Jack Stoch and Dianne Stoch Acquire Units of Chibougamau Independent Mines Inc.

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2012) - Jack Stoch, President and a director of Chibougamau Independent Mines Inc. ("CIM"), and his wife Dianne Stoch, also a director of CIM, announce that they have indirectly purchased an aggregate of 2.4 million units of CIM at a price of $0.50 per unit by way of private placement, for total proceeds of $1.2 million. Each unit is comprised of one common share of CIM and one-half of a common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share of CIM at a price of $0.80 until December 31, 2013.

Immediately following the closing of the private placement, Jack and Dianne Stoch directly and indirectly own and/or control the following CIM securities: (i) 6,480,774 common shares, representing 19.96% of the issued and outstanding common shares of CIM, (ii) warrants to acquire up to 1,200,000 common shares, and (iii) stock options in respect of 485,400 common shares. Assuming full exercise of these warrants and stock options, Mr. and Mrs. Stoch would directly and indirectly own an aggregate of 8,166,174 common shares, representing 23.90% of the CIM common shares that would then be issued and outstanding.

Mr. and Mrs. Stoch acquired the CIM shares and warrants described in this press release for investment purposes, and may, in accordance with applicable securities laws, from time to time and at any time, acquire ownership of, or control or direction over, additional securities of CIM in the open market or otherwise, and they reserve the right to dispose of any or all of their CIM securities in the open market or otherwise, at any time and from time to time, and to engage in hedging or similar transactions with respect to the CIM securities, the whole depending on market conditions, the business and prospects of CIM and other relevant factors.