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Chesapeake Commences First Phase of Drilling on La Gitana Large Mineralized Extensions Discovered Northwest and Southeast

Friday January 14, 9:15 am ET

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 14, 2005) - Chesapeake Gold Corp. (TSX VENTURE:CKG - News)

Chesapeake is pleased to report that a 5,000 metre diamond drilling program is ready to commence on its La Gitana gold-silver property in Oaxaca State, Mexico. In early December, the Company completed the construction of two base camps, a heliport and core-shack facility. Subsequently, an LF-70 Longyear diamond drill and LAMA lift helicopter were mobilized to site. The first phase of drill holes, all of which will be helicopter-supported, will test Cerro di Oro to depths of between 150 and 250 metres.

During 2004 Chesapeake completed an extensive program of surface mapping, rock chip channel and soil sampling on Cerro di Oro and outwards for several kilometres along the major northwest trending mineralized corridor. Previous work defined Cerro di Oro as a broad, epithermal, gold-bearing vein, stockwork and breccia system that extended for over 600 metres along a kilometre long resistant ridge. Recent exploration results indicate that Cerro di Oro now extends for more than 2,700 metres along strike. The new large extension zones trend northwesterly and have been slightly displaced vertically and horizontally by post-mineral faults.

The northern extension zone is centered about 700 metres northwest of Cerro di Oro and encompasses an area of 400 metres by 700 metres. The mineralized rocks, containing abundant drusy and chalcedonic quartz, are poorly exposed and covered for the most part by post-mineral volcanic rocks and talus material. A large percentage of the corresponding surface geochemical samples collected over the zone returned values ranging between 0.1 and 3.5 g/t gold and 5.0 and 70 g/t silver.

The southern extension zone is centered 1 kilometre southeast of Cerro di Oro and has been delineated over an area of 500 metres by 1,200 metres. The host-rocks, alteration style and the high-level epithermal quartz textures seen in the rock outcrops are similar to Cerro di Oro. Surface mapping also suggests that this southern zone may represent the intersection between the Cerro di Oro and La Gitana mineralized systems (News Release dated June 22, 2004). Geochemical soil sampling results, testing an area of 1 kilometre by 2.5 kilometres, returned a distinct coinciding gold and arsenic anomaly over the area. Rock chip samples taken from poorly-exposed and sparsely distributed outcrops have returned grades that vary between 0.2 to 4.0 g/t gold and 10 to 60 g/t silver.

In conjunction with the drill program, Chesapeake has begun an IP/Resistivity geophysics survey over a 3 kilometre by 2 kilometre grid centered on Cerro di Oro. The survey is designed to help define the depth, size and continuity of the two mineralized systems, Cerro di Oro and La Gitana, to the northwest and southeast under post-mineral cover.

With helicopter support, the level of regional reconnaissance work will increase significantly and is expected to cover a 80 square kilometre area during the next 3-4 months. Ongoing reconnaissance work has indicated that other prospects exist within this new emerging mining district. Initial assay results are pending on two new recently discovered targets located within 10 kilometres of Cerro di Oro. Chesapeake has acquired, through staking, an additional 25,000 hectares in the district.

Two months ago Chesapeake commenced the construction of a 16 kilometre access road to the base of Cerro di Oro. To date 12 kilometres have been built and completion is anticipated in late February.

This news release has been prepared under the supervision of Andris Kikauka, P.Geo. who serves as the qualified person for this project under National Instrument 43-101.

CHESAPEAKE GOLD CORP.

P. Randy Reifel, President

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