TORONTO, May 7, 2014 /PRNewswire/ – Waterton Precious Metals Fund II Cayman, LP (” Waterton “) announced today that the cash offer by Waterton Precious Metals Bid Corp. () Offer “) to acquire all of the outstanding common shares of Chaparral Gold Corp. () Chaparral “) not already held by it and its affiliates has been extended until 5:00 p.m. (Toronto time) on May 21, 2014. Chaparral shareholders who tender to the Offer will be entitled to receive $0.50 in cash per share. All other conditions remain unchanged.

A Notice of Extension has been filed with the Canadian securities regulators and will be available for review at www.sedar.com . The Notice of Extension is also being mailed to Chaparral shareholders in accordance with applicable Canadian securities laws.

Waterton encourages shareholders of Chaparral and other interested parties to read the Offer and take-over bid circular and other materials relating to the Offer that have been filed by Waterton with the securities regulatory authorities in Canada and which are available at www.sedar.com , as they contain important information. These materials may be obtained without charge from Kingsdale Shareholder Services, the depositary and information agent for the Offer, by contacting them at 1-877-659-1818 (North American Toll Free Number) or 1-416-867-2272 (outside North America). For assistance in depositing Chaparral shares to the Offer, Chaparral shareholders should contact Kingsdale Shareholder Services, the depositary and information agent for the Offer, at 1-877-659-1818 (North American Toll Free Number) or 1-416-867-2272 (outside North America). Investors can also email [email protected]

Important Notice

This press release does not constitute an offer to buy or the solicitation of an offer to sell any of the securities of Chaparral. This news release is not a substitute for these offer documents. The Offer has been made in the United States in compliance with Section 14(e) of, and Regulation 14E under, the U.S. Securities Exchange Act of 1934, as amended and otherwise in accordance with the requirements of Canadian law. Accordingly, the Offer is subject to disclosure and other procedural requirements, including with respect to the timetable and settlement procedures that are different from those applicable under U.S. domestic tender offer procedures and laws.

About Waterton

Waterton Global Resource Management is a private investment firm that specializes in the metals and mining sector. Waterton Global has a proven track record of creating and building value by combining extensive technical expertise with a disciplined approach to investment management. Waterton Global’s integrated approach to managing risk provides effective stewardship of capital for investors while focusing on long-term value creation. For more information, visit www.watertonglobal.com .

If you have any questions, or need assistance in depositing your Shares in Canada, please contact the Depositary and Information Agent for the Offer:

Kingsdale Shareholder Services

Toll Free (North America): 1-877-659-1818

Outside North America Call Collect: 1-416-867-2272

Email: [email protected]

Forward-Looking Statements

Certain statements in the press release are forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”) which are prospective in nature. Forward looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward looking statements. These statements generally can be identified by the use of forward looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Many factors could cause the actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, general business and economic conditions globally or in particular geographic regions in which Chaparral conducts business, the failure to meet certain conditions of the Offer, legislative and regulatory changes or actions, claims asserted against Waterton or its affiliates, competition, liquidity risk, changes in capital or securities markets and interest rate and foreign currency fluctuations. Such forward looking statements should therefore be construed in light of such factors, and Waterton is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

SOURCE Waterton Precious Metals Fund II Cayman, LP