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Toronto, May 4 – The Taku River Tlingit First Nation (“TRTFN”) and Chieftain Metals Inc. (“Chieftain”or the “Company”) (TSX: CFB) are pleased to announce the signing of a Letter of Understanding (“LoU”) relating to the Tulsequah Chief mine, located in the Tulsequah Valley in northern British Columbia in the TRTFN Territory. The LoU is a first stage agreement between Chieftain and TRTFN establishing processes for future negotiations between the parties. The parties are committed to meaningful dialogue with the intention of building a respectful and trusting relationship through this year and to achieve a full Impact Mitigation and Mutual Benefits Agreement (“IMMBA”).This LoU covers the work occurring this year including advanced exploration and the construction and operation of the interim water treatment plant designed to deal with a legacy environmental issue of acid mine drainage. The LoU provides for a range of employment and contract opportunities for the TRTFN Citizens and Business Entities, a cooperative process for dialogue on industrial access to the site and confirms Chieftain Metals’ commitment to maximizing economic benefits to the TRTFN and the local residents.
About Chieftain Metals Inc.
Chieftain’s 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 Polymetallic Project, in northwestern British Columbia, Canada. The Tulsequah Project consists of 38 mineral claims and Crown-grants covering approximately 14,220 hectares and covers two previously producing mines. For more information on the Tulsequah Project, please refer to the Company’s NI 43-101 compliant technical reports, “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 and available under the Company’s profile of SEDAR (www.sedar.com).
About Taku River Tlingit First Nation
The Tulsequah Chief project is situated on TRTFN territory. The TRTFN have participated over the years in decision making processes related to the activities in the Tulsequah Valley. The TRTFN remain committed, as a priority, to ensuring that projects in the TRTFN Territory are developed with sustainability and risk reduction as one main focus, including the resolution of the residual Acid Mine Drainage legacy and appropriately addressing the long standing question of industrial access to the Tulsequah Valley.
This press release includes certain “forward-looking statements” within the meaning of the Ontario Securities Act or other laws or regulations. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization, mineral resources or reserves, exploration results and future plans and objectives of Chieftain Metals Inc. are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
For further information:
President and CEO
Chieftain Metals Inc
Phone: (416) 644-6000 ext. 650
Taku River Tlingit First Nation
Phone: (250) 651-7900
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