CRANBROOK, BRITISH COLUMBIA - Dec. 18, 2007 - Chapleau Resources Ltd. (TSX VENTURE:CHI) has commenced the 1,500 m, 7 hole drill program on the La Yegua porphyry copper (+/- gold and molybdenum) project in southern Peru (see map on website www.chapleauresources.com for location of drill holes). La Yegua consists of 4,100 ha of claims located only 20 km northeast of the Los Chancas porphyry copper deposit with a reported 4.4 billion pounds of copper and 771,600 oz of gold (200 million tonnes @ 1 % Cu, 0.12 g/t Au and 0.08 % Mo). Los Chancas which is owned by Southern Copper Corporation is currently nearing completion of the pre-feasibilty study.
Chapleau has recently completed a ground magnetic survey (64 line-km) over the main anomalous copper zone, with outcropping porphyry rocks and a geophysical anomaly of approximately 800 m x 400 m has been identified (see map on website www.chapleauresources.com for ground magnetic survey). This geophysical anomaly is semi co-incident in the west with intense stockworking veining and alteration (secondary biotite, silicification and sericite) characteristic of porphyry copper systems which are known to host multi billion pounds of copper both in Peru and Chile.
Chapleau signed a Letter of Intent with Bear Creek Mining Corporation in February 2007, regarding an option to acquire up to a 75% interest in the La Yegua porphyry copper (+/- gold and molybdenum) project over a 4 year period.
No previous drilling has been undertaken by Bear Creek on the La Yegua property and initial rock sampling by them returned highly anomalous copper (200 ppm to 1.2 % Cu), and molybdenum (100 to 424 ppm Mo) in the main zone together with gold (0.3 to 5.32 g/t Au) on the peripheral part of the copper anomaly. La Yegua has the potential for bulk-tonnage, disseminated copper (+/-gold and molybdenum) mineralization with excellent location, good infrastructure and only 250 km from the Pacific coast.
The Board of Directors of Chapleau Resources is pleased to announce that Mr. Ian Gendall, with an M.Sc in Exploration Geology, accepted an appointment to the Presidency of the Company and to the Board of Directors.
Mr. Gendall will replace Mr. Eric Wiltzen as President effective of this date. Mr. Wiltzen will remain as Chief Financial Officer and a member of the Board of Directors.
The Company has granted Mr. Gendall an incentive option to purchase an additional 1,000,000 shares in the capital stock at a price of $0.42 exercisable until December 18, 2017. The options are issued pursuant to the Company's option plan and are subject to the approval of the TSX Venture Exchange.
This press release was prepared by Ian Gendall, Pr. Sci. Nat., a qualified person in compliance with National Instrument 43-101.
For technical information regarding this press release, kindly contact Ian Gendall at 604 669 8511.
This press release is available on the Chapleau Resources IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/Chapleau.
BY ORDER OF THE BOARD OF DIRECTORS
Signed:
CHAPLEAU RESOURCES LTD.
Jim Stypula, Chief Executive Officer
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Ian Gendall
Chapleau Resources Ltd.
(604) 669-8511
Website: www.chapleauresources.com
