROGRAM PLANNED FOR REID VEIN ON OLD CABIN PROPERTY