Chief Consolidated Mining Company Reports Record Production and Revenues.

Business Editors

EUREKA, Utah--(BUSINESS WIRE)--Feb. 28, 2002

Chief Consolidated Mining Company (NASDAQ: CFCM) is pleased to announce that Utah operations have achieved a mining and milling rate of 150 tons per day.

The Trixie mine is now producing mill feed at a rate of 150 tons per day. The mine was originally budgeted to achieve this milestone by June 2002; however, mine personnel reached the mid-year target this month, 4 months ahead of schedule.

The Tintic mill is operating very well and producing a high-grade gold concentrate. The excellent recovery of gold during floatation and the ability of the floatation circuit to produce a high-grade concentrate have allowed Chief to bypass the more expensive cyanide recovery circuit and sell the product directly to H&H Metals.

Revenues for February 2002 were approximately $700,000 and a pretax profit of $261,000 was achieved. This was a milestone as Chief achieved its first monthly profitability in many years.

Mr. Andre Douchane, President and COO: "I couldn't be more pleased with what Chief's operating team has achieved - It took a very coordinated effort from all of them. We continue to be on budget and on track to record an operating profit for the first quarter.

We are also very excited to announce that we are following up on promising results from last year's drilling program at the West Trixie Zone. At that time, a rotary hole intercepted 0.5-ounce per ton of gold only 1,500 feet from the Trixie mine workings. We expect to have preliminary results from this year's program by the end of the first quarter," Mr. Douchane concluded.

Safe Harbor Statement under the Private Securities Reform Act of 1995:

This news release contains statements which are not historical facts, such as anticipated production, exploration results and projections and therefore are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, the following: the gold and silver values found in the reported drillhole proves not to be an extension or part of an orebody that can be profitably mined; even if subsequent surface drilling confirms the presence of additional high values of gold and silver ores in the immediate area, the profitable mining of the area is not commercially feasible. Refer to Chief's Form 10-KSB for the year ended December 31, 2000 filed with the Securities and Exchange Commission and the Company's Quarterly report Form 10-QSB for the quarterly period ended September 30, 2001 filed with the Securities and Exchange Commission.