Drilling Results and Resource Update

Chaarat Gold Holdings Limited

                          ("Chaarat" or "the Company")

         Drilling and Resource Estimate Update for the Contact Project

Road Town, Tortola, British Virgin Islands (7 July 2011)

Chaarat (AIM-CGH), the gold exploration and development company operating in the
Kyrgyz Republic, is pleased to announce the results of six holes drilled in the
Contact Project of Chaarat.  Results from these holes bring the updated estimate
of the gold resource to 4.736Moz grading 4.28g/t across the Chaarat Project,
compared to 4.406Moz grading 4.2g/t announced on 7 February 2011, an increase of
7.5%.  The resource within the Contact Project, which forms part of the Chaarat
Project, has risen to 2.331Moz from 2.001Moz in February, an increase of 16.5%.

The Contact Project comprises the two main sections of the Contact Zone (C4600
and C5300). It is proving to be a significant mineralised body, which could
itself support a major mining operation.

HIGHLIGHTS

  * Total JORC compliant resource across the Chaarat Project, compiled by
    Wardell Armstrong International, now stands at 4.736Moz, an increase of
    7.5% from the announcement on 7 February 2011
  * Resource in Contact Project increased by 16.5% to 2.331Moz (at 2g/t cut-
    off)
  * Proportion of Indicated: Inferred increased significantly to 61.4% : 38.6%
    from 52.5% : 47.5%
  * Ongoing drilling provides encouragement that mineralisation continues along
    strike and down dip


Dekel Golan, CEO, commented:
"During the winter season the Company continued drilling from underground drill
chambers in order to increase and improve the resource of the Contact Project.
 The increase in the size of the resource estimate is particularly pleasing as
is the general increase in grade at depth.  The Company intends to continue
drilling the Contact Project during the current summer season and increase
drilling underground during the winter season after the drilling in the
Tulkubash zone has been completed.
"We believe the Contact Project has significant unlocked potential which can be
improved with our better understanding of grade distribution and zoning."

Selected results from the Contact Project

 Drill hole #     From       To   Intersected   True width    Grade
                     m        m         width            m   Au g/t
                                            m

 UG-29          249.50   273.50         24.00        14.00     3.61

 including      254.00   263.00          9.00         5.25      6.8

 UG-31          165.00   169.50          4.50         2.75     7.53

 UG-416         213.00   226.50         13.50        10.70     6.17

 UG-417         375.00   382.50          7.50         5.63    11.06

 UG-603         474.00   501.00         27.00        18.90     3.60

 including      480.00   498.00         18.00        12.60     4.35


Resource Update
Wardell Armstrong International has compiled an updated resource estimate on the
Chaarat Project, incorporating the results of the further drilling on the
Contact Project at a cut off grade of 2.0 g/t.  Details of the resource update
are set out below:

                 Indicated   Grade   Inferred   Grade    Total   Average
                       Koz     g/t        Koz     g/t      Koz     grade

 February 2011       1,050    4.30        951    4.20    2,001      4.25

 July 2011           1,431    4.38        900    4.33    2,331      4.36

 Change %           +36.30              -5.40           +16.50


Further information about the Company:

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


 Westhouse Securities Limited                        [phone]
 Tim Feather                          [e-mail]
 Richard Baty                        [e-mail]

 Bankside Consultants                                [phone]

 Simon Rothschild                           [e-mail]



Note to Editors:

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.  Sunit 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.

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  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.

Detailed drilling results

                                        Intersected
                            From     To       width True width
DH No.    Project Section      m      m           m          m Au g/t



UG-30     CP      4720     27.00  34.50        7.50       5.80   2.54

UG-30     CP      4720    202.50 222.00       19.50      15.08   2.09

including CP      4720    213.00 216.00        3.00       2.32   4.27

UG-30     CP      4720    240.00 243.00        3.00       2.32   2.09

UG-30     CP      4720    258.00 267.00        9.00       6.96   3.20

UG-29     CP      4800      3.00  12.00        9.00       5.25   3.11

UG-29     CP      4800    227.00 230.00        3.00       1.75   2.23

UG-29     CP      4800    249.50 273.50       24.00      14.00   3.61

including CP      4800    254.00 263.00        9.00       5.25   6.80

UG-29     CP      4800    282.50 287.00        4.50       2.50   2.53

UG-31     CP      4800      0.00   3.00        3.00       1.65   2.37

UG-31     CP      4800     15.00  18.00        3.00       1.65   2.51

UG-31     CP      4800    145.00 154.50        9.50       5.50   2.76

UG-31     CP      4800    162.00 169.50        7.50       4.34   4.90

including CP      4800    165.00 169.50        4.50       2.75   7.53

UG-31     CP      4800    177.00 178.50        1.50       1.00   3.51

UG-31     CP      4800    184.50 186.00        1.50       1.00   3.84

UG-31     CP      4800    231.00 232.50        1.50       1.00  16.89

UG-603    CP      4960     78.00  81.00        3.00       2.10   2.22

UG-603    CP      4960    463.50 471.00        7.50       5.25   4.05

including CP      4960    465.00 471.00        6.00       4.20   4.67

UG-603    CP      4960    474.00 501.00       27.00      18.90   3.60

including CP      4960    480.00 498.00       18.00      12.60   4.35

UG-417    CP      5280    262.50 274.50       12.00       9.00   2.85

including CP      5280    264.00 267.00        3.00       2.25   4.14

UG-417    CP      5280    283.50 292.50        9.00       6.75   2.03

UG-417    CP      5280    325.50 331.50        6.00       4.50   2.56

UG-417    CP      5280    334.50 340.50        6.00       4.50   3.18

UG-417    CP      5280    349.50 354.00        4.50       3.40   3.36

UG-417    CP      5280    375.00 382.50        7.50       5.63  11.06

UG-416    CP      5440    213.00 226.50       13.50      10.70   6.17

UG-416    CP      5440    247.50 250.50        3.00       2.38   6.65


Glossary of Technical Terms
"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

"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

"Koz"                thousand troy ounces

"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

"oz"                 troy ounce (= 31.103477 grammes)









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Source: Chaarat Gold Holdings Ltd via Thomson Reuters ONE

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