Gunpoint Exploration Ltd.

Gunpoint Exploration Ltd.
Chesapeake Gold Corp.

Chesapeake Gold Corp.

November 29, 2010 09:30 ET

Gunpoint and Chesapeake Complete Talapoosa Transaction

Gunpoint Completes $1.650 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2010) - Chesapeake Gold Corp. ("Chesapeake") (TSX VENTURE:CKG) and Gunpoint Exploration Ltd. ("Gunpoint") (TSX VENTURE:GUN) announce that a total of 31,977,899 common shares of Gunpoint have been issued in connection with the sale by Chesapeake to Gunpoint of all of the issued and outstanding shares of Chesapeake's indirect wholly-owned subsidiary, American Gold Capital US Inc., which holds the Talapoosa gold-silver project located in Lyon County, Nevada (the "Transaction"). As a result, Chesapeake now directly and indirectly controls a total of 32,017,899 common shares of Gunpoint, representing 81.9% of the issued and outstanding shares of Gunpoint.

In connection with the Transaction, Chesapeake is also completing the transfer of the La Cecilia and La Gitana mineral concessions located in Mexico to Gunpoint's wholly-owned Mexican subsidiary.

Gunpoint also announces that it has completed its non-brokered private placement ("Private Placement") by issuing a total of 1,500,000 common shares at a price of $1.10 per share for gross proceeds of $1,650,000. In connection with the Private Placement, Gunpoint paid finders' fees to one finder of $30,250 and issued 22,727 common shares to a second finder. The common shares issued pursuant to the Private Placement and the Transaction and the common shares issued to the finder are subject to a hold period that expires on March 27, 2011.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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