Chief Consolidated Mining Co. Announces New Director to the Board

Dec 22, 2010, 10:14 ET from Chief Consolidated Mining Co.

EUREKA, Utah, Dec. 22, 2010 /PRNewswire/ -- Chief Consolidated Mining Co. (Pink Sheets: CFCM) has arranged a non-brokered private placement for up to eight hundred thousand shares of the company at a price of 25 cents per share for total cash proceeds of up to two hundred thousand.

Chief Consolidated Mining Co. is also pleased to welcome John Percival to the Advisory Board and David Greenway to the Board of Directors and looks forward to working with them in the future.

John Percival,

Mr. Percival, a resident of Australia is an accomplished entrepreneur with more than 45 years of experience in the financial markets, including 15 years as both investment manager and general manager of investments for Barclays Bank New Zealand Ltd. He has played an integral role in raising over $100-million for resource investments over the past five years in both Australia and New Zealand.

Currently, Mr. Percival is the executive director in charge of operations for Goldsearch Ltd. and a director of Silver Mines Ltd., both of which are listed on the Australian Stock Exchange. Additionally, Mr. Percival is on the board of a number of private investment companies, including Eaglehawk Ltd., a United States-based information technology company.

David Greenway,

Mr. Greenway, a resident of Canada Mr. Greenway sits on the Board of a number of TSX listed issuers also responsible for financing a diverse group of junior resource companies involved in multiple  sectors after building connections with extensive network of international financiers as well as project Generators.

Gordon Blankstein, chief executive officer of Chief Consolidated Mining Co., said, "We are very pleased that John and David has joined our team; they will bring an added dimension to our group  with extensive knowledge of mining and financing across the world."

For Further Information:

Mr. Gordon Blankstein

Chairman and CEO

890-999 West Hastings Street

Vancouver, B.C. V6C 2W2

604-682-2168

SOURCE Chief Consolidated Mining Co.