Chieftain Metals Inc.
TSX : CFB

Chieftain Metals Inc.

October 16, 2012 10:11 ET

Chieftain Appoints Feasibility Optimization Team

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2012) - Chieftain Metals Inc. ("Chieftain" or the "Company") (TSX:CFB) is pleased to announce that it has appointed a feasibility optimization team for the Tulsequah project in British Columbia, with a plan to complete the feasibility study by the end of the year.

The team will be led by JDS Energy and Mining Inc., which will be responsible for infrastructure, capex, opex and financial analysis, and it will also include Tetra Tech for process engineering, SRK Consulting for the resource estimate, Klohn Crippen Berger for tailings, Ken Sangster for metallurgy, Dave West for geotechnical work, and Marsland Consulting for environmental studies.

JDS has led numerous mining engineering and construction projects, including Capstone Mining's Kutcho project in the Yukon, which included similar access road and power requirements. The goal for JDS is to optimize the work being undertaken for Chieftain and ensure "fit for purpose" solutions for the Tulsequah project. Several areas of potential optimization have been identified for cost savings and efficiency.

Mr. Keith Boyle, P.Eng., Chieftain's COO, stated, "We are pleased that we have been able to bring together a strong team to complete the feasibility study for Tulsequah with a focus to balance capital and operating cost in a fit for purpose way. The group is aligned with our internal management team on maximizing return on equity."

About Chieftain Metals Inc.:

Chieftain Metals Inc.'s principal business is the acquisition, exploration and development of mineral properties. Since incorporation, the Company's business has focused entirely on the acquisition, and thereafter the development, of the Tulsequah Chief Polymetallic Project, in north-western British Columbia, Canada. The Tulsequah Project consists of 38 mineral claims and Crown-grants covering approximately 14,220 hectares and covers two previously producing mines. For more information on the Tulsequah Project, please refer to the Company's NI 43-101 compliant technical reports, "Tulsequah Chief Deposit, Tulsequah Chief Property, Northern British Columbia" and "Big Bull Project, Tulsequah Chief Property, Technical Report, Northern British Columbia", each dated as of November 8, 2010 and available under the Company's profile on SEDAR (www.sedar.com).

Forward-Looking Information:

This press release includes certain "forward-looking statements" within the meaning of the Ontario Securities Act or other laws or regulations. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization, mineral resources or reserves, exploration results, future plans and objectives of Chieftain Metals Inc. are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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