Chesapeake Announces New Key Appointments and Stock Option Grant

Mr. Sam Wong, Chartered Accountant, has been appointed Chief Financial Officer of Chesapeake. Mr. Wong holds a Bachelor of Commerce from the University of British Columbia and most recently, was the corporate controller for Luna Gold Corp. Prior to Luna Gold Corp, Mr. Wong worked for Pathway Capital Ltd. in corporate and financial functions.

Mr. Walfre Ibarra has been appointed a Special Advisor to Chesapeake in Mexico. Mr. Ibarra has over 35 years experience working in Mexico both in private business and the public sector. Mr. Ibarra is currently Vice-President of the National Confederation of the Chamber of Commerce, Commissioner with the Federal Institute of Workers National Housing Program and a member of the Mexico Tourism Board.

Chesapeake's management welcomes Mr. Wong and Mr. Ibarra and believes their experience and contribution will add significant value in the development of the Company's future. Including the recent appointments, Chesapeake announces the grant of stock options under its stock option plan to directors, officers, employees and consultants to purchase up to an aggregate of 1,080,000 common shares. The stock options are exercisable at a price of $10.75 per share for a term of five years, expiring February 5, 2017. The options will vest and be exercisable on the basis of 25% annually commencing February 5, 2013, the first anniversary of the date of the option grant.

Chesapeake is an exploration company focusing on the development of its 100% owned Metates project in Mexico, the largest undeveloped gold and silver project in Mexico.

For more information on Chesapeake and its Metates Project, please visit our website at www.chesapeakegold.com.

CHESAPEAKE GOLD CORP.

P. Randy Reifel, President

Chesapeake Gold Corp.
Investor Relations
604-731-1094
www.chesapeakegold.com