Drilling Report

Chaarat Gold Holdings Limited

                          ("Chaarat" or the "Company")

                                Drilling update
  * Main project renamed the Kiziltash project
  * Drilling at Kiziltash project suggests mineralisation is thickening at depth
  * Drilling at M2400 and M3000 reveal ore bodies are now approximately 100
    metres apart.  Further drilling planned to establish if they form one ore
    body


Road Town, Tortola, British Virgin Islands (15 November 2010)

Chaarat  (AIM: CGH)  reports significant  mineralised intersections  in the Main
zone at the Chaarat Gold Property in north west Kyrgyzstan.

As  previously announced, the central Chaarat target (which hosts three parallel
striking  mineralisation  trends)  has  been  divided  into  two  Projects,  the
Tulkubash  project and the Main project.  The Main project contains two parallel
zones  of gold  mineralisation; the  Main zone  and the  Contact zone.  To avoid
confusion  between the Main project and the Main zone, the Main project will now
be known as the Kiziltash project.

The  Main zone has been delineated over a strike length of 4 kilometres.  It has
been further sub-divided into seven Project Areas (the location map can be found
on the Chaarat website; www.chaarat.com).

Kiziltash project: Main zone - highlights (True widths)

The  Main  zone  is  one  of  the  two  major zones which comprise the Kiziltash
project.   A  total  of  1.87 million  ounces  at  a  grade  of  4.15 g/t Au was
delineated  in  this  zone  based  on  drilling  during the 2009 season.  During
2010 10 holes  have been drilled.  The results of GDM-30-1 in Project Area M3000
(as  announced on 22 June 2010) showed an intersected width of 43.50 metres at a
grade  of 6.74 g/t.  The results of the  remaining nine drill holes are included
in  this announcement.   Highlights of  the results  of those  holes are set out
below:

  Project Area    Hole ID        True width (metres)             Au
                                                              (g/t)



  M3000           CCH10M3002                   17.00    at     6.57

                  CCH10M3001                    6.00    at     3.55



  M3900           CCH10M3903                   15.00    at     4.50



  M2400           CCH10M24101                  10.20    at     8.21

                  CCH10M2408                   18.40    at     5.95


The  mineralisation  seems  to  be  consolidating  and the results suggest it is
thickening  at depth.   The importance  of these  results goes well beyond their
addition  to the current 4.009 million ounces JORC compliant resource.  There is
now  a long strike of  relatively wide mineralisation within  three areas in the
Kiziltash  project  which  supports  the  Company's  plan to build a significant
underground  operation.  Two of these areas,  M2400 and M3000, have been drilled
on strike and are now approximately 100 metres apart.  If the two areas prove to
be  continuous, it  will further  enhance the  economics of the entire Kiziltash
project.

Dekel  Golan, CEO of Chaarat, comments: "Drilling  in the Main zone is gradually
revealing  a  larger  than  expected,  more  continuous and exciting mineralised
system.   The 196 holes already drilled have delineated a system with the grade,
width  and strike extension to support  a major mining operation.  Combined with
the  large and  growing Contact  zone mineralisation,  the Kiziltash project may
support a significant underground mining rate.

"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 by early 2012."

General Description of the Main zone

The  Main zone  is one  of the  three major  mineralisation trends  of Chaarat.
Mineralisation  in the  Main zone  is hosted  in a  10-15 metre wide shear zone,
which  extends for at least 4 km on  strike, as an anatomising strike slip fault
system,   within   the   Ordovician   age   Chaarat  Formation  (siltstones  and
sandstones).  The mineralised zones dip at 70-80 degrees to the north-west.  The
gold  is  associated  with  sulphides,  sericitic  alteration  and  minor quartz
veinlets.

Based  on drilling completed in 2009, a  JORC compliant (indicated and inferred)
resource  containing  1.87 million  oz  at  a  grade  of  4.15 g/t  Au  had been
delineated  in the Main zone  to depths up to  350m, down the dip from outcrop.
The mineralisation remains open down dip all along the Main zone.

Of  the seven  identified mineralised  bodies along  strike, work has focused on
three Project Areas - the M2400, M3000 and M3900.  In total 2,337.20 metres were
drilled in the Main zone during 2010.

Project Area M3000

Prior  to these  drilling results,  SRK Consulting  Group ("SRK") estimated that
Project  Area M3000 contained 730,000 ounces at a  grade of 4.24 g/t of gold and
extended to a strike of 350 metres.

Drilling  in 2010 has increased the down dip continuation of mineralisation by a
further  80 metres.  The mineralisation remains open down dip and was defined by
drilling  to a depth  of 350 metres below  surface, being 1,950 metres above sea
level.

                          Drilled
                             From   Drilled To       Length  True width       Au
 Hole ID     Section     (metres)     (metres)     (metres)    (metres)    (g/t)



 CCH10M3001  2920           44.00        45.50         1.50        1.20     4.18

 CCH10M3001  2920          131.80       133.30         1.50        1.20     5.54

 CCH10M3001  2920          176.00       183.50         7.50        6.00     3.55

 CCH10M3002  3000          307.50       328.50        21.00       17.00     6.57

 CCH10M3002  3000          334.50       337.50         3.00        2.43     3.56

 CCH10M3003  3080          106.40       109.40         3.00        2.00     2.13

 CCH10M3003  3080          193.00       196.00         3.00        2.00     2.77

 CCH10M3003  3080          214.00       218.50         4.50        3.00     2.10

 CCH10M3003  3080          224.50       227.50         3.00        2.00     2.98

 CCH10M3003  3080          238.00       242.50         4.50        3.00     2.40

 CCH10M3003  3080          245.50       250.00         4.50        3.00     2.80

 CCH10M3003  3080          266.50       272.50         6.00        4.00     3.23

 Tr303_10    3000            1.00         3.00         2.00        1.50     2.83

 Tr303_10    3000           72.00        75.00         3.00        2.25     2.82

 Tr303_10    3000          108.00       117.00         9.00        6.75     3.59

 Tr303_10    3000          114.00       117.00         3.00        2.25     8.62

 Tr303_10    3000          144.00       146.00         2.00        1.50     3.45

 Tr303_10    3000          172.00       174.00         2.00        1.50     5.19


Project Area M3900

Prior to these drilling results, SRK estimated that Project Area M3900 contained
272,000 ounces at a grade of 3.79 g/t of gold along a strike of 400 metres.  The
down dip extension of mineralisation in the Project Area has been increased by a
further  80 metres.   The  mineralisation  remains  open  down  dip and has been
confirmed by drilling to a depth of 250 metres below surface, being 2,135 metres
above sea level.

Only one hole has been drilled on M3900 in 2010.

                          Drilled
                             From   Drilled To       Length  True width       Au
 Hole ID     Section     (metres)     (metres)     (metres)    (metres)    (g/t)

 CCH10M3903  4040          119.00       125.00         6.00        4.50     2.71

 CCH10M3903  4040          141.50       144.00         2.50        1.88     6.12

 CCH10M3903  4040          161.00       164.00         3.00        2.25     5.50

 CCH10M3903  4040          231.00       251.00        20.00       15.00     4.50



Project Area M2400

Prior to these drilling results, SRK estimated that Project Area M2400 contained
496,000 ounces at a grade of 4.08 g/t of gold along a strike of 720 metres.

Drilling in 2010 has increased strike to 800 metres.  The mineralisation remains
open  down dip and has been confirmed by drilling to a depth of 270 metres below
surface, being 2,207 metres above sea level.

                           Drilled
                              From   Drilled To      Length  True width       Au
 Hole ID      Section     (metres)     (metres)    (metres)    (metres)    (g/t)

 CCH10M2402   1880          207.00       211.50        4.50        3.00     2.35

 CCH10M2402   1880          249.00       250.50        1.50        1.00     3.69

 CCH10M2402   1880          256.50       258.00        1.50        1.00     4.06

 CCH10M2402   1880          282.00       296.00       14.00        9.33     2.26

 CCH10M24101  1880          194.50       206.50       12.00       10.20     8.21

 CCH10M2407   2040           40.50        43.50        3.00        2.40     5.04

 CCH10M2407   2040          111.00       114.00        3.00        2.40     2.06

 CCH10M2407   2040          118.50       120.00        1.50        1.20     3.90

 CCH10M2407   2040          169.50       172.50        3.00        2.40     3.40

 CCH10M2407   2040          197.00       201.50        4.50        3.60     2.24

 CCH10M2407   2040          209.00       212.00        3.00        2.40     3.23

 CCH10M2408   2120           20.50        22.00        1.50        1.15     4.31

 CCH10M2408   2120           46.00        49.00        3.00        2.30     5.07

 CCH10M2408   2120           70.00        73.00        3.00        2.30     3.30

 CCH10M2408   2120          110.50       134.50       24.00       18.40     5.95



  Further information about the Company:

   Chaarat Gold Holdings Ltd                [phone]
   c/o Central Asia Services Ltd           [e-mail]
                                            [e-mail]


  Westhouse Securities Limited              [phone]

  Tim Feather                               [e-mail]
 Richard Baty                              [e-mail]

  Smith's Corporate Advisory                [phone]

  Dominic Palmer-Tomkinson                  [e-mail]

  Conduit PR                                [phone]

  Jos Simson                                [e-mail]
 Emily Fenton                              [e-mail]


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 early 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.


[HUG#1462355]








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Source: Chaarat Gold Holdings Ltd via Thomson Reuters ONE