Chesstown Capital Inc. (TSX VENTURE:CHC.H) Announces the Signing of a Non-Binding Letter of Intent for Its Proposed Qualifying T

Letter of Intent

Chesstown Capital Inc. ("Chesstown") (TSX VENTURE:CHC.H) is pleased to announce
that on December 10th, 20 10, it entered into an arm's length and non-binding
letter of intent ("LOI") with Apex Royalty Corporation ("Apex") pursuant to
which Chesstown will, subject to a number of conditions, acquire all of the
issued and outstanding shares of Apex. Apex owns an option to acquire an
undivided one hundred percent legal and beneficial interest in and to certain
mining claims located in northern Ontario (the "Transaction").


Chesstown is a Capital Pool Company under the policies of the TSX Venture
Exchange ("TSXV") and it is intended that the Transaction, if completed, will
constitute Chesstown's Qualifying Transaction under TSXV policies. It is
anticipated that the Resulting Issuer will meet Tier 2 listing requirements of
the TSXV for a Mining Issuer upon completion of the Transaction.


A comprehensive news release will be issued upon the reaching of an Agreement in
Principle between Chesstown and Apex.


TSXV Approval

Completion of the Transaction is subject to a number of conditions, including
but not limited to, TSXV acceptance and if applicable pursuant to TSXV
requirements, majority of the minority shareholder approval. Where applicable,
the transaction cannot close until the required shareholder approval is
obtained. There can be no assurance that the transaction will be completed as
proposed or at all.


Investors are cautioned that, except as disclosed in the management information
circular or filing statement to be prepared in connection with the Transaction,
any information released or received with respect to the Transaction may not be
accurate or complete and should not be relied upon. Trading in the securities of
a capital pool company should be considered highly speculative.


For Investors

This press release may include statements about expected future events and/or
financial results that are forward-looking in nature and subject to risks and
uncertainties. Chesstown cautions that actual performance will be affected by a
number of factors, many of which are beyond its control. Future events and
results may vary substantially from what Chesstown currently foresees.
Discussion of the various factors that may affect future results is contained in
Chesstown's recent filings, available on SEDAR.