Proposed Acquisition of Kyrex Limited

Chaarat Gold Holdings Limited

                          ("Chaarat" or "the Company")

                     Proposed Acquisition of Kyrex Limited

Road Town, Tortola, British Virgin Islands (21 June 2010)

Chaarat  Gold Holdings Limited (AIM: CGH), announces  that it will today post an
offer  document in relation to the proposed share for share acquisition of Kyrex
Limited ("Kyrex") (the "Offer").

Kyrex

Kyrex  is a  private exploration  company, incorporated  in Guernsey,  with four
large licence areas in the north west of the Kyrgyz Republic.

The  three most prospective  assets are Chontash,  Mironovskoye and Kyzil Ompul.
 The proposed acquisition provides an opportunity to add exploration projects to
the  Chaarat portfolio whilst developing the Chaarat gold project, the Company's
principal asset, towards production.

Further details of the three most prospective assets are set out below:

Chontash

Chontash  is a skarn molybdenum-gold-copper deposit which contains potential for
a large scale copper gold porphyry deposit.

The  licence  has  been  held  by  Kyrex's  subsidiary  since 2006.  Significant
exploration  was undertaken in 2007/08, comprising 12 drill holes totalling over
2,800m and extensive trenching.

In July 2008 SRK Consulting Zimbabwe undertook an exploration property review in
which  it established a  resource estimate, classifying  3.2 million tonnes at a
grade  of  0.223% molybdenum  (Mo)  in  the  Inferred  category  under  the JORC
standard,  and  recommended  further  exploration  work  be  undertaken  on  the
property.   While  Chontash  has  been  identified  as  a  molybdenum skarn, the
Soviet-era  drilling  results  indicate  some  potential  for significant copper
values  to the east  of the licence  area.  This potential  has been verified by
geophysical works as well as a number of drill holes which, when penetrating the
skarn,  showed gold and copper values.  On a regional scale, Chontash appears to
be  at the southern end of a metallogenic belt of large porphyry copper deposits
including Almalyk in Uzbekistan.

Mironovskoye

Mironovskoye  is a  gold-silver-copper deposit  with a  strike length of 1.4 km.
 The deposit was extensively explored during the Soviet-era by driving adits and
drifts, with 5 km of underground development being completed in total.  The main
economic minerals were identified as copper, gold and silver.

Work  undertaken by Kyrex indicates that the  resource model may have been based
on  bismuth cut-offs and a grade of 1.2% Cu and 1.7g/t Au could be estimated for
a  similar tonnage.  Mironovskoye is easily  accessible and infrastructure is in
place  with the previously operating gold mine  of Taldy Bulak only 30 km to the
southwest.

Kyzil Ompul

Kyzil  Ompul is  an early  stage licence  area in  which a number of small gold,
copper,  molybdenum, lead  and uranium  deposits have  been delineated by Soviet
geological  teams.  To date Kyrex's exploration  has been relatively limited and
has  focused on base  and precious metal  prospects previously identified.  This
has  comprised geophysical surveys (IP and  magnetic) and trenching and sampling
to  confirm the Soviet-era data.  Chaarat believes that Kyzil Ompul, which means
"red hill" in the local language, has reasonable prospectivity for an IOCG (Iron
Oxide  Copper  Gold)  type  deposit.   Future  programmes will focus on regional
target  generation including GIS compilation and  interpretation of all data and
regional  aeromagnetic  surveys  in  order  to  produce  targets  for additional
exploration.


No  significant mineral  potential has  been defined  to date  in Kyrex's fourth
licence area, Severochontashskaya, where expenditure has been minimal.


Details of the Offer

The  terms  of  the  Offer  were  derived from an independent relative technical
valuation  of the material mineral assets of Chaarat and Kyrex undertaken by SRK
Consulting (UK) Limited ("SRK").  The Company commissioned the valuation as part
of its due diligence process.

The  Offer comprises 54 fully paid Chaarat  ordinary shares of US$0.01 each (the
"Shares")  for  each  Kyrex  share.  Assuming  Chaarat acquires the whole of the
issued and to be issued share capital of Kyrex, the aggregate consideration will
comprise 11,928,222 Shares, equating to 10.56 per cent. of the Company's current
issued share capital.

The  Offer will  remain open  for 15 business  days from 22 June 2010.  Provided
acceptances  have been received  from shareholders representing  at least 75 per
cent.  of the issued  share capital of  Kyrex, the drag  along provisions in the
articles of association of Kyrex will enable Chaarat to acquire the remainder of
the issued and to be issued Kyrex shares.

Chaarat   has  received  irrevocable  undertakings  to  accept  the  Offer  from
shareholders  holding  122,556 Kyrex  shares,  representing  58.5 per  cent.  of
Kyrex's issued share capital.

Pursuant  to the subscription  agreement dated 10 July  2009 between Chaarat and
China  Nonferrous Metals Int'l  Mining Co Ltd  ("CNMIM"), Chaarat is required to
give  notice to CNMIM if it intends to  issue any Chaarat shares for cash or non
cash  consideration.  CNMIM may within 15 business days of receipt of the notice
give written notice to require Chaarat to issue such number of Chaarat shares to
CNMIM on the same terms as the Offer, as is necessary to maintain the percentage
holding  of CNMIM prior to the Offer,  being 19.9 per cent.  The required notice
has  been  sent  to  CNMIM  and  the  price  at  which CNMIM will be required to
subscribe  for the  shares is  the mid-market  closing price  on 18 June 2010 of
40.5p per share.

Related Party Disclosure

Christopher Palmer-Tomkinson, Dekel Golan and Alexander Novak, who are directors
of  Chaarat, are also directors and  shareholders of Kyrex, holding interests of
6.5, 28.0 and  24.0 per  cent.  of  the  issued  share capital respectively.  In
addition,  Luo  Tao  and  David  Tang  are  not  considered  independent  of the
transaction by virtue of CNMIM's right to subscribe for additional equity in the
Company in order to maintain its level of shareholding.

The  Offer therefore constitutes a related  party transaction in accordance with
Rule  13 of the AIM Rule for  Companies.  The independent directors (being Linda
Naylor  and  Oliver  Greene),  having  consulted  with  the  Company's nominated
adviser,  Westhouse Securities Limited, consider that the terms of the Offer are
fair and reasonable insofar as Chaarat shareholders are concerned.

Potential changes to Directors' Interests

Provided  the Offer is completed,  Christopher Palmer-Tomkinson, Dekel Golan and
Alexander Novak will each receive Shares as consideration for their interests in
Kyrex.   On completion of the transaction,  the following changes would occur to
their respective shareholdings:

                               Previous Consideration      Total   Percentage of
                                 Shares        Shares     Shares       Company's
                                                                 Enlarged Issued
                                                                   Share Capital



Christopher Palmer-Tomkinson  6,675,000       736,344  7,411,344            5.94

Dekel Golan                  11,554,033     3,166,722 14,720,755           11.79

Alexander Novak               8,960,400     2,714,958 11,675,358            9.35



On completion, and assuming full acceptance, of the Offer, the Company will have
a  total of  124,839,225 Shares in  issue excluding  any Shares  to be issued to
CNMIM pursuant to its option the terms of which are set out above.

Competent Person

Sunit  Patel, M.Sc (Geology) FGS, GSSA, who is  an employee of Chaarat and is an
exploration  geologist with 22 years of experience in the resource industry, has
reviewed and approved the information in this announcement.



Enquiries:

 Chaarat Gold Holdings Ltd

 c/o Central Asia Services Ltd                   [phone]

 Dekel Golan                                        [e-mail]

 Linda Naylor                                [e-mail]



 Westhouse Securities Limited                    [phone]

 Tim Feather                      [e-mail]

 Richard Baty                    [e-mail]



 Mirabaud Securities LLP                         [phone]

 Rory Scott                                   [e-mail]



 Smith's Corporate Advisory                      [phone]

 Dominic Palmer-Tomkinson                     [e-mail]



 Conduit PR                                      [phone]

 Jos Simson                                         [e-mail]

 Emily Fenton                                     [e-mail]



Chaarat

Chaarat  is  an  exploration  and  development  company  operating in the Kyrgyz
Republic  with its  current main  activity being  the development of the Chaarat
Gold  Project.  The Chaarat Gold Project is 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.  A scoping study demonstrating the economic viability of
the  Chaarat Gold  Project was  completed at  the end  of 2008.  The  Company is
currently  in  the  process  of  compiling  a  pre-feasibility study.  Chaarat's
objective  is to become a low cost gold producer targeting an initial production
of over 200,000 ounces per annum by early 2013.

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.



[HUG#1425522]








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