Statement re Revised Resource Estimate

Chaarat Gold Holdings Ltd

                          ("Chaarat" or "the Company")

    Resource increases to over four million ounces at Chaarat Gold Project

Road Town, Tortola, British Virgin Islands (9th March 2010).

Chaarat (AIM-CGH), the gold exploration and development company operating in the
Kyrgyz Republic, is pleased to announce a revised estimate of the gold resources
at its 100% owned Chaarat deposit of 4.009 million ounces, based on results from
the 2009 exploration season. Twenty five new core drill holes (5,357 metres) and
four  cross-cuts (307 metres) have been  incorporated into the Resource database
of  the 11 project areas,  covering a six  kilometre strike length. The resource
was  estimated to JORC compliant standards  by SRK Consulting (South Africa), an
internationally recognised consulting group, which is independent of Chaarat.

Highlights

  * The  Indicated and  Inferred Resource  has increased  by 670,000 ounces from
    3.339 million ounces in 2009 to 4.009 million ounces at 2.0g/t cut off.


  * The  resource of Project C5300, where the majority of the 2009 drilling took
    place  and  where  an  adit  was  developed, increased by over 35% to 1.345
    million ounces and is open in all directions.

Table 1:  Summary of Estimated Resources at Chaarat (February 2010)

+------------------+--------------------+--------------------+--------------------+
| At 2.0g/t Cut-off|Indicated Resources | Inferred Resources |  Total Resources   |
+---------+--------+------+-----+-------+------+-----+-------+------+-----+-------+
|         |        | Mass |Gold | Gold  | Mass |Grade|Content| Mass |Grade|Content|
|Zone     |Sub-Zone|      |Grade|Content|      |     |       |      |     |       |
|         |        +------+-----+-------+------+-----+-------+------+-----+-------+
|         |        |  kt  | g/t |  Koz  |  kt  | g/t |  koz  |  kt  | g/t |  koz  |
+---------+--------+------+-----+-------+------+-----+-------+------+-----+-------+
|         | M2400  |2,900 |4.11 |  390  | 800  |3.96 |  106  |3,700 |4.08 |  496  |
|         +--------+------+-----+-------+------+-----+-------+------+-----+-------+
|         | M3000  |3,800 |4.11 |  504  |1,500 |4.57 |  226  |5,300 |4.24 |  730  |
|         +--------+------+-----+-------+------+-----+-------+------+-----+-------+
|         | M3400  |      |     |       |1,000 |4.17 |  134  |1,000 |4.17 |  134  |
|         +--------+------+-----+-------+------+-----+-------+------+-----+-------+
|Main Zone| M3900  |1,500 |3.76 |  182  | 700  |3.86 |  90   |2,200 |3.79 |  272  |
|         +--------+------+-----+-------+------+-----+-------+------+-----+-------+
|         | M4400  |      |     |       | 300  |3.86 |  41   | 300  |3.86 |  41   |
|         +--------+------+-----+-------+------+-----+-------+------+-----+-------+
|         | M5000  | 100  |5.81 |  13   | 400  |5.20 |  59   | 500  |5.32 |  72   |
|         +--------+------+-----+-------+------+-----+-------+------+-----+-------+
|         | M6000  | 300  |3.88 |  39   | 600  |4.33 |  90   | 900  |4.18 |  129  |
+---------+--------+------+-----+-------+------+-----+-------+------+-----+-------+
|Main Zone Totals  |8,600 |4.05 | 1,127 |5,400 |4.28 |  744  |14,000|4.15 | 1,871 |
|/Averages         |      |     |       |      |     |       |      |     |       |
+---------+--------+------+-----+-------+------+-----+-------+------+-----+-------+
|         | C4000  | 400  |3.33 |  39   | 500  |3.33 |  55   | 900  |3.33 |  94   |
|Contact  +--------+------+-----+-------+------+-----+-------+------+-----+-------+
|Zone     | C4600  | 900  |3.97 |  116  |1,900 |4.16 |  247  |2,800 |4.10 |  363  |
|         +--------+------+-----+-------+------+-----+-------+------+-----+-------+
|         | C5300  |6,700 |4.19 |  906  |3,200 |4.24 |  439  |9,900 |4.21 | 1,345 |
+---------+--------+------+-----+-------+------+-----+-------+------+-----+-------+
|Contact Zone      |8,000 |4.12 | 1,061 |5,600 |4.13 |  741  |13,600|4.13 | 1,802 |
|Totals /Averages  |      |     |       |      |     |       |      |     |       |
+---------+--------+------+-----+-------+------+-----+-------+------+-----+-------+
|Tulkubash| T0700  |      |     |       |2,500 |4.18 |  336  |2,500 |4.18 |  336  |
+---------+--------+------+-----+-------+------+-----+-------+------+-----+-------+
| Grand            |16,600|4.09 | 2,188 |13,500|4.20 | 1,821 |30,100|4.14 | 4,009 |
|Totals/Averages   |      |     |       |      |     |       |      |     |       |
+------------------+------+-----+-------+------+-----+-------+------+-----+-------+

Dekel  Golan CEO comments: "We are  delighted with this latest resource estimate
on  the  wide  mineralised  zones  at  the  Chaarat  deposit.  This continues to
demonstrate  the  significant  potential  of  the  deposit  which will allow the
Company  to pursue a low cost gold mining operation.  The significant investment
in  the  underground  development  which  includes  an  adit, drifts, drives and
drilling chambers are serving as a platform to turn the C4600 and C5300 projects
into one large mineralised body, which already includes over 1.7 million ounces,
the majority of which are in the indicated category."

Quantity and Quality of Data

This  resource estimate is compiled  from all core drill  holes completed on 11
project areas at Chaarat to date and supersedes the resource update announced on
30 March 2009.

The  191 holes  included  in  the  Resource  estimate  were drilled on the three
sub-parallel  zones of mineralisation at Chaarat,  the Main, the Contact and the
Tulkubash  Zones, which are characterised by mineralisation up to 37 metres wide
and dipping at 55 to 70 degrees to the northwest.

The  deepest drill intersections on the C5300, C4600 and C4000 Project Areas are
499 metres,  358 metres and 351 metres respectively.  On the other eight project
areas,  included  in  the  Resource  estimate,  drilling is limited to depths of
between 82 to 290 metres.

On  all project  areas, the  mineralisation remains  open down  dip, and  on the
majority,  also open along  strike. Underground drilling  will continue from the
adit  on the C5300 Project  Area with the aim  of increasing the Resource in the
coming  year,  as  well  as  converting  the  existing Inferred Resources to the
Indicated category.

The  Resource database contains 49,359 gold assay records from surface, adit and
drill-core  samples.  SRK  has  reviewed  3,727 umpire  assays, 1,202 results of
reference  materials and 2,031 blanks  sent to three  laboratories and concluded
that  the quality  and quantity  of data  are sufficient  to support the Mineral
Resource estimates reported herein.

Methodology

The  Resources for  the Main  and Contact  Zones at  the Chaarat gold deposit in
Kyrgyzstan  were  estimated  by  SRK  in  February  2010 using industry-standard
geological modelling and Resource estimation software.

The  revised  2010 estimation  has  used  all  available  exploration  data from
previous  (2004  to  2009) exploration  campaigns,  including  assays from drill
holes, bulldozer-cuts, trenches and underground.

The data was used to develop new, three-dimensional, geological wireframe models
for  each mineralised zone using a boundary definition cut-off grade of 2g/t Au.
Once  the  3-D geological  solids  were  built, a two-dimensional estimation was
undertaken  for the  mineralised zones.   The data  distribution for the Contact
Zone  was  sufficient  to  generate  directional  variograms along the major and
semi-major  directions.  Omni-directional variograms were generated for the Main
and Tulkubash Zones.

SRK  used ordinary kriging for  the estimation of all  sub-zones within the Main
and Contact Zones using a block size of 20m by 20m by 10m.

All  SRK estimates were validated by comparing the global mean statistics of the
sample data with the estimates and a swath analysis exercise, which compared the
composite  data with  the block  estimates within  a given swath, validating the
quality of the local estimates.

SRK  has taken into account the data distribution, grade variability, geological
interpretations,  structure of the variograms and  the quality of the estimation
in the classification of the Mineral Resource.

The  classification  of  the  Resource  was  based  initially  on  the number of
intercepts  through each discrete wireframe unit:  those with a single intercept
have been classified as Inferred. The results of the swath analysis were used to
determine which wireframe units (or parts thereof) gave reasonable confidence in
the continuity of the grades: these were classified as Indicated.

The  recent infill-drilling has  demonstrated the depth  and width continuity of
the  geological boundaries of the Main and  Contact Zones and has resulted in an
increase in the volume of the mineralisation compared with the previous Resource
estimates.

As  the  Chaarat  mine  is  likely  to  be  a  combined open pit and underground
operation,  the Company  has used  a 2g/t cut  off rate  for the purpose of this
resource  announcement.  Table  2 sets  out  the  resource  in  all  three areas
applicable to different levels of cut off.

Table 2:  Grade Tonnage Data: Contact, Main and Tulkubash Zones at Chaarat (at
February 2010)

+------------------+-------------+----------------+---------------+
| Cut-off (g/t Au) | Tonnage (T) | Grade (g/t Au) | Content (koz) |
+------------------+-------------+----------------+---------------+
|       1.8        |  30,141,459 |           4.14 |         4,009 |
+------------------+-------------+----------------+---------------+
|        2         |  30,141,081 |           4.14 |         4,009 |
+------------------+-------------+----------------+---------------+
|       2.2        |  30,129,579 |           4.14 |         4,008 |
+------------------+-------------+----------------+---------------+
|       2.4        |  29,997,284 |           4.15 |         3,998 |
+------------------+-------------+----------------+---------------+
|       2.6        |  29,408,026 |           4.18 |         3,951 |
+------------------+-------------+----------------+---------------+
|       2.8        |  28,786,691 |           4.21 |         3,897 |
+------------------+-------------+----------------+---------------+
|        3         |  27,674,104 |           4.26 |         3,793 |
+------------------+-------------+----------------+---------------+
|       3.2        |  25,815,593 |           4.35 |         3,608 |
+------------------+-------------+----------------+---------------+
|       3.4        |  23,554,660 |           4.45 |         3,368 |
+------------------+-------------+----------------+---------------+
|       3.6        |  20,993,256 |           4.56 |         3,079 |
+------------------+-------------+----------------+---------------+
|       3.8        |  18,402,767 |           4.68 |         2,771 |
+------------------+-------------+----------------+---------------+
|        4         |  15,840,145 |           4.81 |         2,449 |
+------------------+-------------+----------------+---------------+


Competent Person

Shaun Crisp Pr.Sci.Nat, Senior Resource Geologist, an employee of SRK Consulting
compiled  the  report  entitled  "Update  of  the Mineral Resource estimates for
Chaarat   Gold   Project,   Kyrgyzstan"  dated  February  2010 from  which  this
information has been extracted.

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.   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.

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.



Enquiries


 Chaarat Gold Holdings Ltd

 c/o Central Asia Services Ltd  [phone]

 Dekel Golan                    [e-mail] <mailto:[e-mail]>

 Linda Naylor                   [e-mail]
                                <mailto:[e-mail]>



 Westhouse Securities Limited   [phone]

 Tim Feather                    [e-mail]
                                <mailto:[e-mail]>

 Richard Baty                   [e-mail]
                                <mailto:[e-mail]>



 Mirabaud Securities LLP        [phone]

 Rory Scott                     [e-mail]
                                <mailto:[e-mail]>



 Smith's Corporate Advisory     [phone]

 Dominic Palmer-Tomkinson       [e-mail]
                                <mailto:[e-mail]>



 Conduit PR                     [phone]

 Jos Simson                     [e-mail] <mailto:[e-mail]>

 Emily Fenton                   [e-mail]





Glossary of Technical Terms


 "assay"              qualitative or quantitative analysis of a metal or ore to
                      determine its components

 "Au"                 chemical symbol for gold

 "cut-off grade"      the  lowest grade  value that  is included  in a resource
                      statement.   It  must  comply  with JORC requirement 19:
                      "reasonable  prospects for  eventual economic extraction"
                      the  lowest  grade,  or  quality, of mineralised material
                      that  qualifies as economically mineable and available in
                      a  given  deposit.   It  may  be  defined on the basis of
                      economic   evaluation,   or   on   physical  or  chemical
                      attributes    that    define    an   acceptable   product
                      specification

 "g/t"                grammes per tonne, equivalent to parts per million

 "Inferred Resource"  that  part of a Mineral Resource for which tonnage, grade
                      and  mineral content can be estimated with a low level of
                      confidence.   It is inferred from geological evidence and
                      assumed   but   not   verified  geological  and/or  grade
                      continuity.   It is based on information gathered through
                      appropriate  techniques from locations  such as outcrops,
                      trenches,  pits, workings  and drill  holes which  may be
                      limited or of uncertain quality and reliability

 "Indicated Resource" that  part  of  a  Mineral  Resource  for  which tonnage,
                      densities,  shape,  physical  characteristics,  grade and
                      mineral  content can be estimated with a reasonable level
                      of  confidence.  It is based on exploration, sampling and
                      testing    information   gathered   through   appropriate
                      techniques  from  locations  such  as outcrops, trenches,
                      pits,  workings and  drill holes.   The locations are too
                      widely  or inappropriately  spaced to  confirm geological
                      and/or grade continuity but are spaced closely enough for
                      continuity to be assumed

 "JORC"               The  Australasian Joint  Ore Reserves  Committee Code for
                      Reporting  of Exploration Results,  Mineral Resources and
                      Ore  Reserves, 2004 (the "JORC Code" or "the Code").  The
                      Code  sets  out  minimum  standards,  recommendations and
                      guidelines   for   Public  Reporting  in  Australasia  of
                      Exploration Results, Mineral Resources and Ore Reserves

 "kriging"            an inverse distance weighting technique where weights are
                      selected  via  the  variogram  according  to the samples'
                      distance and direction from the point of estimation.  The
                      weights  are not  only derived  from the distance between
                      samples  and  the  block  to  be  estimated, but also the
                      distance  between  the  samples  themselves.  The kriging
                      estimates  are  controlled  by  the  variogram parameters
                      which are interpreted from the data

 "Measured Resource"  that  part  of  a  Mineral  Resource  for  which tonnage,
                      densities,  shape,  physical  characteristics,  grade and
                      mineral  content can  be estimated  with a  high level of
                      confidence.    It  is  based  on  detailed  and  reliable
                      exploration,  sampling  and  testing information gathered
                      through  appropriate  techniques  from  locations such as
                      outcrops,  trenches, pits, workings and drill holes.  The
                      locations are spaced closely enough to confirm geological
                      and grade continuity

 "Mineral Resource"   a  concentration or  occurrence of  material of intrinsic
                      economic  interest  in  or  on  the Earth's crust in such
                      form,  quality  and  quantity  that  there are reasonable
                      prospects   for   eventual   economic   extraction.   The
                      location, quantity, grade, geological characteristics and
                      continuity  of a Mineral Resource are known, estimated or
                      interpreted   from   specific   geological  evidence  and
                      knowledge. Mineral Resources are sub-divided, in order of
                      increasing    geological   confidence,   into   Inferred,
                      Indicated  and Measured  categories when  reporting under
                      JORC

 "Moz"                million troy ounces

 "ordinary kriging"   commonly  used type  of kriging  which assumes a constant
                      but unknown grade

 "oz"                 troy ounce (= 31.103477 grammes)

 "swath analysis"     used to validate a block estimate by comparing a selected
                      block with a  composite of the data in that block

 "t"                  tonne (= 1 million grammes)

 "variogram"          a  method of  displaying and  modelling the difference in
                      grade  between two  samples separated  by a distance "h",
                      called  the "lag" distance.  It provides the mathematical
                      model  of variability  with distance  and is  used during
                      kriging

 "wireframe"          this  is  created  by  using  triangulation to produce an
                      isometric  projection  of,  for  example,  a  rock  type,
                      mineralisation envelope or an underground stope.





[HUG#1391884]