West Face Capital Inc. Acquires Shares of Chieftain Metals Inc.

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2011) - West Face Capital Inc. ("WFCI"), announced today that it acquired control of 307,200 common shares of Chieftain Metals Inc. (the "Issuer") purchased by a fund managed by WFCI. The purchase was made by three private agreements at $4.00 per common share pursuant to the exemption provided under section 100.1 of the Securities Act (Ontario) and did not take place on a published market.

WFCI exercises control and direction over 2,501,192 common shares and 821,996 warrants to purchase common shares of the Issuer. These securities include 1,400,000 common shares and 700,000 warrants owned by WFC (Lux1 S.à.r.l.) ("WFC Lux") and securities owned by other funds managed by WFCI. Certain of those funds own all the outstanding securities of WFC Lux. WFCI and WFC Lux have a securityholding percentage, calculated in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of approximately 25.9% and 16.5%, respectively.

The securities of the Issuer were acquired for investment purposes. Each of WFCI and WFC Lux expects to review from time to time its investment in the Issuer and may, depending on the market and other conditions: (i) acquire securities or related financial instruments of the Issuer in the open market, in privately negotiated transactions or otherwise, and/or (ii) dispose of all or a portion of the securities or related financial instruments of the Issuer over which it now or hereafter exercises, or may be deemed to exercise, control or direction, or owns.

The issuance of this news release is not an admission that any entity named herein owns or controls any described securities or is a joint actor with another named entity.

Additional information is provided in the early warning report filed on www.sedar.com by WFCI.

West Face Capital Inc. is a Canadian-based investment management firm with assets under management of over $2.2 billion.

For further information or a copy of the early warning report please contact: