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Chapleau Resources Ltd.: Chapleau Intersects 25.23 g/t Gold, 32.54 g/t Silver and 2.90 % Lead in Hole 79 on the Coringa Gold Pr

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2009) - Chapleau Resources Ltd. (TSX VENTURE:CHI) continues to intersect high grade gold, silver and lead on the Meio structure at the Coringa gold project in Brazil. A total of 15 holes (1,978.65 m) have now been completed in the 3rd Phase drill program of which 14 holes have been drilled on the Meio structure (DDH67 to 73 and DDH75 to 81) with a drilled strike length of approximately 450 metres (see location map on website: [ www.chapleauresources.com/projectmaps.php?ID=11 ]).

Results for all of the remaining 14 holes on Meio have been received confirming significant gold zones previously reported from the initial 5 holes drilled in 2007 and early 2008 (DDH11, 12, 62, 63 and 65 - see table attached for summary of drill results for the Meio Zone). Five of the outstanding 9 holes returned gold results between 6.00 g/t and 68.73 g/t over intervals ranging between 0.5 to 5.0 m. Hole 79, drilled 68.0 m southeast of Hole 67 with 1.5 m of 23.45 g/t Au, 39.33 g/t Ag, 0.30 % Zn and 3.53% Pb, intersected 2.5 m of 25.23 g/t gold, 32.54 g/t silver, 2.90% lead, 0.77% zinc and 0.25% copper from 57.6 to 60.1 m.

Along the northwest-trending mineralized Meio structure, which has an average dip of 89 degrees to the northeast and a true thickness of approximately 1.36 m, there are zones of higher-grade mineralization, which plunge at approximately 63 degrees to the southeast. Holes, 11, 62, 65, 68 and 67 define one such zone, which has an average weighted grade of 18.48 g/t Au over a true thickness of 2.08 m. Another high grade gold zone is defined by holes 78, 79 and 81 with an average weighted grade of 19.92 g/t gold over a true thickness of 1.1 m.

The structural information gained from the recent program will now be used to further improve targeting of drill holes along extensions of the Meio zone. Previous holes DDH 13 and 14 drilled approximately 300 m and 382 m northwest and southeast respectively of DDH 73 and DDH 77 confirm gold mineralization extending over at least 1.1 km. In addition, shallow 10-12 m deep historic shafts and artisanal workings beyond the current drilling is further evidence supporting the extension of the mineralized structure toward the southeast and the northwest (see map on website: [ www.chapleauresources.com/projectmaps.php?ID=11 ]).

Preliminary interpretations and in-house long sections for the currently known 450 m of mineralization associated with the Meio structure show gold grades, gold equivalent grades(1) and thicknesses which are open at depth and along strike of the areas drilled (see long section interpretations on website: [ www.chapleauresources.com/projectmaps.php?ID=11 ]). These preliminary interpretations, showing the nature of the gold, silver and base metal mineralization, will now be used to explore:

1. plunging mineralized structures at depths of greater than 150 m,

2. mineralized extensions below covered areas to the southeast and northwest of Meio,

3. areas where limited drilling, around DDH 13 and 14 have intersected gold-bearing structures.

With new structural information gained from the initial 1978.65 m (15 holes) of the 7,000.00 m program it has been decided to stop the current drilling in order for the completion of target definition based on the reinterpretation of new structural information.

(1) For the long section interpretations on the Meio Block posted on the Chapleau website, gold grades were composited over an average of 1.36 m ranging from 0.32 m to 2.89 m true widths for the individual drill holes. Gold equivalent grades were based on the assumption that 79 to 94 % of Ag, Pb Zn and Cu, similar to gold recoveries, can be obtained through flotation methods (see press release of May 07, 2008). Gold equivalent calculations were based on the following metal prices: Gold-US$750/oz, Silver-US$10/oz, Copper-US$1.32/lb, Lead-US$0.46/lb and Zinc-US$0.50/lb.

The summary of gold, silver, lead, zinc and copper results for the drill holes on the Meio, structure are highlighted in the table below.

Summary of Drill Hole Results: Meio Structure

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Structure Mineralization
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Hole BR_COR_# From To Intercept Au Ag Cu Pb Zn
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 Metre (g/t) (g/t) % % %
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 Meio
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 DDH 11(i) 50.00 52.00 2.00 23.67 28.25 0.22 1.67 0.88
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 DDH 12(i) 49.00 50.00 1.00 3.43 4.00 - 0.12 -
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 DDH 62(i) 56.00 59.00 3.00 65.77 65.17 0.45 6.03 4.35
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 Includes 57.50 58.00 0.50 149.80 135.00 0.61 10.4 11.00
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 DDH 63 52.00 52.50 0.50 0.71 - - - -
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 DDH 65(i) 113.50 118.50 5.00 3.57 28.73 0.25 2.23 1.91
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 Includes 116.50 117.00 0.50 10.81 31.00 0.72 7.40 1.60
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 DDH 67(i) 22.00 24.50 2.50 1.54 3.54 - 0.59 0.11
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 Includes 22.00 22.50 0.50 3.84 - - 0.59 0.22
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 DDH 67(i) 107.50 109.00 1.50 23.45 39.33 0.20 3.53 0.30
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 Includes 108.50 109.00 0.50 36.65 44.00 0.17 2.58 0.37
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 DDH 67 115.50 116.50 1.00 1.78 3.50 - 0.51 -
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 DDH 68(i) 149.00 155.00 6.00 4.28 7.67 - 0.49 -
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 Includes 154.00 155.00 1.00 16.83 12.40 - 2.58 -
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 DDH 69(i) 169.80 170.30 0.50 1.15 - - - -
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 DDH 70 123.50 124.00 0.50 1.18 1.13 - 0.24 0.16
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 DDH 71 58.90 63.90 5.00 6.06 6.18 - 0.76 0.23
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 Includes 60.40 61.40 1.00 22.53 23.75 - 2.75 -
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 DDH 72 121.00 127.00 6.00 1.24 2.20 - 0.13 -
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 Includes 123.80 124.40 0.60 11.40 22.00 0.12 1.20 0.54
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 DDH 73 No Significant Mineralization Intersected
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 DDH 75 48.50 49.00 0.50 0.61 - - - -
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 DDH 76 127.20 132.20 5.00 0.99 15.52 - 0.91 0.47
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 DDH 77 8.20 8.70 0.50 3.12 1.70 - - -
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 Note: Hole drilled into footwall and only partially 
 intersected structure
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 DDH 78 32.00 33.00 1.00 1.15 3.65 - 0.23 0.22
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 127.40 129.10 1.70 23.27 40.99 0.14 1.21 0.38
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 DDH 79 57.60 60.10 2.50 25.23 32.54 0.25 2.90 0.77
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 Includes 58.60 59.10 0.50 68.73 79.00 0.49 7.00 1.80
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 DDH 80 61.50 62.00 0.50 1.50 - - 0.21 0.21
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 226.63 228.13 1.50 0.61 3.77 - - -
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 DDH 81 61.05 62.60 1.50 7.28 22.33 0.28 3.00 0.75
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(i) Previously reported results

- BD - Below detection limit of less than 0.1 g/t Ag

- Gold assays greater than 0.5 g/t Au are reported with the exception of gold values included within mineralized intervals with widths of greater than 1 m.

- Cu, Pb and Zn values greater than 0.1 % are reported

Drill holes were inclined at between 50 degrees and 60 degrees. Core recovery for the mineralized intervals averaged greater than 95%. Recent down-hole structural data has been used to estimate true widths of the mineralized intervals to be approximately 70 % of the intersected widths in the holes. Gold mineralization occurs within silicified, quartz veined and sericite altered shear zones surrounded by hematitic and propylitic envelopes within volcanic rhyolites. Principal sulphide mineralization includes pyrite, galena, sphalerite and chalcopyrite between 0.5% and 20.0%.

Drill cores for assaying were taken at a minimum of 0.3 m and a maximum of 2.0 m intervals. All core samples (HQ diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via a secure transport agency to the SGS Geosol laboratory in Itaituba in Brazil for preparation and the pulps sent directly to the SGS Geosol laboratory in Belo Horizonte and Vespasiano for analysis. The core samples were crushed down to 2 mm, a split of 250 to 300 g was taken and pulverized to better than 95% minus 150 mesh. Gold analysis was by fire assay of a 30 g sample and an atomic absorption finish. Silver and additional 32 elements using aqua regia acid digestion were analyzed by Inductively Coupled Plasma (ICP). As part of the Company's QA/QC program duplicates, blanks and internationally recognized standards were included in the sample batches to check on assay precision and accuracy. SGS Geosol, which is an ISO, 9001:2000 and ISO 14001: 2004 registered laboratory also has a quality control program in place, which includes standards and duplicates.

Due to the current economic climate, Chapleau has embarked on numerous cost cutting initiatives. This included a revision of priority drill targets on the Coringa gold project in-order to advance to a National Instrument 43-101 compliant mineral resource estimate as soon as possible, the reduction of staff and the review of possible joint venture opportunities with third parties.

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.

BY ORDER OF THE BOARD OF DIRECTORS

Signed:

CHAPLEAU RESOURCES LTD.

Ian Gendall, President

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.