Chieftain Metals Corp. ("Chieftain or the Company") is pleased to announce a
significant step toward the project financing of its advanced Tulsequah Chief
polymetallic project in North Western British Columbia, Canada. IMC Group
Consulting Limited ("IMC") completed its review of the NI-43-101 compliant
Feasibility Study dated January 2013. This report is a key pre-requisite for a
bank lending group to begin work on the detailed terms and conditions of the
senior debt financing for the Tulsequah Chief project. Chieftain now intends to
assemble its bank lending group and arrange necessary contracts or supplier
credit as part of its overall project financing.


IMC thoroughly reviewed the Feasibility Study for the Tulsequah Chief Project.
Based on the technical review, IMC's economic model demonstrates positive
project economics essentially the same as those projected by Chieftain in its
feasibility study. More specifically, IMC concluded, amongst other things, that:





--  The Mineral Resource estimate is sound; 
    
--  IMC notes that Chieftain has continued to examine the geological
    modeling and interpretation and early indications are that there is
    considerable upside potential for extending the mineral resource base
    and, as a result, the mine life; 
    
--  The Mineral Reserves have been estimated in a sound manner, based on an
    appropriate level of mine and stope design for a project at this stage
    of development and are considered to be reliable. IMC noted that in
    order to control ore dilution to that assumed in the reserve estimate
    will require good mining techniques and stoping blast control; 
    
--  Chieftain holds all of the environmental certificates necessary for the
    project development and most of the critical authorizations required for
    construction activities or interference with land and surface waters.
    IMC would not expect any delays in obtaining either the remaining
    approvals required for construction or the further approvals required
    during operation; 
    
--  The mine design benefits from the fact that it has been operated before
    and the existing excavations are in reasonable condition for the new
    operations. The design makes the most of the existing entries and
    openings; 
    
--  The mine layout generally includes the facilities required for an
    underground mine. Chieftain has provided the background engineering to
    IMC and this generally confirms the cost estimates to be developed on an
    appropriate level of engineering for a feasibility study. IMC noted that
    further engineering refinement will be required during the detailed
    engineering phase; 
    
--  The strategy to advance the mine capital developments in the early years
    is sound as this opens access to a good proportion of the mine's
    reserves; 
    
--  While accepting that the projected mine development and production
    schedule is achievable, IMC considered that good mine planning and
    experienced/trained work crews are prerequisites for the success of the
    life-of mine plan 
    
--  Generally the cost estimates, both capital and operating, are well
    founded and appropriately detailed. Operating costs are estimated from
    first principles. Overall, IMC is of the view that the costs have been
    estimated accurately and costs could be expected to be within the
    overall accuracy of the study and as such provide a reasonable estimate
    of the expected mine operating costs; 
    
--  The process design is based on a substantive recent testwork program and
    a considerable database of historical information. The resulting
    flowsheet is reasonable and based on well proven technologies; 
    
--  IMC suggested using a metallurgical recovery curve instead of a fixed
    recovery rate to reflect grade variances in the mill feed. This recovery
    curve was applied in the IMC financial model.; 
    
--  IMC noted that the projected plant performance at Tulsequah, reflected
    in the recovery curve mentioned above, has been derived by interpolating
    between the best individual laboratory test results. IMC considered that
    the forecast performance therefore represents the best performance that
    can realistically be foreseen on the basis of the tests carried out; 
    
--  During the course of permitting, Chieftain and/or its predecessors have
    developed a number of management plans and mitigation measures to
    prevent or minimize the environmental and social effects. IMC considers
    that the current management plans are adequately detailed for the
    feasibility study and appear very flexible in the ability to handle a
    variety of scenarios; 
    
--  The timely construction and future maintenance of the 128 km access will
    be fundamental to the success of the project; 
    
--  IMC finds the overall project risks to be low. Some identified risks
    would have a medium to high impact on the Project but the demonstrated
    mitigation measures are sufficient to rate them as a low risk. 



Corporate Update

2013 Exploration Program 

Chieftain has commenced its 2013 exploration program. The drilling campaign
consists of a Surface and Underground Program comprising approximately 20 drill
holes totaling 6,500m. The Surface Program contains 13 drill holes with 4,000m
of helicopter supported drilling and includes planned holes at the Tulsequah
Chief, Big Bull and Banker/Sparling areas. The Underground Program will be
conducted from the 5400 level of the Tulsequah Chief Mine and contains 7 drill
holes with 2,500m of drilling. Each of the planned drill holes will range in
length from 100m to 600m. The program is expected to be completed by December
15, 2013.


Stock Option Grants 

Chieftain also wishes to announce that it has granted 765,000 options to
purchase common shares of the Company to certain directors, officers, employees
and consultants. These options have an exercise price of $1.60 per share, expire
ten years from the date of grant and are subject to regulatory approval.


About Chieftain Metals Corp.: 

Chieftain Metals Corp. is the public holding company of Chieftain Metals Inc.
("Chieftain Inc."), whose 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.
Chieftain Metals 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
the 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 the Company's profile on SEDAR
(www.sedar.com).


Forward-Looking Information:

This press release contains forward-looking information. This forward-looking
information includes statements with respect to, among other things, the Private
Placement, the expected timing of closing subsequent tranches of the Private
Placement and the proposed development of the Tulsequah Chief project, Big Bull
and the Company's other mineral properties. Forward-looking information is based
on the opinions and estimates of management at the date the information is
given, and is subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from those
projected in the forward-looking information. These factors include the inherent
risks involved in the exploration and development of minerals properties, the
inherent volatility of metal prices, the risk that the Company may not be able
to complete additional financing or arrange the necessary additional financing
to construct and operate the Tulsequah Chief mine, the possibility of delays in
the commencement of production from the Tulsequah Chief mine and other factors.
Readers are cautioned to not place undue reliance on forward-looking information
because it is possible that predictions, forecasts, projections and other forms
of forward-looking information will not be achieved by the Company. The
forward-looking information contained herein is made as of the date hereof and
the Company assumes no responsibility to update or revise it to reflect new
events or circumstances, except as required by law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Chieftain Metals Corp.
Victor Wyprysky
President & CEO
(416) 479-5411
vw@chieftainmetals.com


Chieftain Metals Corp.
Peter Chodos
EVP, Corporate Development
(416) 479-5417
peter.chodos@chieftainmetals.com
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