EXHIBIT 99.1



                        Chief Consolidated Mining Company
                               1629 Locust Street
                             Philadelphia, PA 19103


FOR IMMEDIATE RELEASE

     EUREKA, UTAH -- January 9, 2006: (NASD: CFCM.PK) Chief Consolidated Mining
Company announced today that it has reached an agreement with Dimeling Schreiber
& Park Fund II for the proposed sale of $2,500,000 of Convertible Debentures as
part of a recapitalization and reorganization of Chief. The proceeds of the
proposed sale have been placed in an escrow account pending the acceptance by
the unsecured creditors of Chief of settlements representing at least 50 percent
of the aggregate outstanding indebtedness held by such creditors. Pending
release of the complete funds from the escrow, amounts will be disbursed
currently to pay legal, accounting, and regulatory and transfer agent fees as
part of the reorganization of Chief.

     Upon release from the escrow account, a portion of the funds will be
applied to restore Chief's SEC reporting status commencing with its Form 10-KSB
for the year just ended, including audited financial statements. Significant
funds also will be allocated to the initiation of an exploratory drilling
program and dewatering and desalination plan. Chief recently commissioned and
received a report by a panel of independent geologists who concluded that
significant opportunities exist for further development and exploitation of
Chief's mining claims in the Tintic Mining Districts in Utah. In their report,
the panel describes a possible program and first phase of a plan to increase the
value and enhance the prospects of viably operating four projects:

     o    Advancing the Burgin Mine extension deposit through to a bankable
          feasibility study;

     o    Further development of the concept to sell potable water from a
          desalination plant fed by water pumped from the Burgin Mine;

     o    Investigation of the economic possibilities of producing and selling
          halloysite (and other) clays from the Zuma and other areas; and

     o    Continued investigation and development of other exploration targets
          in the claim block and adjacent areas.

A copy of the report is available for review on Chief's website at
www.chiefmines.com.

     The Convertible Debentures will accrue interest at the rate of 8% annually,
and will automatically convert into shares of Chief Common Stock at $0.25 per
share upon approval by the shareholders of Chief of the financing, as well as
amendments to its articles of incorporation, including reducing the par value.
In the event that the shareholders do not approve such matters, the Debentures
will become immediately due and payable.




For further information, please contact:



Richard R. Schreiber

President

Chief Consolidated Mining Co.

1629 Locust Street

Philadelphia, PA 19103

215.546.8585