Chapleau Resources Ltd.
TSX VENTURE : CHI

Chapleau Resources Ltd.

February 26, 2008 15:37 ET

Chapleau Continues to Intersect High Grade Gold + Silver + Lead + Zinc and Copper Mineralization at Coringa, Brazil

Multiple Gold Veins Identified on Serra Structure.

CRANBROOK, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2008) - Chapleau Resources Ltd. (TSX VENTURE:CHI) continues to intersect high grade gold and silver plus lead, zinc and copper mineralization along the Serra (800 m), Jaura (300 m), Boca (150 m) and Vessa (250 m) vein structures which together have an accumulated strike length of approximately 1,500 m. Assay results for an additional 13 holes of the planned 42 hole drill program at Coringa, Brazil have been received and to date Chapleau has results for 22 holes totaling 2,464 m for the second phase drill program of 5,000 m (see table below of Summary of Results). Best results from the additional 13 holes include:

Vessa Structure (250 m strike length)

- DDH 34 : 2.50 m of 12.96 g/t Au + 11.92 g/t Ag + 0.62 % Pb and 0.32 % Zn from 65.90 to 68.40 m (includes 0.5 m of 43.03 g/t Au + 40.00 g/t Ag + 1.60 % Pb and 0.73 % Zn from 66.90 to 67.40 m).

Boca Structure (150 m strike length)

- DDH 36 : 1.90 m of 6.99 g/t Au + 1.05 % Pb + 0.49 % Zn from 78.00 to 79.90 m (includes 0.5 m of 23.92 g/t Au + 3.60 % Pb and 0.93 % Zn from 79.40 to 79.90 m).

Serra Structure (approximately 800 m strike length)

- DDH 38 : 1.10 m of 11.03 g/t Au + 20.91 g/t Ag from 36.20 to 37.30 m (includes 0.6 m of 23.30 g/t Au + 33.00 g/t Ag from 36.20 to 36.80 m).

- DDH 39 : 1.00 m of 14.94 g/t Au + 0.65 % Cu + 0.10 % Pb from 66.50 m to 67.50 m.

- DDH 41 : 1.00 m of 24.77 g/t Au + 35.40 g/t Ag + 0.19 % Pb from 60.50 to 61.50 m (includes 0.60 m of 35.11 g/t Au + 59.00 g/t Ag + 0.17 % Pb from 60.50 to 61.10 m).

- DDH 42 : 1.50 m of 22.47 g/t Au + 15.57 g/t Ag + 0.10 % Pb from 38.00 to 39.50 m (includes 0.50 m of 63.52 g/t Au + 40.00 g/t Ag + 0.22 % Pb from 39.00 to 39.50 m).

- DDH 43 : 0.70 m of 6.68 g/t Au + 76.00 g/t Ag + 0.47 % Cu + 0.37 % Pb from 60.00 to 60.70 m.

- DDH 45 : 0.50 m of 24.69 g/t Au + 66 g/t Ag + 0.29 % Cu from 81.00 to 81.50 m. (see map on website www.chapleauresources.com/projectmaps.php?ID=11 for location of drill holes).

Consistent high grade gold and silver mineralization together with lead and copper mineralization associated with the Serra Structure (DDH's 38, 39, 41, 42, 43 and 45) confirms extensions of mineralization beyond previously drilled holes 1, 19 and 20 (see press release of August 30, 2007).

Drilling has also confirmed multiple mineralized vein structures of 0.5 m width within the shear zone along the Serra structure which is encouraging for increasing the gold potential of the project. We are extremely encouraged with the latest results at Coringa and are continuing to expand the gold mineralization beyond areas previously drilled in 2007.



Summary of Results for the First 22 Drill Holes
of the Second Phase Drill Program of 5,000 m at Coringa

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Structure Mineralization
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Hole Gold-
BR_COR_# From To Width Gold Silver Copper Lead Zinc equivalent
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m g/t g/t ppm ppm ppm g/t
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Jaura
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DDH32 43.00 43.50 0.50 0.64 BD 11 170 233 0.68
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DDH33 118.30 118.80 0.50 0.42 BD 39 374 411 0.51
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118.80 119.30 0.50 0.76 BD 29 105 71 0.79
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119.30 119.80 0.50 1.40 BD 40 1242 969 1.63
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119.80 120.30 0.50 0.38 BD 40 120 93 0.41
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120.30 120.80 0.50 0.43 BD 58 201 281 0.49
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120.80 121.30 0.50 2.75 BD 148 1856 2142 3.17
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121.30 121.80 0.50 1.67 BD 64 1256 691 1.88
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121.80 122.30 0.50 0.36 BD 66 1126 587 0.55
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DDH35 101.50 102.00 0.50 0.60 BD 66 353 259 0.68
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103.00 103.50 0.50 0.60 BD 53 546 601 0.70
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DDH40 92.50 93.00 0.50 0.53 BD 16 774 1006 0.70
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94.50 95.00 0.50 0.52 BD 9.6 163 34 0.54
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Vessa
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DDH23 123.00 123.50 0.50 0.76 BD 44 632 790 0.91
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123.50 124.00 0.50 1.47 BD 88 2522 5474 2.23
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DDH24 71.00 71.50 0.50 0.50 BD 105 977 1701 0.78
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71.50 72.00 0.50 0.08 BD 186 774 1896 0.38
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72.00 72.50 0.50 0.51 BD 95 691 3154 0.88
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72.50 73.00 0.50 4.50 2.05 115 1368 1018 5.24
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DDH26 52.10 52.60 0.50 5.07 21.00 4556 2159 83 6.99
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52.60 53.10 0.50 0.33 10.00 2244 1872 62 1.36
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DDH27 128.00 128.50 0.50 0.71 BD 10 358 474 0.79
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DDH28 75.80 76.30 0.50 0.88 BD 59 1091 1664 1.16
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DDH29 45.00 45.50 0.50 2.07 BD 96 2322 2755 2.58
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45.50 46.00 0.50 41.15 48.00 599 25000 7812 45.66
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55.80 57.00 1.20 0.72 BD 31 1029 1710 0.99
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DDH34 65.90 66.40 0.50 19.98 14.00 30 4935 2056 20.97
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66.40 66.90 0.50 0.11 BD 16 161 128 0.14
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66.90 67.40 0.50 43.03 40.00 1624 16000 7305 46.63
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67.40 67.90 0.50 0.45 1.90 290 6754 4479 1.69
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67.90 68.40 0.50 1.26 3.70 80 3336 1937 1.88
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Boca
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DDH30 49.60 50.10 0.50 54.49 188.00 934 68000 6331 66.44
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50.10 50.60 0.50 3.10 3.00 90 2248 6887 4.00
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50.60 51.10 0.50 0.17 BD 139 1439 1956 0.53
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51.10 51.60 0.50 2.59 1.50 23 1028 1785 2.89
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53.10 53.60 0.50 8.60 5.00 24 743 952 8.87
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DDH31 100.00 100.50 0.50 0.21 BD 74 5068 562 0.84
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100.50 101.00 0.50 0.07 BD 42 2795 284 0.41
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101.00 101.50 0.50 0.11 BD 50 8854 890 1.18
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DDH36 78.00 78.50 0.50 1.39 BD 111 1916 2271 1.82
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78.50 79.00 0.50 0.98 BD 46 718 1984 1.24
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79.00 79.40 0.40 0.33 BD 31 1619 6270 1.04
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79.40 79.90 0.50 23.92 BD 162 36000 9274 28.72
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86.00 87.00 1.00 0.99 BD 3.2 27 65 1.00
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Serra
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DDH37 55.00 55.50 0.50 4.24 50.00 7903 484 299 7.48
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55.50 56.00 0.50 2.67 8.90 30 378 144 2.91
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73.00 73.60 0.50 3.91 20.00 28 470 113 4.36
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81.00 81.50 0.50 2.63 1.30 20 342 331 2.73
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87.00 88.00 0.50 2.33 13.00 31 760 180 2.69
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92.00 92.50 0.50 1.18 2.00 16 264 299 1.28
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94.50 95.00 0.50 0.63 BD 52 231 434 0.70
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33.70 34.20 0.50 1.64 4.70 54 210 165 1.78
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36.20 36.80 0.60 22.30 33.00 417 843 110 23.16
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36.80 37.30 0.50 1.97 13.00 208 796 301 2.39
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66.00 66.50 0.50 0.53 1.20 49 283 543 0.64
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75.70 76.20 0.50 7.87 52.00 3687 4299 12000 11.38
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DDH39 19.00 19.50 0.50 3.08 BD 567 731 141 3.33
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19.50 20.00 0.50 2.07 BD 329 790 303 2.27
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66.50 67.50 1.00 14.94 BD 6462 1042 194 16.87
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DDH41 60.50 61.10 0.60 35.11 59.00 974 1667 31 36.71
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61.10 61.50 0.40 9.25 BD 249 2154 246 9.57
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DDH42 38.00 38.50 0.50 3.79 6.70 31 685 142 4.02
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38.50 39.00 0.50 0.10 BD 17 195 138 0.14
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39.00 39.50 0.50 63.52 40.00 1753 2204 180 65.04
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63.00 63.50 0.50 0.79 11.00 16 524 69 1.07
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65.00 65.50 0.50 0.56 BD 26 115 64 0.59
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67.50 68.00 0.50 0.61 5.90 173 851 367 0.90
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76.00 76.50 0.50 2.65 3.30 57 457 283 2.8
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DDH43 56.00 57.00 1.00 1.74 BD 23 105 66 1.78
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57.00 57.50 0.50 3.95 BD 71 1186 2433 4.30
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60.00 60.70 0.70 6.68 76.00 4706 3745 469 9.91
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DDH45 28.20 28.70 0.50 3.87 4.30 255 385 182 4.08
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44.50 45.00 0.50 5.06 BD 95 148 75 5.09
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70.00 71.00 0.50 0.87 1.20 7.7 221 121 0.92
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81.00 81.50 0.50 24.69 66.00 2942 778 144 26.88
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- BD - Below detection limit of less than 0.1 g/t Ag
- Gold assays greater than 0.5 g/t Au are reported with the exception of
gold values included within mineralized intervals with widths of greater
than 1 m.
- ppm equals Parts per million. 10,000 ppm is equivalent to 1 %
- Gold equivalent calculated at the following metal prices: Au-$935/oz,
Ag-$18.04/oz, Cu-$3.72/lb, Pb-$1.48/lb and Zn-$1.11/lb


Drill holes were inclined at between 50 degrees and 60 degrees with a maximum of 173.6 m core length. Core recovery for the mineralized intervals averaged greater than 95%. The estimated true widths of all the mineralized intervals are approximately 90% of the intersected widths in the holes. Gold mineralization occurs within silicified, quartz veined and sericite altered shear zones surrounded by propylitic envelopes within granite, rhyolites and volcanic breccias.

Principal sulphide mineralization includes pyrite, galena, sphalerite and chalcopyrite between 0.5% and 20.0%.

Drill cores for assaying were taken at a minimum of 0.4 m and maximum of 2.0 m intervals. All core samples (HQ diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via a secure transport agency to the Company's main office in Cuiaba in Brazil for shipping directly to the SGS Geosol Laboratory in Belo Horizonte. The core samples were then crushed down to 2 mm, a split of 250 to 300 g was taken and pulverized to better than 95% minus 150 mesh. Gold analysis was by fire assay of a 30 g sample and an atomic absorption finish. Silver and additional 32 elements using aqua regia acid digestion were analyzed by Inductively Coupled Plasma (ICP). As part of the Company's QA/QC program duplicates, blanks and internationally recognized standards were included in the sample batches to check on assay precision and accuracy. SGS Geosol which is an ISO 9001:2000 and ISO 14001: 2004 registered laboratory also has a quality control program in place which includes standards and duplicates.

This press release was prepared by Ian Gendall, Pr. Sci. Nat., a qualified person in compliance with National Instrument 43-101.

For technical information regarding this press release, kindly contact Ian Gendall at 604 669 8511.

This press release is available on the Chapleau Resources IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/Chapleau.

BY ORDER OF THE BOARD OF DIRECTORS

CHAPLEAU RESOURCES LTD.

Ian Gendall, President

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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

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