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Christopher James Gold Corp.'s Shareholders Approve the Transaction With Chesapeake Gold Corp.; Christopher James Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2010) - Christopher James Gold Corp. ("Christopher James" or the "Company") (TSX VENTURE:CJG - News) announces that its shareholders approved the proposed acquisition (the "Acquisition") by Christopher James of the interests of Chesapeake Gold Corp. ("Chesapeake") (TSX VENTURE:CKG - News) in its Talapoosa gold-silver project located in Lyon County, Nevada and the La Cecilia and La Gitana gold-silver projects located in Mexico (the "Chesapeake Assets"). Chesapeake will also transfer $1,000,000 in cash and negotiable securities to Christopher James on closing of the Acquisition. In connection with the Acquisition, Christopher James will also undertake a share consolidation (the "Share Consolidation") and name change (the "Name Change"), both described in more detail below. In consideration for the Chesapeake Assets, Christopher James will issue to Chesapeake 31,977,899 post-consolidation common shares. Following the closing of the Acquisition, Dr. E. Max Baker will continue as the Company's President and P. Randy Reifel will act as Chairman.Details regarding the Acquisition are contained in the joint news releases of Christopher James and Chesapeake dated June 24, 2010 and October 12, 2010 and in the management information circular of Christopher James dated September 28, 2010 (the "Circular"). Copies of the news releases and Circular have been filed on SEDAR at www.sedar.com by Christopher James.Private PlacementChristopher James announces a non-brokered private placement (the "Private Placement") of up to 1,500,000 common shares at a price of $1.10 per share for aggregate gross proceeds of up to $1,650,000. The Private Placement will close following the Share Consolidation. Subject to TSX Venture Exchange approval, the Company will pay finder's fees to Canaccord Genuity and Raymond James. The finder's fees are equal to 5% of the gross proceeds of common shares sold to Canaccord Genuity and Raymond James and are payable in either cash or by issuing shares of Christopher James. The shares issued pursuant to the Private Placement will be subject to a hold period expiring four months and one day from the date of issue. Proceeds will be used to fund the exploration and development of the Talapoosa, La Cecilia and La Gitana mineral properties and for general corporate purposes. The private placement is subject to TSX Venture Exchange approval.Name Change and Share ConsolidationThe shareholders of Christopher James have approved the consolidation of all of the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares. Christopher James will change its name to Gunpoint Exploration Ltd. in conjunction with the Share Consolidation.Christopher James currently has 55,769,747 issued and outstanding common shares. After the Share Consolidation is implemented, the Company will have approximately 5,576,947 issued and outstanding common shares. The exact number of post-consolidation common shares will vary depending on the treatment of fractional shares. Any fractional share resulting from the Share Consolidation will be rounded up to the next whole share if such fractional share is equal to or greater than one-half (1/2) of a share and rounded down to the next whole share if such fractional share is less than one-half (1/2) of a share. No fractional shares will be issued. The board of directors of the Company has discretion to determine whether or not to implement the Share Consolidation. Implementation of the Share Consolidation and Name Change is subject to the acceptance of the TSX Venture Exchange.The parties have agreed to extend the deadline for closing the Acquisition to November 30, 2010. Closing of the Acquisition will be subject to certain conditions, including TSX Venture Exchange approval, implementation of the Share Consolidation and Name Change and completion of the Private Placement. There can be no assurance that the transactions will be completed as proposed or at all.About Christopher James Gold Corp.The Company is a publicly traded mineral exploration company. For a more complete business and financial profile of the Company, interested parties are encouraged to visit the Company's website, www.christopherjamesgold.com.Investors are cautioned that, except as disclosed in the Circular, any information released or received with respect to the Acquisition may not be accurate or complete and should not be relied upon. Trading in the securities of Christopher James should be considered to be highly speculative.This news release contains forward-looking statements that address future events and conditions and are subject to various risks and uncertainties in relation to Christopher James. Christopher James' actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the control of Christopher James. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the uncertainties of resource and reserve estimations; receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; fluctuations in commodity prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the management of Christopher James on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.