Chieftain Metals Inc. Files Preliminary Prospectus for Initial Public
Offering

/Not for distribution to U.S. Newswire Services or for dissemination in the United States/

TORONTO, Nov. 18 /CNW/ - Chieftain Metals Inc. (the "Company") is pleased to announce that it has filed a preliminary prospectus with the securities regulatory authorities in Ontario, British Columbia, Alberta, Saskatchewan and Manitoba in connection with a proposed initial public offering (the "Offering") of its common shares (the "Offered Shares") and common shares to be issued as flow-through shares (the "Flow-Through Shares, and together with the Offered Shares, the "Offered Securities"). The syndicate of agents for the Offering is being led by Wellington West Capital Markets Inc., and includes Raymond James Ltd. and Haywood Securities Inc. (the "Agents").

The Company has granted to the Agents an over-allotment option, exercisable, in whole or in part, at the sole discretion of the Agents for a period of 30 days from the date of closing of the Offering, to offer for sale that number of common shares of the Company which is equal to 15% of the number of Offered Securities sold under the Offering to cover over-allotments, if any, and for market stabilization purposes.

After deducting the expenses of the Offering, the Company intends to use the net proceeds raised from the sale of the Offered Shares for the development and exploration of the Company's Tulsequah Polymetallic Project and for general corporate purposes. The Company intends to use the gross proceeds raised from the sale of the Flow-Through Shares to incur flow-through expenditures which qualify as Canadian Exploration Expense and will renounce such flow-through expenditures to the purchasers effective on or before December 31, 2010.

A copy of the Company's preliminary prospectus, which contains important information relating to the Offering, is available on the SEDAR website at www.sedar.com.  The preliminary prospectus is still subject to completion or amendment.  Copies of the preliminary prospectus may also be obtained from Wellington West Capital Markets Inc., Attn: Scott Larin at [phone] (telephone); [phone] (fax); or [email protected].  There will not be any sale or any acceptance of an offer to buy the Offered Securities until a receipt for the final prospectus has been issued.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation of sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom. Any public offering of the securities in the United States may only be made by means of a prospectus containing detailed information about the Company and its management as well as financial statements.

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 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 on SEDAR at www.sedar.com.

CHIEFTAIN METALS INC.

Victor Wyprysky,
President & CEO

Forward-Looking Statement Cautions:

This press release contains certain "forward-looking statements within the meaning of Canadian securities legislation. Generally, these forward-looking statements are statements can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved".  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, stated intentions, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to assumptions discussed in the preliminary prospectus of the Company dated November 15, 2010, relating to the Offering.  The Company does not undertake to update any forward-looking statements that are contained in this press release, except in accordance with applicable securities laws.

For further information:

Victor Wyprysky, 416-644-6000