Chesapeake Reports Sale of Shares by Insiders to Fund Subscriptions in Private Placement

December 14, 2010 Symbol: TSX V-CKG Vancouver, BC NR12-2010

CHESAPEAKE REPORTS SALE OF SHARES BY INSIDERS TO FUND SUBSCRIPTIONS IN PRIVATE PLACEMENT

Chesapeake Gold Corp. (“Chesapeake”) reports that, further to its news release issued December 9, 2010, certain insiders of Chesapeake have arranged a sale of 682,927 common shares of Chesapeake at a price of $10.25 per share executed on the Pure trading facilities of CNSX Markets Inc on December 14, 2010. The proceeds from this sale will be used to fund the subscriptions by these insiders of 682,927 common shares of Chesapeake at $10.25 per share under Chesapeake’s previously announced private placement.

For more information, 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 that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.