Appointment of Chief Operating Officer and Dril...

Chaarat Gold Holdings Limited ("Chaarat" or the "Company") Appointment of Chief Operating Officer and Drilling Update Road Town, Tortola, British Virgin Islands (26 January 2011) Chaarat (AIM: CGH) is pleased to announce the appointment of Mr. Benoît de Galbert as Chief Operating Officer of the Group and to report drilling results from previously unreported drilling intersections at both Kiziltash and Tulkubash. Selected results from the Contact Zone of the Kiziltash Project * DH UG-14 interval of 12 metres @ 5.27 g/t * DH UG-18 interval of 4.50 metres @ 8.71 g/t * DH UG 19 interval of 6.00 metres @ 4.29 g/t * DH UG-20 interval of 8.50 metres @ 4.02 g/t * DH UG-22 interval of 22.50 metres @ 4.24 g/t * DH UG-405 interval of 12 metres @ 3.39 g/t Selected results from the Tulkubash Project * T0703 interval of 7.50 metres @ 4.83 g/t * T0707 interval of 12.0 metres @ 5.13 g/t * T0708 interval of 6.55 metres @ 3.47 g/t * T0722 interval of 16.5 metres @ 4.10 g/t * T0726 interval of 4.50 metres @ 4.69 g/t * T0727 interval of 6.00 metres @ 4.43 g/t Appointment of Chief Operating Officer In preparation for the Company's move towards production, Chaarat has appointed Mr. Benoît de Galbert as its Chief Operating Officer. Benoît will join the Company in March 2011 and will be based in Bishkek.  He will be responsible for the design, permitting, construction, and organisation of the mine and processing plant to be erected at the Company's Chaarat property. Benoît is an experienced manager who began his career with Arthur Andersen & Co. in the early 1980s, before moving to roles with a number of French financial institutions, ELF Aquitaine between 1991 and 1998 and Legris Industries between 1998 and 2000. In 2000 he joined COGEMA (which became AREVA in 2003 following its merger with FRAMATONE), and in 2003 was appointed as General Manager of KATCO, AREVA's joint venture in uranium production with Kazatomprom in Kazakhstan and was in charge of Central Asian operations for AREVA. As such he managed the design, construction and the production ramp up of a large uranium project.  The project involved the construction of two uranium processing plants and the mining programmes for in-situ leaching with a total output of some 3,500 tonnes per year.  This project involved responsibility for over 1,200 employees in accordance with nuclear standards. Dekel Golan, CEO of Chaarat, comments: "Benoît's appointment is a significant step forward towards putting in place the management team capable of turning Chaarat into a successful, robust producer.  Benoît is experienced in the region and has a proven track record in developing a large scale mine as demonstrated by his tenure in Kazakhstan where he led the team that built from scratch a large, successful and very profitable operation.  It is a great vote of confidence in the Company that a person of his calibre is joining us. "Today's drilling results are an additional demonstration that Chaarat holds a major and growing resource.  The Contact Zone is again proving its robust continuous characteristics.  The results from drilling in the Tulkubash zone, albeit less predictable than the Contact and Main Zones, continue to add to our understanding of the project and provide confidence that the Tulkubash can be fast tracked into production.  Today's results are being incorporated into the revised resource estimate currently being calculated which the Company will announce shortly. "These results provide us with further encouragement and confidence for the establishment of a large, low cost mining operation, in addition to the open pit Tulkubash project which we aim to bring into production in 2012." Drilling update The drilling results included below are previously unreported mineralised intersections from the final holes of its 2010 drill campaign which ended in November 2010.  The reported results are both from holes drilled in the Tulkubash Project as well as the Contact Zone of the Kiziltash project and are presented separately for ease of reference. The intersections reported below, as well as the intersections reported previously, will be included in the revised resource estimate. Kiziltash project: Detailed unannounced intersections +--------+-------+-----+------+------+-----------------+----------+------------+ | DH No. |Section|   | From | To |Intersected width|True width|Au g/t (ALS)| +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-20 | 4640 |   | 7.50 |15.00 | 7.50 | 6.00 | 2.06 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-20 | 4640 |   |71.50 |80.00 | 8.50 | 6.80 | 4.02 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-20 | 4640 |   |87.50 |90.50 | 3.00 | 2.40 | 4.01 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-21 | 4640 |   |66.00 |70.50 | 4.50 | 3.60 | 2.67 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-21 | 4640 |   |75.00 |81.00 | 6.00 | 4.80 | 2.81 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-21 | 4640 |   |84.00 |88.50 | 4.50 | 3.60 | 5.64 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-21 | 4640 |   |99.00 |100.50| 1.50 | 1.20 | 4.37 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-21 | 4640 |   |114.00|115.50| 1.50 | 1.20 | 5.41 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C4601 | 4720 |   |66.50 |71.00 | 4.50 | 2.00 | 2.28 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C4601 | 4720 |   |96.50 |164.00| 67.50 | 30.00 | 2.66 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C4601 | 4720 |Incl.|114.50|122.00| 7.50 | 3.33 | 3.28 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C4601 | 4720 |Incl.|131.00|140.00| 9.00 | 4.00 | 3.03 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C4601 | 4720 |Incl.|141.50|146.00| 4.50 | 2.00 | 7.15 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C4601 | 4720 |Incl.|155.00|164.00| 9.00 | 4.00 | 3.88 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C4601 | 4720 |   |329.50|338.50| 9.00 | 4.00 | 2.54 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C4601 | 4720 |   |346.00|349.00| 3.00 | 2.00 | 2.61 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-14 | 4720 |   | 0.00 | 3.50 | 3.50 | 2.45 | 3.14 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-14 | 4720 |   |12.40 |15.40 | 3.00 | 2.10 | 2.74 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-14 | 4720 |   |22.40 |25.40 | 3.00 | 2.10 | 4.16 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-14 | 4720 |   |79.00 |101.50| 22.50 | 15.75 | 2.60 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-14 | 4720 |Incl |97.00 |101.50| 4.50 | 3.15 | 3.63 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-14 | 4720 |   |142.00|154.00| 12.00 | 8.40 | 5.27 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-18 | 4720 |   | 6.00 |10.50 | 4.50 | 3.75 | 8.71 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-18 | 4720 |   |59.50 |62.50 | 3.00 | 2.49 | 3.19 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-18 | 4720 |   |70.00 |74.50 | 4.50 | 3.74 | 3.44 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-22 | 4720 |   |66.00 |88.50 | 22.50 | 18.5 | 4.24 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-22 | 4720 |   |94.50 |105.00| 10.50 | 8.40 | 3.33 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-22 | 4720 | Incl|100.50|105.00| 4.50 | 3.70 | 5.00 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-15 | 4800 |   |13.00 |14.50 | 1.50 | 1.00 | 3.83 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-15 | 4800 |   |32.50 |35.50 | 3.00 | 2.00 | 2.01 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-15 | 4800 |   |110.50|116.50| 6.00 | 4.00 | 3.94 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-15 | 4800 |   |127.00|131.50| 4.50 | 3.00 | 3.61 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-19 | 4800 |   | 6.00 |10.50 | 4.50 | 3.74 | 3.97 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-19 | 4800 |   |19.50 |22.50 | 3.00 | 2.49 | 2.96 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-19 | 4800 |   |83.00 |95.00 | 12.00 | 9.96 | 2.65 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-19 | 4800 |Incl |83.00 |89.00 | 6.00 | 4.98 | 3.19 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-19 | 4800 |   |102.50|108.50| 6.00 | 4.98 | 4.29 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-19 | 4800 |   |122.00|123.50| 1.50 | 1.25 | 11.15 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C46102 | 4840 |   |107.00|159.50| 52.50 | 25.50 | 2.13 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C46102 | 4840 |Incl |107.00|116.00| 9.00 | 4.37 | 2.72 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C46102 | 4840 |Incl |126.50|131.00| 4.50 | 4.37 | 4.33 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C46102 | 4840 |Incl |144.50|149.00| 4.50 | 2.19 | 2.62 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C46102 | 4840 |   |165.50|168.50| 3.00 | 1.46 | 2.38 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C46102 | 4840 |   |198.50|209.00| 10.50 | 5.10 | 2.14 | +--------+-------+-----+------+------+-----------------+----------+------------+ | C46102 | 4840 |   |210.50|213.50| 3.00 | 1.46 | 2.08 | +--------+-------+-----+------+------+-----------------+----------+------------+ |Tr532_10| 5320 |   |22.00 |25.50 | 3.50 | 2.31 | 2.03 | +--------+-------+-----+------+------+-----------------+----------+------------+ |Tr532_10| 5320 |   |43.00 |46.00 | 3.00 | 2.00 | 2.87 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-404 | 5360 |   | 92.5 |110.5 | 18.00 | 14.94 | 2.09 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-404 | 5360 |Incl.| 94 | 97 | 3.00 | 2.49 | 4.07 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-404 | 5360 |Incl.|109.00|110.50| 1.50 | 1.25 | 4.18 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-403 | 5400 |   |109.00|110.50| 1.50 | 1.25 | 6.63 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-403 | 5400 |   |124.00|128.50| 4.50 | 3.74 | 2.79 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-403 | 5400 |   |136.00|139.00| 3.00 | 2.49 | 6.58 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-405 | 5400 |   |103.00|115.00| 12.00 | 9.96 | 3.39 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-405 | 5400 |Incl.|103.00|106.00| 3.00 | 2.49 | 5.97 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-405 | 5400 |Incl.|110.50|113.50| 3.00 | 2.49 | 4.05 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-402 | 5440 |   |121.00|125.50| 4.50 | 3.05 | 2.15 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-402 | 5440 |   |133.00|137.50| 4.50 | 3.05 | 2.94 | +--------+-------+-----+------+------+-----------------+----------+------------+ | UG-402 | 5440 |   |161.50|166.00| 4.50 | 3.05 | 2.58 | +--------+-------+-----+------+------+-----------------+----------+------------+ Tulkubash Project: detailed results (True widths) +------+-------+-----+------+------+-----------------+----------+------+ |DH No.|Section|   | From | To |Intersected width|True width|Au g/t| +------+-------+-----+------+------+-----------------+----------+------+ |T0719 | 600 |   |16.50 |22.50 | 6.00 | 4.80 | 2.25 | +------+-------+-----+------+------+-----------------+----------+------+ |T0719 | 600 |Incl.|19.50 |21.00 | 1.50 | 1.20 | 4.16 | +------+-------+-----+------+------+-----------------+----------+------+ |T0719 | 600 |   |78.00 |85.50 | 7.50 | 6.00 | 2.05 | +------+-------+-----+------+------+-----------------+----------+------+ |T07110| 640 |  |59.30 |60.50 | 1.20 | 1.20 | 3.36 | +------+-------+-----+------+------+-----------------+----------+------+ |T0727 | 640 |  | 0.60 | 6.50 | 5.90 | 4.50 | 2.12 | +------+-------+-----+------+------+-----------------+----------+------+ |T0727 | 640 |  |18.50 |24.50 | 6.00 | 4.60 | 4.43 | +------+-------+-----+------+------+-----------------+----------+------+ |T0727 | 640 |  |57.50 |60.50 | 3.00 | 2.30 | 2.40 | +------+-------+-----+------+------+-----------------+----------+------+ |T0727 | 640 |  |62.00 |68.00 | 6.00 | 4.60 | 3.29 | +------+-------+-----+------+------+-----------------+----------+------+ |T07109| 680 |  |62.50 |65.50 | 3.00 | 3.00 | 3.26 | +------+-------+-----+------+------+-----------------+----------+------+ |T0720 | 680 |  |36.50 |41.00 | 4.50 | 3.68 | 2.69 | +------+-------+-----+------+------+-----------------+----------+------+ |T0726 | 800 |  |56.00 |62.00 | 6.00 | 4.00 | 2.24 | +------+-------+-----+------+------+-----------------+----------+------+ |T0726 | 800 |  |66.50 |81.50 | 15.00 | 10.00 | 2.77 | +------+-------+-----+------+------+-----------------+----------+------+ |T0726 | 800 |Incl.|77.00 |81.50 | 4.50 | 3.00 | 4.69 | +------+-------+-----+------+------+-----------------+----------+------+ |T07112| 880 |  |37.00 |40.00 | 3.00 | 2.25 | 5.51 | +------+-------+-----+------+------+-----------------+----------+------+ |T07112| 880 |  |79.00 |82.00 | 3.00 | 2.25 | 4.46 | +------+-------+-----+------+------+-----------------+----------+------+ |T0703 | 920 |  |39.00 |43.50 | 4.50 | 4.00 | 3.17 | +------+-------+-----+------+------+-----------------+----------+------+ |UG704 | 940 |  |17.65 |22.00 | 4.35 | 3.75 | 2.98 | +------+-------+-----+------+------+-----------------+----------+------+ |UG704 | 940 |  |27.00 |30.00 | 3.00 | 2.65 | 3.90 | +------+-------+-----+------+------+-----------------+----------+------+ |UG704 | 940 |  |34.50 |37.50 | 3.00 | 2.65 | 2.23 | +------+-------+-----+------+------+-----------------+----------+------+ |UG704 | 940 |  |40.50 |45.00 | 4.50 | 3.80 | 2.18 | +------+-------+-----+------+------+-----------------+----------+------+ |UG705 | 940 |  |21.00 |25.50 | 4.50 | 3.85 | 3.11 | +------+-------+-----+------+------+-----------------+----------+------+ |UG705 | 940 |  |33.00 |40.50 | 7.50 | 6.38 | 2.80 | +------+-------+-----+------+------+-----------------+----------+------+ |UG705 | 940 |  |101.00|104.30| 3.30 | 2.81 | 3.62 | +------+-------+-----+------+------+-----------------+----------+------+ |UG701 | 960 |  |22.50 |27.50 | 5.00 | 4.00 | 2.00 | +------+-------+-----+------+------+-----------------+----------+------+ |UG703 | 960 |  |25.50 |33.00 | 7.50 | 6.00 | 2.00 | +------+-------+-----+------+------+-----------------+----------+------+ |UG703 | 960 |  |55.50 |63.00 | 7.50 | 6.00 | 4.83 | +------+-------+-----+------+------+-----------------+----------+------+ |UG709 | 960 |   | 2.00 |11.00 | 9.00 | 7.00 | 2.55 | +------+-------+-----+------+------+-----------------+----------+------+ |UG709 | 960 |Incl.| 2.00 | 5.00 | 3.00 | 2.33 | 2.86 | +------+-------+-----+------+------+-----------------+----------+------+ |UG709 | 960 |Incl.| 8.00 |11.00 | 3.00 | 2.33 | 3.74 | +------+-------+-----+------+------+-----------------+----------+------+ |UG702 | 980 |  | 3.00 | 7.50 | 4.50 | 3.60 | 3.85 | +------+-------+-----+------+------+-----------------+----------+------+ |UG702 | 980 |  |22.50 |27.00 | 4.50 | 3.60 | 2.07 | +------+-------+-----+------+------+-----------------+----------+------+ |UG706 | 980 |  | 9.00 |10.50 | 1.50 | 1.15 | 5.65 | +------+-------+-----+------+------+-----------------+----------+------+ |UG707 | 980 |  | 3.00 |15.00 | 12.00 | 10.00 | 5.13 | +------+-------+-----+------+------+-----------------+----------+------+ |UG708 | 980 |  |12.45 |19.00 | 6.55 | 5.02 | 3.47 | +------+-------+-----+------+------+-----------------+----------+------+ |UG708 | 980 |  |83.00 |84.50 | 1.50 | 1.20 | 8.31 | +------+-------+-----+------+------+-----------------+----------+------+ |T0722 | NZ4 |  |178.50|198.00| 19.50 | 16.50 | 4.10 | +------+-------+-----+------+------+-----------------+----------+------+ |T0732 | 1540 |  |143.50|146.50| 3.00 | 3.00 | 3.88 | +------+-------+-----+------+------+-----------------+----------+------+ Further information about the Company:  Chaarat Gold Holdings Limited +44 (0)20 7499 2612   c/o Central Asia Services Ltd dekel@chaarat.com linda.naylor@chaarat.com Westhouse Securities Limited +44 (0) 20 7601 6100 Tim Feather tim.feather@westhousesecurities.com Richard Baty richard.baty@westhousesecurities.com Smith's Corporate Advisory +44 (0)20 7321 2508 Dominic Palmer-Tomkinson tomkinson@smiths-ca.com Tavistock Communications +44 (0)20 7920 3150 Jos Simson jsimson@tavistock.co.uk Emily Fenton efenton@tavistock.co.uk Note to Editors: About Chaarat Gold Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic.  The Company's main activity is the development of the Kiziltash and Tulkubash projects situated within the Middle Tien Shan Mountains of Kyrgyzstan which form part of the Tien Shan gold belt.  The Company has thus far delineated a JORC compliant mineral resource of 4.009 Moz at a grade of 4.14 g/t gold across both deposits.  The Company is currently in the process of compiling a Pre-Feasibility study on the Kiziltash project and a Definitive Feasibility Study on the Tulkubash project.  Chaarat's objective is to become a low cost gold producer targeting production of over 200,000 ounces per annum by early 2014 from the Kiziltash project with first production from the smaller Tulkubash project in mid 2012. www.chaarat.com Competent Person The Competent Person with overall responsibility for this press release, and who has reviewed the information contained herein, is Sunit Patel M.Sc (Geology), FGS, GSSA, who is an employee of Chaarat Gold.  Mr. Patel is an exploration geologist with 22 years of experience in the resource industry who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and was supervisor to the work subject of this release. Disclaimer This press release includes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Chaarat's control that would cause the actual results, performance or achievements of Chaarat to be materially different from future results, performance or achievements expressed or implied by such forward- looking statements. Such forward-looking statements are based on numerous assumptions regarding Chaarat's present and future business strategies and the environment in which Chaarat will operate in the future. Any forward-looking statements speak only as at the date of this document.  Chaarat expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in Chaarat's expectations with regard to these or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward-looking statements in this press release may not occur either partially or at all. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Chaarat Gold Holdings Ltd via Thomson Reuters ONE [HUG#1482459]
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