Tuesday, March 03, 2009

Chancery Resources Reports Year-End Performance Highlights

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FOR IMMEDIATE RELEASE

March 03, 2009

Chancery Resources Reports Year-End Performance Highlights

Vancouver, B.C.- Chancery Resources, Inc. (Chancery) (OTCBB:CCRY - News) is pleased to announce its financial results for the quarter and fiscal year ended November 30, 2008. As of November 30, 2008, our total assets were $112,109 and our total liabilities were $295,786 and we had a working capital deficit of $107,754. Our financial statements report a net loss of $1,224,237 for the year ended November 30, 2008, and a net loss of $1,286,227 for the period from September 12, 2006 (date of inception) to November 30, 2008. The company also reported an increase in operating expenses for the year ended November 30, 2008, compared to the same period in fiscal 2007 and was mainly due to an increase in general and administrative expenses of $83,263 (2007: $46,613), an impairment of mineral property costs of $1,116,930 (2007: $Nil), an increase in consulting fees of $10,000 (2007: Nil) and an increase in mineral property costs of $6,000 (2007: $75).

The following is a summary of financial results and operating highlights for 2008:

Antioquia, Colombia:

El Cafetal Project: The El Cafetal Project consists of 135 hectares located in the historic Valparaiso, Department of Antioquia, the most prolific gold producing region in Colombia for hundreds of years. The Company has recently completed a preliminary sampling and chemical analyses on the El Cafetal property. As results are concluded, the company will update shareholders in the near future.

Within the property, four large zones have been identified as mineralized with gold, silver and other base metals. Additionally, the company has performed an assessment of the equipment in place to upgrade the existing processing plant.

On January 30, 2009, we incorporated a wholly owned subsidiary pursuant to the laws of Colombia under the name Minera Chancery Colombia. Management plans to continue exploration of the El Cafetal property at the same time that the Company undertakes efforts to place the property into production. As we intend to continue exploration at the El Cafetal Project for the foreseeable future, we are moving forward with our plans to make improvements to the property, which will include recondition of current equipments and replacement of some parts and materials.

British Columbia, Canada:

HCL Property consists of 20 contiguous mining claims located in Merritt, British Columbia, Canada with approximately 415 hectares. The geology in the area is described to be in the Nicola Group known to host economic mineralization. Historically, the deposit types that predominate in the general area are copper, gold, palladium or copper-molybdenum.

The company has established a wholly owned subsidiary, Chancery Mining Canada Ltd in British Columbia, Canada, which will contribute to cost reductions in operations, build a solid presence in the province and the mining industry and make the most of the government commitment to the industry.

Fiddler Creek Property is comprised of 25 mineral claims located within the Omineca Mining Division in northwestern British Columbia totaling 466 hectares. The geology in the area is described to be underlain by agillites of the Jurassic to Cretaceous Bowser Lake Group, in which auriferous quartz veins are probable resources for placer gold. The deposit types that predominate historically in the Fiddler area are silver, gold, lead and zinc. The Company also intends to begin exploration of the HCL and Fiddler Creek property as fieldwork season 2009 starts for more detailed sampling and mapping of the area.

Additional and more detailed operational and financial highlights are summarized in Chancery’s annual 10-K filing with the U.S. Securities and Exchange Commission available on the SEC`s website at www.sec.gov and on Chancery`s website at www.chancerymining.com.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with exploration for minerals; changes in the operating costs and changes in economic conditions and conditions in mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current and periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:

Chancery Resources Inc
Leila Adams, 214-288-9897
ir@chancerymining.com
www.chancerymining.com