Chesbar to Acquire 100 Per Cent Interest in Guatemalan Nickel Magnesium Laterite Project.

Business Editors

TORONTO--(BUSINESS WIRE)--April 5, 2002

Chesbar Resources Inc. (TSE: CBI) is pleased to announce that it has entered into an agreement with Joint Venture partner, Intrepid Minerals Corporation (CDNX:IAU) whereby Chesbar will increase its interest in Minera Mayamerica S.A. ("Mayamerica") from 70 percent to 100 per cent. Mayamerica holds the exploration licences covering the Guatemalan nickel magnesium laterite project, as described in Chesbar News Release No. 00-04 dated November 10, 2000.

Under the agreement dated April 4, 2002 between Chesbar Resources Inc. and Intrepid Minerals Corporation, Chesbar will acquire the remaining interest in Mayamerica by the issuance of 1,225,000 common shares in the capital stock of Chesbar to Intrepid, subject to regulatory approval.

Management believes that this acquisition of a 100 percent interest in Mayamerica will facilitate the financing, exploration and development of the Project. Chesbar has commissioned an independent up-dated resource calculation in accordance with National Instrument Policy No. 43-101 and is also carrying out metallurgical testing on the recovery of nickel, magnesium and cobalt from the laterite material.

Trading symbol on the TSE: "CBI" For additional information on Chesbar Resources Inc., contact: Tel: [phone]/Fax: [phone] Website: www.chesbar.com E-mail: [e-mail]