Update on qualifying transaction


    TORONTO, June 3 /CNW/ - Chairman Capital Corp. ("Chairman") is pleased to
provide an update on its proposed qualifying transaction that was initially
announced on February 27, 2008.
    Chairman and Rockport Mining Corp. ("Rockport") have amended the letter
of intent (the "LOI") entered into on February 19, 2008 to extend the date of
termination of the LOI from May 30, 2008 until June 30, 2008. Chairman and
Rockport are working towards completion of documentation required in
connection with the transaction and Rockport is working on completing in full
its previously announced private placement.

    Completion of the transaction is subject to a number of conditions,
including but not limited to, Exchange acceptance and if applicable pursuant
to Exchange Requirements, majority of the minority shareholder approval. Where
applicable, the transaction cannot close until the required shareholder
approval is obtained. There can be no assurance that the transaction will be
completed as proposed or at all.

    Investors are cautioned that, except as disclosed in the management
information circular or filing statement to be prepared in connection with the
transaction, any information released or received with respect to this
transaction may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be considered
highly speculative.

    The TSX Venture Exchange Inc. has in no way passed on the merits of this
    proposed transaction and has neither approved nor disapproved the
    contents of this press release.

For further information:

For further information: Jonathan Aune, CEO, Chairman Capital Corp.,
(416) 361-1448, Additional information on Chairman Capital Corp. can be found
at www.sedar.com

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