Mr. Eric Sprott, shareholder, reports

ERIC SPROTT ANNOUNCES CHANGES TO HIS HOLDINGS IN CHESAPEAKE GOLD CORP.

Today, 2176423 Ontario Ltd., a corporation which is beneficially owned by Eric Sprott, purchased 100,000 common shares of Chesapeake Gold Corp., over the TSX Venture Exchange (representing approximately 0.15 per cent of the outstanding shares on non-diluted basis) at a price of approximately $2.4447 per share for aggregate consideration of approximately $244,470.

Prior to the acquisition of shares, Mr. Sprott beneficially owned 8,758,399 shares representing approximately 13.0 per cent of the outstanding shares on a non-diluted basis. As a result of the acquisition of shares, Mr. Sprott now beneficially owns 8,858,399 shares representing approximately 13.1 per cent of the outstanding shares on a non-diluted basis. The acquisition, combined with prior treasury issuances of shares, resulted in a decrease in holdings, on a partially diluted basis, of approximately 2.4 per cent since the date of the last filing of an early warning report.

The shares were acquired for investment purposes. Mr. Sprott has a long-term view of the investment, and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Chesapeake Gold is located at No. 201, 1512 Yew St., Vancouver, B.C., V6K 3E4. A copy of the early warning report with respect to the foregoing will appear on Chesapeake Gold's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario, 7 King St. East, Suite 1106, Toronto, Ont., M5C 3C5).