Chesterfield Resources PLC has announced the completion of the sale of its Adeline project in eastern Canada to Sterling Metals, a TSX-V listed Canadian exploration company. The aggregate consideration for the sale, in cash and shares, amounts to approximately £550,000, equivalent to Chesterfield's current market capitalization. This transaction will bolster the company's cash reserves, enabling the acceleration of evaluation of exploration plans in Cyprus and further investment and acquisition opportunities.

The final sale agreement includes a cash payment of CAD200,000 (approx. £115,000) and the issue of an additional 8.5 million Sterling shares to Chesterfield. As a result, Chesterfield will hold a 5.46% stake in Sterling, currently valued at approximately £435,000. This sale removes uncertainty over Sterling's exercise of their option to acquire Adeline and strengthens Chesterfield's balance sheet with the cash and share payments received.

Sterling Metals, the acquiring company, has recently completed the acquisition of the Copper Road Project in Ontario and appointed Mark Goodman as Chairman. The company is well funded and anticipates strong news flow in the coming months as it aims to emerge as a leading Canadian copper explorer.

Chesterfield's Executive Chairman, Kashif Afzal, expressed satisfaction with the transaction, stating, "This completes an important and beneficial transaction for Chesterfield, removing both any uncertainty and our exposure to future liability and dilution from exploration expenditure, while at the same time maintaining exposure to any future success at Adeline, as well as Sterling's other promising projects in Canada."

The enhanced financial resources resulting from this sale will allow Chesterfield to evaluate its exploration plans in Cyprus with a different perspective and continue the search for new opportunities with greater financial strength.

For further information, please visit www.chesterfieldresourcesplc.com or contact Chesterfield Resources PLC.