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Drilling update


April 13, 2011 - London

Chaarat Gold Holdings Limited

 

("Chaarat" or "the Company")

 

 Drilling update - Contact Project (Kiziltash)

 

Road Town, Tortola, British Virgin Islands (13 April 2011)

 

Chaarat Gold Holdings Ltd (AIM:CGH) is pleased to report current drilling results from the Contact Project (Kiziltash).  The results from the 7 new drill holes show further consistency and continuity in the mineralisation at the Contact Project.  The Contact Project is located within the Contact Zone of the Kiziltash Project and comprises the mineralised body which has been created by combining the C4600 and C5300 projects.

 

Selected results from the Contact Project of the Kiziltash Project

 

  • UG-28 

24.00m at 4.88 g/t Au
including 5.10m at 6.74 g/t Au
  • UG-411 

7.88m at 4.17 g/t Au
  • UG-412 

5.00m at 4.76 g/t Au
  • UG-412 

7.50m at 7.17 g/t Au
  • UG-27 

5.63m at 4.08 g/t Au
  • UG-27 

9.00m at 3.74 g/t Au
  • UG-602 

19.00m at 2.66 g/t Au
including 6.00m at 3.91 g/t Au

 

A further 20 underground holes have been drilled since the announcement on 7 February 2011 of the Company's total JORC compliant resource of 4.41Moz grading 4.2g/t.  The holes were all drilled in the Contact Project, which of the resource announced on 7 February 2011, was estimated previously to contain 2.001Moz at 4.20g/t gold. The results of 10 drill holes were released on 3 March 2011 and the results of 7 drill holes are included in this announcement.  Drilling in the Contact Project continues and the Company will report further results regularly.

 

Mineralisation in the Contact Project has been established over a strike length of 1,160 metres and vertical extension to a maximum depth of 900 metres from the surface.  The mineralisation is open both along strike and down dip.  A copy of this announcement including additional technical illustrations is available at the Investors section of the Company's website - www.chaarat.com.

 

Dekel Golan, CEO of Chaarat, commented: "The Contact Project is emerging as a spectacular project.  We believe there is considerable scope for increasing this resource body and the Company intends to continue focusing drilling activity at the Contact Project.

 

"The significance of the Contact Project is not only due to its size and scalability, but also in its continuity, which has enabled the Company to drill 68 underground holes which have each encountered mineralisation.  The continuity, consistency and predictability makes the Contact Project a linchpin for the future Chaarat mine."

 

Full drill hole results:

DH No. Project Section From To Intersected width True width Au g/t
UG-602 CP 4960 72.00 81.00 9.00 6.00 2.41
UG-602 CP 4960 141.50 147.50 6.00 4.00 2.56
UG-602 CP 4960 352.00 380.50 28.50 19.00 2.66
including CP 4960 353.50 362.50 9.00 6.00 3.91
including CP 4960 373.00 376.00 3.00 2.00 3.15
including CP 4960 379.00 380.50 1.50 1.00 5.28
UG-411 CP 5280 117.50 120.00 2.50 1.88 3.57
UG-411 CP 5280 186.00 192.00 6.00 4.50 4.54
UG-411 CP 5280 198.00 201.00 3.00 2.25 4.58
UG-411 CP 5280 222.00 232.50 10.50 7.88 4.17
including CP 5280 222.00 225.00 3.00 2.25 5.66
including CP 5280 228.00 232.50 4.50 3.38 5.35
UG-411 CP 5280 274.50 277.50 3.00 2.25 3.08
UG-412 CP 5280 225.50 231.50 6.00 5.00 4.76
UG-412 CP 5280 249.50 258.50 9.00 7.50 7.17
UG-412 CP 5280 285.50 291.50 6.00 5.00 3.37
UG-412 CP 5280 302.00 305.00 3.00 2.50 2.10
UG-412 CP 5280 309.50 312.50 3.00 2.50 4.37
UG-412 CP 5280 318.50 326.00 7.50 6.25 2.09
UG-414 CP 5440 107.00 110.00 3.00 2.50 2.30
UG-414 CP 5440 120.50 123.50 3.00 2.50 2.52
UG-414 CP 5440 134.00 137.00 3.00 2.50 2.12
UG-415 CP 5440 158.50 166.00 7.50 6.25 3.36
UG-415 CP 5440 181.00 184.00 3.00 2.45 2.76
UG-27 CP 4640 1.50 9.00 7.50 5.63 4.08
UG-27 CP 4640 160.00 169.00 9.00 6.75 3.45
UG-27 CP 4640 179.50 191.50 12.00 9.00 3.74
UG-27 CP 4640 194.50 202.00 7.50 5.63 3.06
UG-27 CP 4640 247.50 252.00 4.50 3.38 2.78
UG-27 CP 4640 269.50 272.50 3.00 2.25 3.13
UG-28 CP 4720 1.50 10.50 9.00 7.00 2.95
UG-28 CP 4720 196.50 201.00 4.50 3.50 2.29
UG-28 CP 4720 224.00 273.40 49.40 24.00 4.88
including CP 4720 224.00 231.50 7.50 3.64 5.70
including CP 4720 251.00 261.50 10.50 5.10 6.74

 

 

Note to Editors:

 

Further information about the Company:  
 Chaarat Gold Holdings Limited

 c/o Central Asia Services Limited
+44 (0) 20 7499 2612

dekel@chaarat.com  
linda.naylor@chaarat.com

 
Westhouse Securities Limited +44 (0) 20 7601 6100
Tim Feather
Richard Baty
Dominic Palmer-Tomkinson
tim.feather@westhousesecurities.com
richard.baty@westhousesecurities.com  
tomkinson@smiths-ca.com

 
Pelham Bell Pottinger
Lorna Spears
Philippe Polman
+44 (0)20 7861 3232
lspears@pelhambellpottinger.co.uk
ppolman@pelhambellpottinger.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 delineated a JORC compliant mineral resource of 4.406Moz at a grade of 4.20g/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 key objective is to become a low cost gold producer; with initial production from the Tulkubash project in 2012, targeting increased production of over 200,000 ounces per annum during 2014 from the Kiziltash project.

 

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 more than 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#1505727

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