CHC.H CHC Student Housing Corp

Letter of Intent and Definitive Agreement

Chesstown Capital Inc. (TSX VENTURE:CHC.H) ("Chesstown") announced on December
13th, 2010, it entered into an arm's length and non-binding letter of intent
("LOI") with Apex Royalty Corporation ("Apex") pursuant to which Chesstown will,
subject to a number of conditions, acquire all of the issued and outstanding
shares of Apex. Apex owns an option to acquire an undivided one hundred percent
legal and beneficial interest in and to certain mining claims located in
northern Ontario (the "Transaction").


Chesstown further announced on January 26, 2011 that it had entered into a
definitive agreement with the shareholders of Apex to acquire all of the issued
and outstanding shares of Apex.


Chesstown is a Capital Pool Company under the policies of the TSX Venture
Exchange ("TSXV") and it is intended that the Transaction, if completed, will
constitute Chesstown's Qualifying Transaction under TSXV policies. It is
anticipated that the Resulting Issuer will meet Tier 2 listing requirements of
the TSXV for a Mining Issuer upon completion of the Transaction.


Loan to Apex

The TSXV has provided conditional approval to Chesstown to advance a secured
non-interest bearing loan to Apex, if necessary, in the amount of $120,000 for
the purpose of making a payment under the option agreement between Apex and the
owners of the mining claims subject to the option. The payment under the option
agreement is due on March 25, 2011. The purpose of the loan is to preserve the
asset until the completion of the Transaction. The loan will be secured by all
of the assets of Apex and will be repayable if the Transaction does not close by
July 31, 2011. The approval is conditional upon the TSXV reviewing the loan
documentation.


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 the 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.


For Investors

This press release may include statements about expected future events and/or
financial results that are forward-looking in nature and subject to risks and
uncertainties. Chesstown cautions that actual performance will be affected by a
number of factors, many of which are beyond its control. Future events and
results may vary substantially from what Chesstown currently foresees.
Discussion of the various factors that may affect future results is contained in
Chesstown's recent filings, available on SEDAR.

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