Chesapeake Announces New NI 43-101 Mineral Resource Estimate for Metates

Chesapeake Gold Corp. ("Chesapeake") (TSX VENTURE:CKG) is pleased to announce
the results of a new NI 43-101 compliant mineral resource estimate for the
Metates gold-silver project located in Durango State, Mexico. The resource
estimate is based on drilling and assay results from 171 holes totalling 63,127
meters. Independent Mining Consultants ("IMC") of Tucson, Arizona prepared the
resource estimate which includes the following highlights: 


- Measured and Indicated mineral resource of 14.7 million ounces of gold, 396
million ounces of silver and 2.6 billion pounds of zinc, over 88% of the total
mineral resources


- Inferred resource of 1.9 million ounces gold, 38 million ounces silver and 212
million pounds of zinc


- Mineralization at Metates remains open in the North Zone along trend in both
strike directions, with Main Zone mineralization still open to the southeast


Based on a cut-off grade of 0.50 g/t gold equivalent and a gold price of US$750
per ounce, the estimated in-pit mineral resources are as follows: 




---------------------------------------------------------------------------
                    EqGold(i) Gold   Gold  Silver   Silver             Zinc
             Tonnes  Grade   Grade    Ozs   Grade      Ozs   Zinc       lbs
               (000)  (g/t)   (g/t)  (000)   (g/t)    (000) Grade      (000)
---------------------------------------------------------------------------
Measured    181,317   0.98    0.74  4,291    17.9  104,349   0.19   759,300
Main Zone   138,286   0.99    0.75           17.7            0.21
North Zone   43,031   0.96    0.70           18.3            0.14
---------------------------------------------------------------------------
Indicated   521,939   0.86    0.62 10,455    17.4  291,989   0.16 1,840,600
Main Zone   273,526   0.87    0.66           15.1            0.17
North Zone  248,413   0.86    0.58           19.9            0.16
---------------------------------------------------------------------------
Measured/
 Indicated  703,256   0.90    0.65 14,746    17.5  396,338   0.17 2,599,900
Main Zone   411,812   0.91    0.69           16.0            0.18
North Zone  291,444   0.87    0.60           19.7            0.15
---------------------------------------------------------------------------
Inferred     74,000   1.02    0.80  1,908    16.0   38,067   0.13   212,000
Main Zone    15,961   0.78    0.55           16.5            0.13
North Zone   58,039   1.09    0.87           15.8            0.12
---------------------------------------------------------------------------
(i) Eq.Gold equals Au + Ag/72 and assumes equal metal recoveries for gold
    and silver.
    Contained metal ounces may not add due to rounding.



The Metates resource estimate is based upon a total of approximately 21,100
assays estimated from 171 drill holes totalling 63,127 meters. The resource
estimate prepared by IMC used inverse distance weighting methods within three
structural domains that were constructed incorporating Chesapeake's 2008
drilling data along with older Cambior drill results into an updated geologic
interpretation. Block size used was 15 meters by 15 meters by 15 meters with 7.5
meter long drill composites used to minimize smearing. The grade models were
validated visually and the resource estimate compared with results using nearest
neighbour and ordinary kriging models. Tonnage estimates incorporated 250
specific gravity and bulk density measurements with average densities ranging
from 2.05 g/cc to 2.82 g/cc being assigned to eight different rock types. IMC
used a special grade kriging, independent of block grade estimation, to classify
the blocks into the different confidence classes. 


Mineral resources were estimated using a US$750 per ounce gold price and within
an optimized pit shell (using a cut-off grade of 0.50 g/t gold equivalent) based
on the concept of a large open pit. Measured, indicated and inferred classed
material were allowed to contribute to the economics of the cone. The economic
parameters and costs used to the develop the cone shell are processing the ore
via grinding, production of a flotation concentrate and roasting of the
concentrate to produce a calcine which can be treated by cyanidation to recover
gold and silver. Assumed operating costs were US$1.15/t for mining, US$7.75/t
ore for milling and treatment and US$.50/t ore for general and administration.
These assumed costs are based on a mining rate of 60,000 ore tonnes per day.
Overall metal recoveries of 85% were assumed for gold and silver. Zinc credits
were not included in the economics. These preliminary assumptions for projected
costs and recoveries are based on projects of similar production rates and
should be considered preliminary and subject to a high degree of uncertainty.


The open pit associated with the reported resources extends about 2,500 meters
in a north-south direction, is about 1,700 meters wide and up to about 600
meters in depth. The overall waste to ore stripping ratio is about 1.80.
Excellent potential exists to further increase the resource base. The Main Zone
remains open along strike to the southeast and the North Zone remains open in
both strike directions, northwest and southeast. A recent IP geophysical survey
has also identified a large new anomaly consistent with the Main Zone signature
situated under cover, 200 meters outside the southeast limit of the Main Zone's
known mineralization. In addition, Chesapeake's 2008 drill program demonstrated
the disseminated mineralized system extends and has not been fully tested in the
150-200 meter wide corridor between the Main and North Zones.


Further to the news release dated October 16, 2008, Chesapeake's 2008 drill
program included twenty-one twin holes used to validate and confirm Cambior's
earlier hole results as well to provide additional information concerning the
gold assay bias recognized by IMC in Cambior's 1993-1995 gold assays.
Geochemical Applications Intl. Inc. ("GAII") of Centennial, Colorado was
contracted by Chesapeake to examine Cambior's assay database and to provide an
independent review of the gold assay bias issue. After an extensive review GAII
concluded that there was a systematic analytical bias of +10.15% that impacted
the 1993-1994 Cambior gold assays and reconfirmed that there was no significant
systematic bias related to the Cambior silver or zinc assays. GAII further
concluded that the likely cause of the analytical bias was a change in the lab
instrumentation settings and protocols. GAII did not find any basis for a sample
preparation bias. IMC has reviewed the GAII analysis of the assay bias and is in
agreement with the findings and conclusions. As a result, IMC has adjusted
downward by a correction factor of 10.15% the gold assays for the Cambior
1993-1994 holes used in the new updated resource estimate. 


In preparation of a NI 43-101 Preliminary Economic Assessment of Metates, an
extensive suite of metallurgical testwork continues with more than sixty
different flotation tests being performed on two different master composites.
Rougher and cleaner flotation tests have provided very favourable results with
overall gold and silver recoveries in the 90% range. Investigations into
roasting of sulphide concentrates and related sulphuric acid production are
underway along with acid market studies. Infrastructure and engineering work is
also in progress with an environmental and permitting overview recently
completed.


Chesapeake's 100% owned Metates project is one of the world's largest
undeveloped gold-silver projects located in a miner-friendly, politically-stable
jurisdiction. On a gold equivalent basis, Metates contains an impressive 20.2
million ounces of gold in measured and indicated classed material along with 2.4
million ounces in inferred classed material. A technical report detailing the
mineral resource estimate will be filed within 45 days. 


Mr. Gary A. Parkison, Metates Project Manager and a Qualified Person as defined
by NI 43-101, has reviewed the technical information contained in this release.
Michael Hester, F AUS IMM, Vice President of IMC and Jeff Jaacks, CPG 11249,
with GAII have also reviewed the technical information contained in this
release. The Company has in place a comprehensive quality assurance/quality
control program and chain of custody protocol using best industry practises.


For more information on Chesapeake and its Metates Project, please visit our
website at www.chesapeakegold.com or contact investor relations at 604-731-1094.



CHESAPEAKE GOLD CORP.

P. Randy Reifel President