UPDATE: Chesapeake Gold to Present at the Metals and Mining Virtual Investor Conference October 4th

VANCOUVER, British Columbia, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Chesapeake Gold Corp. (TSXV:CKG, OTCQX:CHPGF), a company focused on advancing a wholly owned Metates project in Durango, Mexico and an in-house proprietary oxidative leach technology, today announced that Alan Pangbourne, President & Chief Executive Officer, will present live at the Metals and Mining Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on October 4^th, 2023.

DATE: October 4^th, 2023
TIME: 2:00 PM ET
LINK: https://bit.ly/44FOnTd
Available for 1x1 meetings: Wednesday, October 4^th through to Friday, October 6^th

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Company Highlights

• Large Resource: The wholly owned Metates project in Mexico has contained measured and indicated resource of ~16.8 Moz gold (0.57 g/t) and 423 Moz silver (14.3 g/t) and an additional inferred resource of ~2.1 Moz gold (0.47 g/t) and 59 Moz silver (13.2 g/t)
• Compelling Project Economics: Pre-tax NPV of US$1.14 billion and 35% IRR at $1,600 per ounce gold and $22 per ounce silver at a 5% discount rate over a 31-year mine life (LOM)
• Production Metrics: Average annual production of over 110koz of gold and 2.5Moz of silver during the first 15 years at an AISC of $749 per gold ounce with a LOM low stripping ratio of 2.2:1
• Significant Cash Flow: Average annual pre-tax free cash flow of US$88 million in the first 15 years, and cumulatively US$2.8 billion LOM
• Initial Capital Cost and Payback: The PEA contemplates an initial capital cost of $359 million, including $64 million in contingency costs for a payback period of 2.5 years
• Scalable Operation: Phase 1 15,000 tpd mine is expandable to 30,000 tpd to bring production forward and increase the annual cash flows over a reduced LOM
• They have a simplified, innovative and disruptive processing technology to extract the gold and silver out at Metates and has the potential to unlock similar deposits globally
  

About Chesapeake Gold

Chesapeake Gold Corp. is focused on the discovery, acquisition, and development of major gold-silver deposits in North and South America. Chesapeake's flagship asset is the Metates project ("Metates") located in Durango State, Mexico. Metates hosts one of the largest undeveloped gold-silver deposits in the Americas¹ with over 16.77 million ounces of gold at 0.57 grams per tonne (g/t) and 423.2 million ounces of silver at 14.3 g/t within 921.2 million tonnes in the Measured and Indicated Mineral Resource category and a further 2.13 million ounces of gold at 0.47 g/t and 59.0 million ounces of silver at 13.2 g/t within 139.5 million tonnes in the Inferred Mineral Resource category. See the technical report titled "Metates Sulphide Heap Leach Project Phase I" dated January 13, 2023, and news release dated February 23, 2023.

Chesapeake also has an organic pipeline of satellite exploration properties strategically located near Metates. In addition, the Company owns 68% of Gunpoint Exploration Ltd., which owns the Talapoosa gold project in Nevada.

About Virtual Investor Conferences^®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:
Chesapeake Gold Corp.
Jean-Paul Tsotsos
Vice President, Corporate Development & Investor Relations
+1 778 731 1362
[email protected]

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
[email protected]

¹ Mexico's biggest undeveloped gold deposits. Bnamericas. Published Tuesday, November 24, 2020.