Chesapeake Gold Corp.
TSX VENTURE : CKG

Chesapeake Gold Corp.

October 10, 2007 22:15 ET

Chesapeake Consolidates a New Significant Mining District in Veracruz, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2007) - Chesapeake Gold Corp. ("Chesapeake") (TSX VENTURE:CKG) announces that it has acquired through purchase, joint venture and staking the Tatatila project, a large, unexplored precious metal and polymetallic mining district in Veracruz state, Mexico. The Tatatila project, located 50 kilometres north of Jalapa city, is a highly prospective district with numerous gold, coppergold, zinc-gold and iron skarns with associated polymetallic zones with silver. The project comprises thirteen contiguous concessions totaling 29,500 hectares. Road access to the project is good.

The Tatatila project covers a 200 square kilometre district characterized by Cretaceous limestones and sedimentary rocks affected by multi-phase intrusions. The main intrusive complex is more than 10 kilometers in diameter and consists of granodiorites, quartz-diorites and granites of Tertiary age. Igneous activity generated intermittent hydrothermal events that formed widespread skarn-type alteration zones along the contact between the calcareous and intrusive rocks. Porphyry and epithermal occurrences have also been found in this district.

Reconnaissance evaluation of approximately 20 per cent of the district has identified 25 alteration zones hosting mainly skarn mineralization. Preliminary exploration and channel sampling returned significant gold with associated copper and/or zinc mineralization in thirteen zones and high silver in two zones with base metal values (to view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/chesapeakemap.pdf). The skarn mineralized prospects are spatially associated within broad alteration zones that form corridors up to 6 kilometers long which are related to deep seated regional structures. Although the copper, zinc and iron mineralized skarns show a zonation within the district, gold is present in almost all of the prospects including one of the silver-rich, polymetallic replacement zones.



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Prospect Description Rock chip Channel Samples
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El Alto Garnet skarn structure with Two sections 75 meters apart.
pyrite and chalcopyrite 5.0 m of 2.12 g/t Au;
hosted in marbles. 250 meters 27.3 g/t Ag and 1.65% Cu
long, 100 meters depth, 2-15 8.5 m of 1.65 g/t Au;
meters thickness 13.8 g/t Ag and 0.64% Cu
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Cinco Garnet endoskarn overprinting 150 meter wide section, sampled
Senores potassic alteration and 25 meters apart:
exoskarn zone, 800 meters 19 m of 0.55 g/t Au;
long, 120 to 200 meters 8.74 g/t Ag and 0.19% Cu
wide and more than 100 meters 18 m of 0.43 g/t Au;
depth. 4.75 g/t Ag and 0.13% Cu
27 m of 0.51 g/t Au;
6.92 g/t Ag and 0.20% Cu
33 m of 1.23 g/t Au;
9.2 g/t Ag and 0.19% Cu
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Carboneras Brown garnet skarn with One sampling section:
hematite-magnetite and 15 m of 2.03 g/t Au
pyrite, 250 meters long, 5 to and 6 g/t Ag
20 meters wide.
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Santa Cruz Brown garnet skarn with Five sections taken 25-40 meters
chalcopyrite, magnetite apart.
and hematite cropping out 8.0 m of 1.10 g/t Au;
sporadically in 500 by 6.6 g/t Ag; and 0.91% Cu
300 meters area, thickness 33 m of 1.23 g/t Au;
ranging from 5 to 35 meters. 6.9 g/t Ag; and 0.55% Cu
8.0 m of 1.24 g/t Au;
5.2 g/t Ag; and 0.27% Cu
11 m of 3.00 g/t Au;
4.0 g/t Ag; and 0.53% Cu
6.0 m of 3.10 g/t Au;
7.8 g/t Ag; and 0.96% Cu
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La Tuerta Green garnet-magnetite and Limited outcrop, one section.
pyroxene skarn. 9.0 m of 1.18 g/t Au;
6 g/t Ag; and 0.52% Cu
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Concepcion Silicified and pyritized One outcrop sampled.
intrusive with endoskarn 6.0 m of 6.6 g/t Au
in contact with marbles.
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Esperanza Pyroxene-magnetite-garnet Two sampling sections 450 meters
skarn zone. Traced over 600 apart.
meters long, 200 to 300 12 m of 0.5 g/t Au;
meters wide and between 5 2.6 g/t Ag; 0.4% Cu and 0.75% Zn
and 30 meters thickness. 4.0 m of 3.1 g/t Au;
5.2 Ag; 0.8% Cu
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La Zorra Magnetite-garnet-pyrite skarn One section sampled.
structure. 400 meters long, 9.0 m of 1.9 g/t Au;
5 to 15 meters wide, at least and 0.26% Zn
50 meters depth.
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Melany Wide spread skarn zone strike One showing of magnetite
traced over 300 meters long. skarn sampled.
6.0 m of 1.5 g/t Au;
8 g/t Ag; 0.9% Cu and 0.12% Zn
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Pilhua Silicification zone with One outcrop sampled.
disseminated sulfides 3.0 m of 47.8 g/t Ag;
1 kilometre long, 300 meters 3.24% Pb and 7.7% Zn
wide and 100 to 200 meters
thick.
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Marmolina Replacement structure, at One section sampled.
least 300 meters long 13 m of 46.2 g/t Ag;
and 15 meters wide. 0.86% Cu; 1.30% Pb; 7.91% Zn
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Cofrecito Zone of green garnet skarn Two channel samples 450 meters
hosted in marbles. apart.
500 meters long and 5 to 20 6.0 m of 0.72 g/t Au,
meters wide. 9.5 g/t Ag, 0.18% Cu and 3.6% Zn
3.0 m of 1.4 g/t Au
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El Dorado Zone 200 meters long, 20 to One channel sample.
50 meters wide, possibly 10 m of 1.0 g/t Au;
connected to Santa Cruz 7 g/t Ag and 2% Cu
and/or Cinco Senores
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Acquisition

In consolidating the district, Chesapeake acquired seven concessions of a National Mineral Reserve totalling 2,757 hectares from the Consejo de Recursos Minerales de Mexico (CRM), a mining division of the Mexican government. Chesapeake has agreed to payments totaling US$56,000 to the CRM over 3 years. In September, Chesapeake optioned five additional concessions (1220 hectares) from Bell Resources Corporation (Symbol: BL-V) whereby a 90% interest can be earned by making staged payments totalling US$1,410,000 and incurring US$1.4 million in exploration expenditures over 4 years. Adjacent to and surrounding the negotiated concessions, Chesapeake acquired, through staking, one concession encompassing 25,523 hectares.

In addition to advancing its world-class Metates gold-silver project, Chesapeake's generative exploration programs will continue to focus on the acquisition of strategic district scale land positions where future major discoveries may be found. Management believes the number, extent, grade and size of the mineralized skarn prospects recognised to date in the Tatatila project, provides an excellent opportunity to discover several large precious metal and/or polymetallic deposits in this unexplored district. A detailed program of geological mapping and geochemical sampling is underway on the Cinco Senores prospect in addition to a systematic regional evaluation of the remaining project area.

ALS Chemex is the analytical laboratory used for this project. Geochemical sample preparation is undertaken in Guadalajara, Mexico, and the final analysis is completed in Vancouver, B.C. This new release has been prepared under the supervision of Alberto Galicia, P. Geo, who serves as the qualified person for this project under NI 43-101.

CHESAPEAKE GOLD CORP.

P. Randy Reifel, President

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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