Chesapeake Raises $35.2 Million from Warrant Exercises

NEWS RELEASE February 28, 2012 Symbol: TSX.V-CKG NR3-2012

CHESAPEAKE RAISES $35.2 MILLION FROM WARRANT EXERCISES

Chesapeake Gold Corp. (“Chesapeake”) is pleased to announce that it has raised $35,241,240 from the exercise of 4,405,155 warrants at $8.00 per share prior to the expiry date on February 23, 2012. The warrants were issued on February 23, 2007 in connection with Chesapeake’s business combination with American Gold Capital Corporation (“American Gold”).

Chesapeake intends to use the proceeds from the warrants exercised to complete the prefeasibility study on its 100% owned Metates project, secure certain permits and finance continued developments, advance regional exploration prospects including a 2012 drilling campaign, and for general working capital.

Currently, Chesapeake has approximately $46 million dollars in working capital and 44,216,366 shares issued and outstanding.

For more information on Chesapeake, please visit our website at www.chesapeakegold.com or contact investor relations at 604-731-1094.

CHESAPEAKE GOLD CORP

“P. Randy Reifel”

P. Randy Reifel President

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.