Chapleau Resources Ltd.

Chapleau Resources Ltd.

February 20, 2008 14:35 ET

Chapleau Resources Drilling Demonstrates Potential for Major Copper-Gold Porphyry at La Yegua, Peru

CRANBROOK, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2008) - Chapleau Resources Ltd. (TSX VENTURE:CHI) is pleased to report that Hole #1, which was drilled to a depth of 180.0 m ending in copper mineralization, returned an average copper and gold grade from 0.0 to 180.0 m of 0.21% Cu and 0.05 g/t Au. Included in Hole #1 was a 2.0 m enrichment zone of 2.25 % Cu and 0.57 g/t Au from 63.0 to 65.0 m with 1.0 m of 4.04 % Cu and 1.00 g/t Au from 64.0 to 65.0 m.

The copper values and minor gold values in Hole #1 are encouraging and there is strong evidence that the presence of minor chalcocite (copper sulphide-Cu2S) and bornite (copper iron sulphide-Cu5FeS4) as seen in the lower parts of the hole from 169.0 to 170.0 m may suggest higher grade primary mineralization at depth. Potassic alteration in the form of orthoclase flooding together with secondary biotite within a crowded feldspar porphyry is characteristic of Hole #1 together with disseminated chalcopyrite mineralization and various amounts of silica veining and minor pyrite.

Hole #3 which was drilled approximately 150.0 m to the southwest of Hole #1 had a very well developed quartz stockwork zone down to 59.3 m and also from 131.0 m to the end of the hole at 160.1 m. These two principal quartz stockwork zones with quartz-sericite alteration overprinted on the potassic altered crowded feldspar porphyry indicate that a higher level of the porphyry system is exposed to the southwest. Hole #3 returned low grade copper and gold mineralization with the average grade being 0.15 % Cu and 0.02 g/t Au from 0 to 160.1 m (end of hole). To date Chapleau has completed four (700 m) of the seven hole drill program totaling 1,500 m and results for Holes #2 and #4 are pending. Click on link for results for Holes #1 and #3.

No previous drilling has been undertaken on the La Yegua property and it has the potential for bulk-tonnage, disseminated copper (+/-gold) mineralization with an excellent location, good infrastructure and only 250 km from the Pacific coast (see website for location map and click on link for position of drill holes). La Yegua consists of 4,100 ha of claims located only 20 km northeast of the Los Chancas porphyry copper deposit with a reported 4.4 billion pounds of copper and 771,600 oz of gold (200 million tonnes @ 1 % Cu, 0.12 g/t Au and 0.08 % Mo). Los Chancas which is owned by Southern Copper Corporation is currently nearing completion of the pre-feasibilty study.

On January 29, 2008, Chapleau and Bear Creek Exploration Company Ltd., a wholly owned subsidiary of Bear Creek Mining Corporation, signed a Definitive Option Agreement respecting the La Yegua project whereby Chapleau can earn up to a 75 % interest in the project. The terms of the Option Agreement allow Chapleau to earn a 51% interest in the property by spending a total amount of US$2,775,000 in exploration over a four year period and the granting of the equivalent of US$350,000 in Chapleau shares during the four years. With the issuance of an additional 1,250,000 shares, Chapleau may increase the vested interest from 51% to 75%.

The first four holes were drilled vertically and drill cores were taken at a minimum of 1.0 m and maximum of 2.0 m intervals. All core samples (HQ and NQ 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 Lima, Peru for shipping directly to the ALS Chemex laboratory in Lima. The core samples were then crushed down to 2 mm, and a split of 250 g was taken and pulverized to better than 85% minus 200 mesh. Gold analysis was by fire assay of a 30 g sample and an atomic absorption finish. Copper and an additional 40 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 17025: 2005 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



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.

Contact Information