Mr. Victor Wyprysky reports

CHIEFTAIN METALS ANNOUNCES AMENDMENT TO BRIDGE LOAN

Chieftain Metals Corp.'s wholly owned subsidiary, Chieftain Metals Inc., and West Face Capital Inc., acting as agent for West Face Long Term Opportunities Global Master LP, a fund managed by West Face Capital, have agreed to amend the terms of the existing secured loan agreement entered into on July 4, 2014, among the company, as borrower; Chieftain, as guarantor; and West Face Capital, as agent and lender.

Under the amendment, the parties agree to defer all interest payments otherwise due on the bridge loan until March 31, 2016. During the deferral period, the company will continue to accrue the regularly scheduled payments. The accrued interest will become payable on March 31, 2016, and amendment fees will be paid in the amounts of $150,000 on March 31, 2015, and $200,000 on March 31, 2016. The bridge loan has also been amended to provide that the loans made thereunder will mature and be due and payable in full on the earlier of: (a) 21 calendar days after demand by West Face Capital, or (b) July 4, 2016. The amendment to the bridge loan will be available for review on Chieftain's SEDAR profile.

Because West Face Capital is an insider of Chieftain as defined under applicable securities laws, the amendment to the bridge loan was a related party transaction. A formal valuation was not required as a result of the nature of the related party transaction. Chieftain was also not required to obtain minority shareholder approval as a result of an applicable exemption. The board of directors of the company considered it to be in the best interests of the company to amend the terms of the bridge loan in order to provide the company with the benefits of deferring interest payments. The interest deferral will provide Chieftain with sufficient time to advance and conclude debt and equity project financing discussions, as well as continue strategic initiatives.

We seek Safe Harbor.