Chieftain Metals Announces $5M Payment on Credit Facility

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TORONTO, Jan. 21 /CNW/ - Chieftain Metals Inc. (TSX: "CFB") is pleased to announce that it has repaid $5,000,000 on its credit facility with Ionic Capital Corp., bringing the total outstanding current balance to $2,250,000.  Chieftain had obtained such credit facility as part of its successful efforts to purchase the Tulsequah Polymetallic Project in northwestern British Columbia. 

About Chieftain Metals Inc.

Chieftain Metals Inc.'s principal business is the acquisition, exploration and development of mineral properties. Since incorporation, the Company's business has focused entirely on the acquisition, and thereafter the development, of the Tulsequah Polymetallic Project, in northwestern British Columbia, Canada. The Tulsequah Project consists of 38 mineral claims and Crown-grants covering approximately 14,220 hectares and covers two previously producing mines. For more information on the Tulsequah Project, please refer to the Company's NI 43-101 compliant technical reports, "Tulsequah Chief Deposit, Tulsequah Chief Property, Northern British Columbia" and "Big Bull Project, Tulsequah Chief Property, Technical Report, Northern British Columbia", each dated as of November 8, 2010 and available under the Company's profile on SEDAR (www.sedar.com).

Forward-Looking Information:

This press release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements of the Company to vary or to be materially different from those expressed or implied by such forward looking statements, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Company's final prospectus dated December 16, 2010. Forward-looking statements are based on a number of assumptions, including assumptions regarding general market conditions, the availability of financing for proposed transactions and programs on reasonable terms and the availability of outside service providers to deliver services in a satisfactory and timely manner. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company; however, these factors and assumptions should be considered carefully by readers. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law.

SOURCE Chieftain Metals Inc.

For further information:

Victor Wyprysky
President & CEO
Telephone: (416) 644-6000 ext. 650
Email: vw@chieftainmetals.com

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Chieftain Metals Inc.

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