Chesbar Resources Inc. - Historical Mineral Resources/Sechol Nickel-Magnesium Laterite Deposit Guatemala, Central America.

Business Editors

TORONTO--(BUSINESS WIRE)--June 17, 2002

Chesbar Resources Inc. ("Chesbar") (TSX:CBI) is pleased to announce the following statement of Historical Mineral Resources for its 100% owned Buena Vista and Main Zone sectors within the Sechol Nickel-Magnesium Laterite deposit in Central Guatemala.

          HISTORICAL (INFERRED) MINERAL RESOURCES
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AREA                     Ni      TONNES   GRADE  SOURCE
                   CUT-OFF %              GRADE
                                           Ni %
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Buena Vista A           1.25   21,965,000  1.55  Transmetales
                        1.50   17,130,000  1.82  Limitada (1974)

Buena Vista B           1.25   27,359,000  1.65  Transmetales
                        1.50   18,619,000  1.78  Limitada (1974)

Total from Transmetales 1.25   49,324,000  1.61
                        1.50   35,749,000  1.80

Main Zone               1.00   36,610,000  1.13  Cominco Resources
                                                 International
                                                 Limited
                                                 (1997)
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NOTES TO THE HISTORICAL MINERAL RESOURCE STATEMENT

1.   The Historical Mineral Resource Statement has been prepared in
     accordance with the definitions and guidelines of the Canadian
     Institute of Mining, Metallurgy and Petroleum definitions and
     guidelines adopted in August 2000.

2.   The Historical Mineral Resource Statement was prepared by
     Marco Antonio Aceituno, Dr. Samuel Boris and Haroldo Duarte
     while working for Transmetales Limitada in 1974 and for
     Cominco Resources International Limited in 1997. Mr. Aceituno
     is a Geologist with the Ministry of Mines and Energy of
     Guatemala, Dr. Boris is a Consultant Geologist, and Mr. Duarte
     is a Civil Engineer. All materials were recently reviewed by
     Ricardo Valls, B.Sc., M.Sc., P. Geo., of the firm of Valls
     Geoconsultant, who is the independent qualified person for
     this press release.

3.   An independent technical report required by the Canadian
     Securities Administration for compliance with Canadian
     National Instrument 43-101 (NI 43-101) is being prepared by
     Ricardo Valls. Mr. Valls satisfies the requirements of a
     Qualified Person defined in NI 43-101.

4.   The Historical Mineral Resources have been determined using
     nickel cut-offs of l.00%, 1.25% and 1.50% and an "in-situ"
     determined dry density of 1.5 g/cm(3).

5.   The Historical Mineral Resources are reported as "in-situ"
     Mineral Resources with no allowance for mining dilution or mining
     loss.

6.   Isopach maps using cut-off values of 1.00%, 1.25% and 1.50%
     nickel were completed using assay values from pits assayed at
     Learch Brothers Incorporated of Hibbing, Minnesota, USA and with
     external control by ICAITI (Guatemala) and Nippon Metal Mining
     Company from Tokyo, Japan. The area of the different isopachs was
     estimated using a planimeter and the average thickness was
     measured from the pits included in the isopach.

7.   The Historical Mineral Resource Statement incorporates work that
     was undertaken by Transmetales Limitada (1974) and Cominco
     Resources International Limited (1997). The work carried out by
     Transmetales and Cominco has been reviewed by Mr. Valls,
     including a QA/QC of the assay and sampling techniques.

8.   The geology of the Main Zone and the Buena Vista A and B
     sectors is broadly similar to the geology of the Sechol
     Nickel-Magnesium Laterite deposit which includes other areas
     like Poza Azul which Mineral Resources will be included in the
     new technical report, "Summary Report of the Geology and
     Mineral Resources of the Sechol Nickel-Magnesium Deposit,
     Guatemala, Central America"currently being prepared by Mr.
     Valls.

The statements contained in this press release are both historical and forward looking in nature. The forward looking statements involve risks and uncertainties including those related to the exploration and the establishing of reserves within the Sechol Nickel-Magnesium Laterite deposit, the recovery of any reserves, metallurgical testing and pilot plants studies

For additional information on Chesbar Resources Inc., contact:

Mr. John B. Yates, President

Tel: [phone]/Fax: [phone]

Website: www.chesbar.com E-mail: [e-mail]