TIG Advisors, LLC Announces Its Consideration of the Unsolicited Offer for Chaparral Gold Corp.

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE
UNITED STATES


TIG Advisors, LLC ("TIG"), announced today that on February 10, 2014, it had
filed a report (the "Report") under Part 4 of National Instrument 62-103 ("NI
62-103") in relation to its status as an eligible institutional investor. The
Report, as filed, disclosed TIG's ownership of common shares of Chaparral Gold
Corp. ("Chaparral Gold"). The Report also disclosed that neither TIG nor any of
the investment funds it manages intended to (i) make a formal take-over for
securities of Chaparral Gold or (ii) propose a reorganization, amalgamation,
merger arrangement or similar business combination with Chaparral Gold that if
completed would reasonably be expected to result in TIG or the investment funds
it manages either alone or together with any joint actors, possessing effective
control over Chaparral Gold or a successor to all or part of the business of
Chaparral Gold. 


As reported in the Report, TIG exercised control or direction over 15,195,823
common shares of Chaparral Gold (or approximately 12.92% of the outstanding
common shares of Chaparral Gold). The 15,195,823 common shares of Chaparral Gold
as of the date of the Report were held by TIG Arbitrage Associates Master Fund,
L.P., TIG Arbitrage Enhanced Master Fund, L.P. and certain separately managed
accounts. TIG is the investment manager of TIG Arbitrage Associates Master Fund,
L.P., TIG Arbitrage Enhanced Master Fund L.P., and certain separately managed
accounts.


As of today's date, TIG exercises control or direction over 18,785,823 common
shares of Chaparral Gold (or approximately 15.97% of the outstanding common
shares of Chaparral Gold). The 18,785,823 common shares of Chaparral Gold are
held by TIG Arbitrage Associates Master Fund, L.P., TIG Arbitrage Enhanced
Master Fund, L.P. and certain separately managed accounts. 


On February 18, 2014, Waterton Precious Metals Fund II Cayman, LP ("Waterton")
announced that it intended to commence, through one of its subsidiaries, an
unsolicited offer to acquire (herein, the "Take-Over Bid") all of the issued and
outstanding common shares of Chaparral Gold not already held by it and its
affiliates at a price of C$0.50 in cash per share. 


In light of the Take-Over Bid, TIG is now considering all of its available
options in connection with the securityholdings of Chaparral Gold described in
this press release. Accordingly, TIG will not file any further reports under
Part 4 of NI 62-103 with respect to its securityholdings of Chaparral Gold until
such time as it has assessed all of its available options. Such options may
include, among other things, commencing its own bid or entering into other
arrangements with respect to securities of Chaparral Gold, acquiring, on behalf
of investment funds and/or separately managed accounts it manages, additional
securities of Chaparral Gold and/or disposing of some or all of the existing or
additional securities of Chaparral Gold. In addition, such options may also
include, among other things, continuing to hold securities of Chaparral Gold,
tendering to the Take-Over Bid, tendering and/or voting in favour of any
subsequent transaction in respect of any securities of Chaparral Gold or such
other actions as TIG may consider appropriate in the applicable circumstances.


Each of TIG Arbitrage Associates Master Fund, L.P., TIG Arbitrage Enhanced
Master Fund, L.P. and certain separately managed accounts may be considered
joint actors of TIG.


About TIG Advisors, LLC

TIG Advisors, LLC is a New York based investment adviser registered with the
United States Securities & Exchange Commission. As of the date of this filing,
it has investment discretion over approximately US$1.6B of assets through its
role as investment manager to certain private investment funds and separately
managed accounts.


The filing of this news release is not an admission that an entity named in the
news release owns or controls any described securities or is a joint actor with
another named entity.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mike Fastert
212.396.8698

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