Chaarat Gold Holdings Ltd - Unaudited results f...

Chaarat Gold Holdings Limited

                          ("Chaarat" or "the Company")


            UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011


Road Town, Tortola, British Virgin Islands (27 September 2011)


                                   HIGHLIGHTS


  * Progress in exploration  and implementation of the Tulkubash project
    throughout the period
  * Work commenced on access road and power line
  * Initial start up phases delineated: targeted production late 2012 early
    2013 dependent on seasonal considerations


Dekel Golan, Chief Executive of Chaarat, commented:

"The Company has sustained progress with both exploration and on planning and
initiating the infrastructure for the mining operation; the proceeds of the
placing completed in February are starting to be deployed, whilst our resource
base continues to grow as expected.

"As we make the preparations for production, a particularly pleasing feature of
our exploration programme is the increasing predictability of the resource and
the continued high grades delineated."


For further information about the Company please contact:

 Chaarat Gold Holdings Limited       [phone]
 c/o Central Asia Services Limited   [e-mail]
 Dekel Golan   CEO                   [e-mail]
 Linda Naylor  FD

 Westhouse Securities Limited        [phone]

 Tom Price                           [e-mail]
 Richard Baty                        [e-mail]

 Bankside Consultants                [phone]

 Simon Rothschild                    [e-mail]



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
Project (comprising the Contact Project and the Main Zone) and the Tulkubash
project situated within the Middle Tien Shan Mountains of Kyrgyzstan, which form
part of the Tien Shan gold belt.  The Company has delineated a JORC compliant
mineral resource of 4.736Moz at a grade of 4.28g/t gold across both projects.
 Chaarat's key objective is to become a low cost gold producer; with initial
production from the Tulkubash project, targeting combined annual production of
over 200,000 ounces per annum as the Kiziltash Project comes on stream.


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.


Operational Review

During the period the Company has started  the implementation of the Tulkubash
project, the first part of the Chaarat project to be brought into production,
and continued its exploration activities elsewhere on both the Chaarat project
and on other projects within its portfolio of assets. The early stages of the
implementation of the Tulkubash project have primarily involved  the
organisation and infrastructure aspects, such as the negotiation and signing of
contracts for the access road, power line and work camps.

Infill drilling at the Tulkubash open pit section has continued in order to
provide further data for the preparation of a detailed mining plan and to enable
the inclusion in our resources of lower grade ore at between 1 and 2 g/t.  This
change to the cut off grade will increase the open pit resource of the Central
Tulkubash Zone significantly as well as reducing the strip ratio. The inclusion
of recent drill results in the resource estimate and refining the pit design
should improve the economics of the project by further reducing the strip ratio
and improving grade. An updated resource estimate will be announced as soon as
is practicable. Encouraging exploration results from the deeper underground
zones confirm that  underground mining will take precedence over open pit
operations in mine planning.

The Engineering, Procurement, Construction Management ("EPCM") phase of the
Tulkubash project implementation is well underway. The Company will manage the
project. Progress with permitting, engineering and construction is described
below. The Company is actively recruiting to fill a few key positions as it
prepares to become fully operational.

Although the political climate in the country is somewhat tense at present with
the presidential election expected in late October, overall Chaarat has operated
normally over the period and our relationships with the authorities have
remained positive.

Progress and Strategy

The six month period since the completion of the £51.6 million fund raising,
announced in February 2011, has been dedicated to completing and refining the
project scope and establishing  the foundations on which a successful mine can
be built and operated.

Work has focused on seven areas:


 1. Project scope and configuration definition - important modifications to the
    project configuration have been identified and made.

 2. Permitting - a permitting strategy has been initiated and implemented to
    ensure both the development of the oxide portion of the deposit (Tulkubash)
    as well as continuing the exploration of the sulphide section of the Chaarat
    target area (Kiziltash).

 3. Engineering - the project configuration and Front End Engineering Design has
    been completed to facilitate the tender for the detailed engineering of the
    process plant and other elements of the project (tailings facility, waste
    dump site etc.) scheduled to take place in 2012.

 4. Geology - our knowledge and understanding of the oxide section has been
    improved and this will help to achieve an increase in the open-pit oxide
    resource.

 5. Construction - infrastructure elements have been developed; primarily road
    improvement, power line construction and building of work camps for our
    personnel.

 6. Development of operational plans and procedures are being implemented ready
    for the take over from the project construction team.

 7. Organisation - the necessary support functions such as HSE, logistics and
    compliance processes are being established. The HR needs of the company have
    been identified and a strategy developed to ensure they are met.

Additional exploration activity has also been undertaken at our other
properties, Mironovskoye, Chontash and Kyzil Ompul, although the Company's
current focus is firmly on the Chaarat project.

Project Scope and configuration

The original strategy was to build a small scale 700-1,000 tonnes per day (tpd)
modular plant which would later be replaced by a larger plant with two 2,500 tpd
lines to be built in two stages.

Engineering and financial analysis has highlighted operational improvements
which management believe could have distinct financial and operational
advantages.  It is now envisaged that the first 2,500 tpd line will be built in
the final location but certain aspects of the line will initially be scaled
down.  The same elements can later be expanded with minimal cost and
interruption to activity so as to enable the full 2,500 tpd capacity.  Although
the plant will cost slightly more than the modular plant originally planned, it
will provide greater expansion flexibility and, management believes, prove more
economical in the long run.

The current plan is to build the plant in the following phases:

Phase 1 (2,500t Run Of Mine (ROM)/day) - As originally envisaged, this involves
a simple flow-sheet with crushing, grinding and carbon-in-leach, which has a low
 capital cost, is simple to design, construct and operate. A flotation
concentrator is added to allow for separate cyanidation of concentrate and
flotation tailings. The flow-sheet is flexible for the varied pyrite content in
the feed ore and able to achieve high recoveries on Tulkubash ores.

Further analysis has led to the definition of "Start-up Phase-1" for the
Tulkubash which will use the original flow-sheet described above, but with
capacity reduced to 1,000 tpd. The major cost saving items are the permanent
crushing circuit and the aerial rope way which are to be delayed until the mine
capacity is increased to 2,500 tpd which will be referred to as "Final Phase-1".

Phase 2 (2,500t ROM/day) - This comprises a complete single train refractory
gold treatment plant with crushing, milling, pressure oxidation, slurry wash and
carbon-in-leach circuit. The Phase 2 flow-sheet is similar to the final flow-
sheet but with only one mill and autoclave.

Phase 3 (2,500 - 4,000t ROM/day) - An additional mill is installed which
increases the potential plant feed to 5,000t ROM/day. The flotation concentrator
is re-commissioned and some of the plant feed is beneficiated in this phase to
allow for the operation of the single autoclave. This flow-sheet has maximum
flexibility with high recoveries at low throughputs and the ability to increase
throughput as the mining is developed. Recoveries will be lower at the higher
throughput.

Phase 4 (5,000t ROM/day) - The final plant with two autoclaves, able to treat
the total 5,000t ROM/day and achieving the maximum gold recovery.

Permitting and Engineering

The infrastructure will be used for the whole project so our permitting strategy
is to seek permits both for the Kiziltash, the large exploration project on the
rest of the Chaarat target area, as well as the Tulkubash project. The required
permits have been issued and the work on the infrastructure projects has begun
as described below.

In order to fast track the development at Tulkubash, the smaller first phase
project, we are in the process of filing for the mining permit which we expect
to be granted early next year. Based on our recent application experience, we
have no reason to believe that the granting of this permit will pose any serious
problems.

Geology

A total of 18,961 metres were drilled during the first half of the year, mostly
in the Tulkubash project, and in the deeper zones of the Contact Project (CP)
5,516 metres were drilled to the end of August.

Our understanding of the geology of the Tulkubash project has improved
considerably, and we await the preparation of a formal independent
resource/reserve calculation by our advisers.  Since most of the lower grade
material will need to be mined in order to develop the open pit, work undertaken
suggests that it will be more economic to process rather than discard this lower
grade material. The Company is considering the option of stockpiling the lower
grade ore (between 1g/t-2g/t) to ensure that the cash flow from initial
production will be maximised.

The results of drilling along strike in the north and south sections are
encouraging. We are in the early stages of investigating whether it is possible
that the lower strip ratio sections of the pit can be extended on strike, thus
improving the economics of the operation significantly.

We have continued to drill the deeper parts of the deposit in the CP and initial
indications are that there is a correlation between the widening of the ore body
and higher grade. The result is more ounces per vertical metre in this body,
which is still open on strike, both towards the north and south as well as down
dip.  The continuity, predictability and consistent grade of this deposit
underline our belief that this is a world class ore body.

Construction

Our strategy has been to achieve as much as possible on the infrastructure front
in 2011, leaving us to complete the construction of the specific elements such
as process plant, workshops etc. next season.

Work on the two major infrastructure items has begun. Road construction
commenced in June.  We are concentrating on the more complex areas for road
construction, as well as the critical areas which need to be completed first, in
order to ensure easier logistics for next year. Currently two contractors are
working on the road and a third may be added in due course.

The power line project has been given to a large Kazakh company (ASPMK-519) and
is progressing as expected.

Additional preliminary works including the start of earthworks in the plant area
and the construction of two camps (miners' camp and plant camp) are also
underway. Work on the former has started, whereas the latter is due to be built
next year.

Orders for long lead items such as the mill are to be placed in the near future
in order to minimise the potential for delays.

Operations

The mining and operations team is being recruited, training plans are being
drawn up and implemented, mining equipment is being sourced and plans and
procedures are being established.

As operations will begin with the Tulkubash open pit, production can be ramped
up with a relatively small work force and a simple operation.

Organisation

The various support functions, such as logistics and procurement, are being
strengthened and expanded. The finance function is preparing for the significant
shift from being an exploration company to a mine builder and producer. The
buildup of staff and systems is progressing satisfactorily, albeit more slowly
than we would have liked.

Financial Results

As expected, the loss for the period at US$7,665,382 reflects the increased
expenditure on operations in particular on the drilling activity on site, where
12 drill rigs are in operation, 2 underground and 10 on surface.

Other assets

In addition to the Chaarat project, the Company progressed work on its other
exploration assets acquired last year. Drilling was carried out in the Tunduk
section of the Kyzil Ompul licence area. Geophysical work was done in Chontash
to identify the best location for additional drilling in this promising
property.  A local company has been retained to conduct a Feasibility Study on
Mironovskoye in order to facilitate the sale or introduction of a partner to
this project. With copper and gold prices at historic highs this "ready to mine"
deposit is attractive to prospective partners.

Summary

The Company has made good progress in the period, both on exploration and
planning as well as initiating the infrastructure for first production at the
Chaarat project. The proceeds of the placing completed in March are being
deployed, whilst our resource base continues to grow as expected.

As we prepare for production, a particularly pleasing feature of our exploration
programme is the increasing predictability of the resource and the continued
high grades delineated.



Dekel Golan
Chief Executive Officer


Consolidated income statement
For the six months ended 30 June
                                          6 months to   6 months to 12 months to
                                              30 June       30 June  31 December
                                                 2011          2010         2010
                                        (unaudited)   (unaudited)      (audited)

                                   Note           USD           USD          USD

Exploration expenses                      (5,158,736)   (2,519,529)  (7,242,318)

Administrative expenses                   (2,427,264)   (1,558,026)  (3,432,711)

Administrative expenses - Share    5        (488,062)     (221,594)    (588,587)
options expense

Administrative expenses - Other             (179,171)      (11,673)     (18,514)

Administrative expenses - Foreign           (219,044)      (61,935)    (168,336)
exchange  loss

Operating loss                            (8,472,277)   (4,372,757) (11,450,466)

Financial income                              806,895         8,270       14,363

Loss for the period, attributable         (7,665,382)   (4,364,487) (11,436,103)
to equity shareholders of the
parent

Loss per share (basic and diluted) 2          (3.38)c       (3.87)c      (9.12)c
- USD cents





Consolidated statement of comprehensive income
For the six months ended 30 June
                                          6 months to   6 months to 12 months to
                                              30 June       30 June  31 December
                                                 2011          2010         2010
                                        (unaudited)   (unaudited)      (audited)

                                                  USD           USD          USD

Loss for the period, attributable to      (7,665,382)   (4,364,487) (11,436,103)
equity shareholders of the parent



Other comprehensive income:

Exchange differences on translating          (22,869)     (102,621)    (143,478)
foreign operations

Total comprehensive loss for the          (7,688,251)   (4,467,108) (11,579,581)
period attributable to equity
shareholders of the parent





Consolidated balance sheet
At 30 June

                                            30 June       30 June  31 December
                                               2011          2010         2010
                                      (unaudited)   (unaudited)      (audited)

                                                USD           USD          USD

Assets

Non-current assets

Intangible assets                            11,658        30,010       20,082

Mining exploration assets                 8,349,367             -    8,349,367

Property, plant and equipment             1,291,003       720,759      596,502

Other receivables                           359,989             -       50,456

                                         10,012,017       750,769    9,016,407

Current assets

Inventories                                 594,102       146,430      150,035

Trade and other receivables               2,088,481       903,874    1,619,590

Cash and cash equivalents                82,432,362     3,007,319   10,124,977

                                         85,114,945     4,057,623   11,894,602

Total assets                             95,126,962     4,808,392   20,911,009



Equity and liabilities

Equity attributable to shareholders

Share capital                             2,503,562     1,129,110    1,470,339

Share premium                           128,501,973    27,499,843   48,949,592

Other reserves                           14,196,746    13,529,935   13,839,590

Translation reserve                     (1,106,203)   (1,042,477)  (1,083,334)

Accumulated  losses                    (51,708,236)  (37,159,481) (44,173,760)

                                         92,387,842     3,956,930   19,002,427


Non- current liabilities

      Deferred tax                          487,000             -      487,000

                                            487,000                    487,000

Current liabilities

Trade payables                            1,431,876       527,360      646,788

Accrued liabilities                         820,244       324,102      774,794

                                          2,252,120       851,462    1,421,582

Total liabilities                         2,739,120       851,462    1,908,582

Total liabilities and equity             95,126,962     4,808,392   20,911,009





Consolidated statement of changes in equity
For the six months ended 30 June

                    Share       Share  Accumulated      Other Translation       Total
                  capital     premium       losses   reserves     reserve         USD
                      USD         USD          USD        USD         USD





Balance at      1,129,110  27,499,843 (32,798,843) 13,312,190   (939,856)   8,202,444
31 December
2009

Currency                -           -            -          -   (102,621)   (102,621)
translation

Net income              -           -            -          -   (102,621)   (102,621)
recognised
directly in
equity

Loss for the            -           -  (4,364,487)          -           - (4,364,487)
six months
ended
30 June 2010

Total                   -           -  (4,364,487)          -   (102,621) (4,467,108)
comprehensive
income  for
the six
months

Share options           -           -        3,849    (3,849)           -           -
lapsed

Share options           -           -                 221,594           -     221,594
expense

Balance at      1,129,110  27,499,843 (37,159,481) 13,529,935 (1,042,477)   3,956,930
30 June 2010

Currency                -           -            -          -    (40,857)    (40,857)
translation

Net income              -           -            -          -    (40,857)    (40,857)
recognised
directly in
equity

Loss for the            -           -  (7,071,616)          -           - (7,071,616)
six months
ended
31 December
2010

Total                   -           -  (7,071,616)          -    (40,857) (7,112,473)
comprehensive
income  for
the six
months

Share options           -           -       57,337   (57,337)           -           -
lapsed

Share options           -           -            -    366,992           -     366,992
expense

Issuance of       119,282   7,500,134                                       7,619,416
shares for
acquisition

Issuance of       221,947  14,386,364            -          -           -  14,608,311
shares for
cash

Share issue             -   (436,749)            -          -           -   (436,749)
costs

Balance at      1,470,339  48,949,592 (44,173,760) 13,839,590 (1,083,334)  19,002,427
31 December
2010

Currency                -           -            -          -    (22,869)    (22,869)
translation

Net income              -           -            -          -    (22,869)    (22,869)
recognised
directly in
equity

Loss for the            -           -  (7,665,382)          -           - (7,665,382)
six months
ended
30 June 2011

Total                   -           -  (7,665,382)          -    (22,869) (7,688,251)
comprehensive
income  for
the six
months

Share options           -           -      130,906  (130,906)           -           -
lapsed

Share options           -           -            -    488,062           -     488,062
expense

Issuance of     1,033,223  82,986,647            -          -           -  84,019,870
shares for
cash

Share issue             - (3,434,266)            -          -           - (3,434,266)
costs

Balance at      2,503,562 128,501,973 (51,708,236) 14,196,746 (1,106,203)  92,387,842
30 June 2011







Consolidated cash flow statement
For the 6 months ended 30 June

                                          6 months to   6 months to 12 months to
                                              30 June       30 June  31 December
                                                 2011          2010         2010
                                        (unaudited)   (unaudited)      (audited)

                                                                USD          USD

Operating activities

Loss for the period                       (7,665,382)   (4,364,487) (11,436,103)

Adjustments:

Amortisation expense - intangible              12,292        13,107       25,520
assets

Depreciation expense - property,              227,399       312,944      490,024
plant and equipment

(Profit)/loss on disposal of                (218,606)         3,052        5,094
property, plant and equipment

Finance income                               (20,050)       (8,270)     (14,363)

Share based payments                          488,062       221,594      588,587

Foreign exchange (gains)/losses             (219,044)         2,909     (42,590)

(Increase)/Decrease in inventories          (444,067)        10,261        8,553

(Increase)/Decrease in accounts             (468,891)     (294,386)  (1,080,142)
receivable

Increase in accounts payable                  343,538       380,200      688,041

Net cash flow used in operations          (7,964,749)   (3,723,076) (10,767,379)

Investing activities

Purchase of computer software                 (8,953)             -      (3,664)

Purchase of property, plant and           (1,099,976)      (40,299)     (98,445)
equipment

Acquisition of subsidiary (net of                   -             -        5,865
cash acquired)

Proceeds from sale of equipment               389,090             -            -

Loans repaid                                        -         4,407        4,407

Interest received                             276,710         8,270       14,363

Net cash used in investing activities       (443,129)      (27,622)     (77,474)

Financing activities

Proceeds from issue of share capital       84,019,870             -   14,608,310

Issue costs                               (3,434,266)             -    (436,749)

Net cash from financing activities         80,585,604             -   14,171,561

Net change in cash and cash                72,177,726   (3,750,698)    3,326,708
equivalents

Cash and cash equivalents at               10,124,977     6,812,046    6,812,046
beginning of the period

Effect of changes in foreign exchange         129,659      (54,029)     (13,777)
rates

Cash and cash equivalents at end of        82,432,362     3,007,319   10,124,977
the period



Notes to the financial statements

1   Dividend

No dividend is proposed in respect of the period.

2  Loss per share

The loss per share is calculated by reference to the loss of USD 7,665,382 for
the six months ended 30 June 2011 and the weighted average number of shares in
issue of 226,931,389 during the period. There is no dilutive effect of share
options.

3   Basis of preparation of financial statements

The unaudited results have been prepared on a going concern basis and on the
basis of the accounting policies adopted in the audited accounts for the year
ended 31 December 2010. The results for the period are derived from continuing
activities.

The financial information set out in this half-yearly report does not constitute
statutory accounts. The figures for the period ended 31 December 2010 have been
extracted from the statutory financial statements, prepared under IFRS, which
are available on the Group's website www.chaarat.com. The auditor's report on
those financial statements was unqualified.

4   Mining exploration and development costs

During the exploration phase of operations, all costs are expensed in the Income
Statement as incurred.

A subsequent decision to develop a mine property within an area of interest is
based on the exploration results, an assessment of the commercial viability of
the property, the availability of financing and the existence of markets for the
product. Once the decision to proceed to development is made, exploration,
development and other expenditures relating to the project are capitalised and
carried at cost with the intention that these will be depreciated by charges
against earnings from future mining operations over the relevant life of mine on
a unit of production basis.

5   Intangible assets - acquired mining exploration assets

Mining exploration assets acquired on the acquisition of subsidiaries are
carried in the balance sheet at their fair value at the date of acquisition less
any impairment losses, pending determination of technical feasibility and
commercial viability of those projects.

When such a project is deemed to no longer have technical or commercially viable
prospects to the Group, acquired mining exploration costs in respect of that
project are deemed to be impaired and written off to the statement of total
comprehensive income.

Subsequent mining exploration costs incurred on those projects are expensed in
accordance with the Group's accounting policy below.

6   Share options

During the period the Company issued the following share options:

+----------------+-----------+----------+
| Exercise price | Number    | Date     |
+----------------+-----------+----------+
| £0.70-£1.50    | 5,400,000 | 07/03/11 |
+----------------+-----------+----------+
| £1.00          | 400,000   | 10/03/11 |
+----------------+-----------+----------+
| £0.70-£1.50    | 2,700,000 | 21/03/11 |
+----------------+-----------+----------+
| £0.60-£1.00    | 100,000   | 04/04/11 |
+----------------+-----------+----------+
| £0.60-£1.00    | 100,000   | 18/04/11 |
+----------------+-----------+----------+
|                | 8,700,000 |          |
+----------------+-----------+----------+

The total number of share options outstanding was:

 At 31 December 2010   11,125,253

 Awarded               8,700,000

 Lapsed in period      (734,757)

 Exercised in period   (26,000)

 At 30 June 2011       19,064,496


An amount of USD 488,062 was recognised as share based payment expense during
the six month period ended 30 June 2011 (six months ended 30 June 2010: USD
221,594; 12 months ended 31 December 2010: USD 588,587).

7   Post Balance Sheet Events

As a result of the exercise of share options 127,500 ordinary shares were issued
and admitted to AIM on 26 July 2011.


Directors and Advisers

 Directors

 C Palmer-Tomkinson   Non-Executive Chairman

 L Tao                Non-Executive Deputy Chairman

 D Golan              Chief Executive Officer

 A Novak              Executive Director

 L Naylor             Finance Director

 R Weinberg           Non-Executive Director

 D Tang               Non-Executive Director



Company Secretary              Auditors                Solicitors (UK)

Linda Naylor                   PKF (UK) LLP            Watson, Farley & Williams
                                                       LLP

c/o Central Asia Services      Farringdon Place        15 Appold Street
Limited

6 Conduit Street               20 Farringdon Road      London EC2A 2HB

London W1S 2XE                 London EC1M 3AP

                                                       Maclay Murray & Spens LLP

T. [phone]            Registrars              One London Wall

E. [e-mail]         Capita Registrars       London EC2Y 5AB
                               (Guernsey) Ltd

                               Longue Hougue House

Registered Office              St Sampson              Solicitors (Kyrgyz
                                                       Republic)

Palm Grove House               Guernsey GY1 4JN        Kalikova & Associates

PO Box 438                                             71 Erkindik Boulevard

Road Town, Tortola             Depositary              Bishkek, 720040

British Virgin Islands, VG1110 Capita IRG Trustees     Kyrgyz Republic
                               Limited

Registered Number 1420336      The Registry

                               34 Beckenham Road       Solicitors (Switzerland)

Kyrgyz Republic Office         Beckenham               Pestalozzi Attorneys At
                                                       Law Ltd.

Chaarat Zaav CJSC              Kent BR3 4TU            Lowenstrasse 1

15th floor 19 Razzakov Street                          8001 Zurich

720040 Bishkek                 Principal Bankers       Switzerland

Kyrgyz Republic                Royal Bank of Scotland
                               International

                               Royal Bank Place        Web Site

Investor Relations             1 Glategny Esplanade    www.chaarat.com

Smith`s Corporate Advisory Ltd St Peter Port

One Angel Court                Guernsey GY1 4BQ

London EC2R 7HJ

                               Nominated Advisor and
                               Broker

Financial Public Relations     Westhouse Securities
                               Ltd

Bankside                       One Angel Court

1 Frederick's Place            London EC2R 7HJ

London EC2R 8AE








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#1550051]