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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2010) - Chesapeake Gold Corp. (TSX VENTURE:CKG) announces the grant of stock options under its stock option plan to directors, officers, employees and consultants of Chesapeake to purchase up to an aggregate of 860,000 common shares. The stock options are exercisable at a price of $9.10 per share for a term of five years, expiring May 11, 2015.

The options will vest and be exercisable on the basis of 25% annually commencing May 11, 2011, the first anniversary of the date of the option grant. All shares issuable pursuant to the exercise of options are subject to a hold period of four months and one day from the date of the option grant.

Chesapeake is an exploration company focusing on the development of its 100% owned Metates project in Mexico, one of the largest undeveloped gold-silver projects in the Americas.

For more information on Chesapeake and its Metates Project, please visit our website at [ www.chesapeakegold.com ] or contact investor relations at 604-731-1094.

CHESAPEAKE GOLD CORP.

P. Randy Reifel, President

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.