Chieftain Metals Inc.
TSX : CFB

Chieftain Metals Inc.
Chieftain Metals Corp.

May 22, 2013 17:59 ET

Chieftain Metals Corp. and Chieftain Metals Inc. Complete Plan of Arrangement

Internal Reorganization Results in Chieftain Metals Corp. Becoming the Public Company

TORONTO, ONTARIO--(Marketwired - May 22, 2013) - Chieftain Metals Inc. ("Chieftain Inc.") (TSX:CFB) and Chieftain Metals Corp. ("Chieftain Corp.") announce that, effective today at 12:00 a.m. (Eastern Time) (the "Effective Date"), the plan of arrangement previously announced on April 16, 2013 and approved by former shareholders of Chieftain Inc. at the annual and special meeting of shareholders held on May 15, 2013 (the "Arrangement") has been completed, resulting in Chieftain Inc. becoming the wholly-owned subsidiary of Chieftain Corp.

Victor Wyprysky, President and CEO stated: "We are pleased to announce that the corporate structure for Chieftain is now in place. By separating the operating company from the public company, we believe that Chieftain will have greater flexibility in pursuing financing and other strategic transactions in order to increase shareholder value."

The Arrangement involved the exchange of the existing securities of Chieftain Inc. outstanding as of the Effective Date for new equivalent securities of Chieftain Corp., on a one-for-one basis. As a result of the exchange, as of the Effective Date, former securityholders of Chieftain Inc. have become securityholders of Chieftain Corp. Effective at the open of markets on Friday, May 24, 2013, the common shares of Chieftain Corp. will be listed and posted for trading on the Toronto Stock Exchange (the "TSX") under the existing trading symbol of Chieftain Inc., being "CFB", in substitution for the previously listed common shares of Chieftain Inc. Pursuant to the Arrangement, as of the Effective Date, the individuals who are the directors and officers of Chieftain Inc. have also become the directors and officers of Chieftain Corp.

A copy of the Arrangement is included with, and is fully described in, the management information circular of Chieftain Inc. dated April 15, 2013 (the "Circular") sent to former Chieftain Inc. shareholders and filed under Chieftain Inc.'s profile on SEDAR at www.sedar.com. On May 17, 2013 the Superior Court of Justice (Ontario) granted the final order approving the Arrangement.

A letter of transmittal (the "LOT") has previously been sent to the former registered shareholders of Chieftain Inc. (and has been filed under Chieftain Inc.'s profile on SEDAR) requesting former Chieftain Inc. registered shareholders to return to Equity Financial Trust Company, at its principal office in Toronto, Ontario, completed and duly executed LOTs together with share certificates representing their pre-Arrangement common shares in the capital of Chieftain Inc. in order to receive certificates representing post-Arrangement common shares in the capital of Chieftain Corp. to which they are entitled.

About Chieftain Inc. and Chieftain Corp.:

Chieftain Corp. is the public holding company of Chieftain Inc., whose principal business is the acquisition, exploration and development of mineral properties. Since incorporation, Chieftain Inc.'s business has focused entirely on the acquisition, and thereafter the development, of the Tulsequah Chief Polymetallic Project, in north-western British Columbia, Canada. Chieftain Inc.'s property consists of 54 mineral claims and Crown-grants covering approximately 30,547 hectares and covers two previously producing mines. For more information on Tulsequah and related projects, please refer to Chieftain Inc.'s NI 43-101 compliant technical reports, being "Technical Report for the Tulsequah Chief Project of Northern British Columbia, Canada" with an effective date of December 12, 2012 as well as "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, which are available under Chieftain Inc.'s profile on SEDAR (www.sedar.com).

Forward-Looking Information:

This press release includes certain "forward-looking statements" within the meaning of Canadian securities legislation, concerning the business, operations and financial performance and condition of each of Chieftain Corp. and Chieftain Inc. Generally these forward-looking statements can be identified by the use of forward-looking terminology such as (but not limited to) "plans", "expects", "intends", "anticipates", "believes" or variations of such words including the negative thereof or state that certain actions, events, or results "may", "could", "would", "might", "will", occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, events, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the risk factors described under the heading "Certain Risk Factors" of Chieftain Inc.'s revised annual information form originally dated December 27, 2012 and revised as of January 31, 2013 as well as certain risks relating to the Arrangement identified under the heading "The Arrangement - Risk Factors" in the Circular (each of which documents are available for review under Chieftain Inc.'s profile on SEDAR at www.sedar.com). Forward-looking statements are based on a number of assumptions, including without limitation assumptions regarding the perceived benefits of the Arrangement, general market conditions and the availability of financing for proposed transactions and programs on reasonable terms. Although management of Chieftain Inc. and Chieftain Corp. believes these assumptions to be reasonable and has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there can be no assurance that actual results will be consistent with these forward-looking statements. Other than as specifically required by law, neither Chieftain Inc. nor Chieftain Corp. assumes any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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