Chesapeake Addresses Current Share Price Activity

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 6, 2016) - At the request of the Investment Industry Regulatory Organization of Canada, Chesapeake Gold Corp. (the "Company") (TSX VENTURE:CKG) announces that it is not aware of any undisclosed material information related to the Company or its business that may explain the recent increase in the trading price of the Company's shares.

On March 7, 2016, the Company announced an updated pre-feasibility study on its 100% owned Metates project located in Durango State, Mexico. The Metates project hosts one of the largest undeveloped gold, silver and zinc reserves in the world. The pre-feasibility study was filed on SEDAR on May 3, 2016 and can be viewed at www.sedar.com.

CHESAPEAKE GOLD CORP

P. Randy Reifel, President

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