Chieftain Metals Announces Results of Environmental Study

TORONTO, ONTARIO--(Marketwired - Feb 3, 2014) - Chieftain Metals Corp. (TSX:CFB) ("Chieftain" or the "Company") is pleased to announce that it has completed an Aquatic Ecological Risk Assessment report carried out by accredited third party consultants. The report concluded that the fish resource downstream from the Tulsequah Chief mine site is at a healthy level and the 60 years of historic discharge posed low risk to fish.

At the request of the British Columbia Ministry of the Environment, British Columbia based independent scientists from Palmer Environmental Consulting Group, Core6 Environmental Ltd. and Triton Environmental Consultants evaluated the water quality at four sites on the Tulsequah River near the confluence of the Taku River where the mine is located. The group studied the discharge impact on various types of fish including coho salmon, sockeye salmon, Dolly Varden and bull trout and chinook salmon. Fish tissue studies showed the fish were unaffected and that there was no discernable impact from the historic discharge resulting from previous mining operations. The report stated that, overall the potential risk to aquatic receptors as a result of mine discharge is considered low. The report also stated the discharge does not affect the Taku River. For further information, please go to http://chieftainmetals.com/Aquatic-ERA-report .

Chieftain has followed all the necessary steps, procedures and consultation requirements and has obtained permits for the project in line with the Land Use Plan and Shared Decision Making Agreement between the TRTFN and BC entered into July 2011. Chieftain looks forward to negotiating an Impact Benefits Agreement with the Taku River Tlingit First Nation in good faith including monetary compensation, local business opportunities and employment for the First Nations in the area.

Mr. Victor Wyprysky, President and CEO of the Company commented, "We have the necessary permits to begin mine construction including the EA certificate received in 2012. The Land Use Plan allows for the mine and road construction. In December 2013, we released a third-party water quality assessment to the B.C Ministry of Environment confirming the fish are unaffected by the mine discharge." Mr. Wyprysky continued, "Chieftain has worked tirelessly to advance the project and remains committed to working with the Taku River Tlingit First Nation and all other stakeholders in advancing the Tulsequah Chief Project."

About Chieftain Metals

Chieftain Metals Corp. is a public holding company, whose principal business is the acquisition, exploration and development of mineral properties. The Company's business has focused on the development of the shovel ready, high-grade Tulsequah Chief Polymetallic Project, in north-western British Columbia, Canada. Chieftain's property, Tulsequah Shazah Camp, consists of 56 mineral claims and Crown-grants covering approximately 30,849 hectares and covers two previously producing mines.

Forward-Looking Information:

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, 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.