HALF YEAR RESULTS TO 30 JUNE 2009

Chaarat Gold Holdings Ltd

                         HALF YEAR RESULTS TO 30 JUNE 2009

Chaarat Gold Holdings (AIM: CGH) ("Chaarat" or "the Company) today announces its
half-year financial results for the six months ended 30 June 2009.

Highlights

  * Significant progress made in the field with exploration work focused on the
    C4600-C5300 projects
  * Additional drilling results now being interpreted
  * Prefeasibility study on schedule for completion during H1 2010
  * Successful £2.1m fundraising completed in May
  * £5.6m investment by China Nonferrous Metals International Mining Company
    Limited ("CNMIM") announced in July - regulatory approval from Chinese
    Government expected to be received in the next few weeks.


Dekel Golan CEO comments: "2009 has  seen a number of significant developments  for
the company.  We look forward to working with CNMIM once all the necessary  Chinese
approvals are received.  The  results from the drilling  during the current  season
continue to be positive  and indicate both an  increased resource and heighten  the
mineability of  the  Chaarat  deposit.  We also  look  forward  to  announcing  the
completion of  our  Prefeasibility Study  before  the end  of  H1 2010.   Our  host
country, the  Kyrgyz Republic,  continues  to improve  its  support of  the  mining
industry with Centerra and now Gold Fields, present in the country."

Enquiries:


Chaarat Gold Holdings Ltd:        [phone]
Dekel Golan                       [e-mail]
Linda Naylor                      [e-mail]

Canaccord Adams Limited:          [phone]
Mike Jones                        [e-mail]

Smiths Corporate Advisory:        [phone]
Dominic Palmer-Tomkinson          [e-mail]

Conduit PR                        [phone]
Edward Portman                    [e-mail]
Leesa Peters                      [e-mail]


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.

Chief Executive's Report

I am pleased to present Chaarat Gold's Half Year Results for the six months to 30
June 2009.

The first  six  months of  the  year are  a  quiet period  typically  dedicated  to
analysing the results  of the  last exploration season  and raising  funds for  the
next. On both fronts significant progress has been achieved.

Fund raising

The Chaarat share price has doubled since the lows to which it had fallen following
the forced sale by one of our shareholders, itself a victim of the global financial
crisis. In order to minimise dilution it was  agreed by the Board to carry out,  as
an interim measure, a very  small fund raising in May  2009 to raise £2.1  million,
most of which was  subscribed to by existing  shareholders. To complement that,  we
have reached an agreement with  a large Chinese company  to invest £5.6 million  in
Chaarat, at  a significant  premium to  the share  price, subject  only to  Chinese
government approval anticipated  to be  received in the  next few  weeks. Both  the
investor, China Nonferrous Metals International Mining Company Limited, and Chaarat
will benefit  from  this  arrangement; for  CNMIN,  it  gives them  exposure  to  a
prospective gold  asset in  a region  they understand  well, while  for Chaarat  it
alleviates any further funding requirements until the beginning of 2011 as well  as
bringing regional support, contacts  and knowledge which are  critical to a  junior
miner in Kyrgyzstan. Being a state enterprise CNMIM has now submitted  applications
for the necessary governmental approvals for the deal and we expect approval during
the next few weeks.

The investment by CNMIM  ensures that Chaarat  will have enough  money to take  the
property through  to  feasibility  study, if  we  decide  so to  do.   The  Company
continues to  investigate  means  of  improving liquidity,  and  coupled  with  our
operational development, it  is hoped  this may result  in the  share price  better
reflecting the value of the underlying asset.

The results for the half year  reflect the reduction in exploration expenditure  as
the operating loss for the six months to 30 June 2009 was $2.86m compared to $4.72m
for the six month period to 30 June 2008.

Kyrgyzstan

There have been  significant and  positive developments  in our  host country,  the
Kyrgyz Republic, during the six month  period.  Centerra and the Kyrgyz  government
reached agreement regarding  the ownership and  profit sharing of  the Kumtor  gold
mine. Another  mining dispute  which damaged  perceptions of  the country  involved
Aurum Mining,  but  a  civil  case  which involved  its  subsidiary  has  now  been
successfully resolved.

The careful balancing act of the Kyrgyz  government in keeping both the Russian  as
well as the US military air bases in the country reflects an ability to govern  and
get things  done. The  election on  23  July returned  the incumbent  President  to
power.  Whilst concerns have been raised over the electoral process, stability  has
been maintained and indications are that the country is continuing its attempts  to
open up to foreign investment.

In another positive  sign, EBRD  has invested  over ¤175  million in  more than  50
projects in  the infrastructure,  corporate, energy  and financial  sectors of  the
Kyrgyz Republic since the beginning of its operations there.

Gold Fields, the world's fourth largest gold producer, farmed in to a large, albeit
low grade,  project. The  presence of  two  majors, Gold  Fields and  Centerra,  is
definitely positive news for  the mining industry in  the Kyrgyz Republic. Both  of
these moves are  important in  terms of  raising the profile  of the  country as  a
credible mining jurisdiction.

Geology

Characteristically, due to weather  factors, the first six  months of the year  see
less by way of  exploration activity and a  greater concentration on  consolidating
data from the previous drilling season and preparing the programme for the June  to
November period.

The resource  calculation  prepared by  SRK  of  Johannesburg resulted  in  a  JORC
compliant resource of 3.34 million ounces of  gold at an average grade of 4.3  g/t.
What has become clear is that  certain areas hold very considerable potential,  not
only in terms of increasing overall resources but, more importantly, in heightening
the mineability of Chaarat as a deposit.  Such is the area between Projects  C5300,
where the adit  penetrates mineralization of  22.45m in  true width at  a grade  of
5.78g/t Au and C4600, where the last hole drilled during 2008 returned 17.97 metres
of true width at a grade of 6.21g/t Au. The 640 metres of strike between those  two
points, which  has been  confirmed by  additional drilling,  has thrown  up a  very
significant opportunity which  we now  intend to  explore.  There  are grounds  for
thinking that this large area  of mineralization is open on  both sides as well  as
down dip.

The interpretation that has been  developed from the data  on the T0700 project  at
Tulkubash, which  is located  approximately  4600m from  the  adit at  C5300,  also
suggests a  similar  significance  in  its  potential. Not  only  is  it  a  highly
prospective target in its own right but, should it meet our hopes, we believe  that
the depths there could lend itself to open cut development.

Prefeasibility study

Progress is ongoing on the preparation  of the prefeasibility study, now  scheduled
for completion during the first half of  2010, to enable us to include the  current
season's exploration results and the new resource calculation.  A decision has been
taken to suspend  work on mine  modelling until the  end of the  season when it  is
hoped  more  hardened  data  from  exploration  will  become  available.   Work  on
geo-technological issues  and  the  development  of  a  metallurgical  process  is,
however, going ahead as planned.

CNMIM Deal

China Nonferrous  Metals  International Mining  Co.  Limited (www.cnmim.com)  is  a
subsidiary of a large Chinese state entity China Nonferrous Metal Mining (Group) Co
Ltd (www.cnmc.com.cn). In discussion with a number of companies, it became clear to
us that  the opportunity  to source  engineering work,  contractors, equipment  and
project finance  from  China is  tremendous.  It  also became  clear  that  Chinese
industry is keen to have access to projects either by way of acquiring them or  via
other forms of investment. Following meetings with a number of companies we came to
the conclusion  that introducing  a  Chinese shareholder  to  the company  will  be
helpful in accessing the  Chinese markets in terms  of services and procurement  as
well as having exposure to a Chinese company which may have an ultimate interest in
either acquiring Chaarat  or working  with the company  in a  manner that  delivers
value both to itself and to other shareholders.

CNMIM will join Chaarat  as a shareholder  and will nominate  two directors to  the
Chaarat Board. We believe that they recognise the value of Chaarat and see it as  a
project that  can either  be successfully  brought to  fruition through  their  own
involvement or, through corporate activity, worked to their advantage in some other
way. For shareholders we  retain flexibility and  a position in  which a number  of
different options can still be pursued.

Directors

Stuart Comline, who has been with us since  early 2007, left the board to focus  on
other opportunities.  Stuart will  continue to  advise the  board on  areas of  his
expertise and  the Board  will continue  to benefit  from his  experience,  wisdom,
knowledge and great common sense. We wish to thank Stuart for his contribution.

Linda Naylor joined  the company as  Finance Director. Linda  was an audit  partner
with Grant Thornton and has experience and knowledge of the resource sector.

Dekel Golan
Chief Executive Officer

The  Competent  Person  with  overall  responsibility  and  who  has  reviewed  the
information in this press release is  Mr. Sunit Patel, M.Sc. (Geology), FGS,  GSSA,
who is an employee of Chaarat Gold.  Mr. Patel is an exploration geologist with  21
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 of the work which is the subject of this release.



Consolidated income statement
For the six months ended 30 June
                                              6 months to 6 months to  12 months to
                                                  30 June     30 June   31 December
                                                     2009        2008          2008
                                              (unaudited) (unaudited)     (audited)
                                         Note         USD         USD           USD
Exploration expenses                          (1,512,461) (2,997,849)   (8,244,068)
Administrative expenses                         (932,472) (1,381,708)   (2,461,734)
Share options expense                       5   (385,189)   (357,598)     (752,345)
Other operating expenses                         (33,524)      14,569      (34,998)
Operating loss                                (2,863,646) (4,722,586)  (11,493,145)
Financial expense                                       -   (247,475)     (645,972)
Financial income                                  106,880     178,239       226,753
Loss for the period, attributable to
equity shareholders of the Parent             (2,756,766) (4,791,822) (11,912,364 )
Loss per share (basic and diluted) - USD
cents                                       2     (0.04)c     (6.67)c      (16.57)c


All amounts relate to continuing activities.






Consolidated statement of comprehensive
income and expense
For the six months ended 30 June
                                            6 months to 6 months to  12 months to
                                                30 June     30 June   31 December
                                                   2009        2008          2008
                                            (unaudited) (unaudited)     (audited)
                                                    USD         USD           USD
Loss for the period, attributable to
equity shareholders of the Parent           (2,756,766) (4,791,822) (11,912,364 )

Other comprehensive income:
Exchange differences on translating
foreign operations                             (64,874)    (13,357)     (187,829)
Total comprehensive income for the
period                                      (2,821,640) (4,805,179)  (12,100,193)





Consolidated balance sheet
At 30 June
                                           30 June      30 June  31 December
                                              2009         2008         2008
                                       (unaudited)  (unaudited)    (audited)
                                               USD          USD          USD
Assets
Non-current assets
Intangible assets                           73,470       25,628       99,473
Property, plant and equipment            1,667,202    2,064,833    2,022,414
Other receivables                                -       38,388            -
                                         1,740,672    2,128,849    2,121,887
Current assets
Inventories                                 27,057      294,167       59,587
Trade and other receivables                212,876    1,706,812      434,610
Cash and cash equivalents                2,850,852    7,004,269    1,375,445
                                         3,090,785    9,005,248    1,869,642
Assets held for sale                             -            -       39,562
                                         3,090,785    9,005,248    1,909,204
Total assets                             4,831,457   11,134,097    4,031,091

Liabilities and equity
Equity attributable to shareholders
Share capital                              911,780      718,834      718,834
Share premium                           18,700,475   15,665,928   15,665,928
Other reserves                          12,162,011   11,405,955   11,782,189
Foreign currency reserve                 (660,762)    (421,416)    (595,888)
Retained losses                       (26,641,110) (16,787,682) (23,889,711)
                                         4,472,394   10,581,619    3,681,352

Current liabilities
Trade payables                             127,911      481,972       69,525
Accrued liabilities                        231,152       70,506      280,214
                                           359,063      552,478      349,739
Total liabilities and equity             4,831,457   11,134,097    4,031,091







Consolidated cash flow statement
For the 6 months ended 30 June
                                               6 months to 6 months to 12 months to
                                                   30 June     30 June  31 December
                                                      2009        2008         2008
                                               (unaudited) (unaudited)    (audited)
                                                       USD         USD          USD
Operating activities
Loss for the period before and after tax       (2,756,766) (4,791,822) (11,912,364)
Adjustments:
Amortisation expense - intangible assets            26,003       2,671       21,791
Depreciation expense - property plant and          313,075     256,757      613,029
equipment
Loss on disposal of property plant and              34,864       5,838       19,701
Equipment
Finance income                                     (4,883)   (179,498)    (226,753)
Share based payments                               385,189     357,598      752,345
Foreign exchange                                 (174,477)     247,475      618,990
Decrease/(Increase) in inventories                (24,012)     181,679      416,259
Decrease/(Increase)in accounts receivable          345,283   (965,027)      393,189
(Decrease)/Increase in accounts payable             18,418    (23,233)    (225,972)
Net cash flow used in operations               (1,837,306) (4,907,562)  (9,529,785)
Investing activities
Purchase of computer software                            -    (23,560)    (116,467)
Purchase of property plant and equipment          (70,217) (1,129,357)  (1,642,604)
Proceeds from sale of equipment                     40,000       2,644       41,885
Purchase of assets held for sale                         -           -     (39,562)
Loans issued                                             -           -     (93,316)
Loans repaid                                         8,557           -       53,360
Interest received                                    4,186     179,498      219,084
Net cash used in investing activities             (17,474)   (970,775)  (1,577,620)
Financing activities
Proceeds from issue of share capital             3,357,258           -            -
Issue costs                                      (129,765)           -            -
Net cash from financing activities               3,227,493           -            -
Net change in cash and cash equivalents          1,372,713 (5,878,337) (11,107,405)
Cash and cash equivalents at beginning of        1,375,445  13,128,822   13,128,822
the period
Effect of changes in foreign exchange rates        102,694   (246,216)    (645,972)
Cash and cash equivalents at end of the          2,850,852   7,004,269    1,375,445
period




Consolidated statement of changes in
equity
For the six months ended 30 June
                Share      Share     Retained      Other Translation
              capital    premium       losses   reserves     reserve       Total
                  USD        USD          USD        USD         USD         USD
Balance at
31 December
2007          718,834 15,665,928 (11,995,860) 11,048,357   (408,059)  15,029,200
Currency
translation         -          -            -          -    (13,357)    (13,357)
Net income
recognised
directly in
equity              -          -            -          -    (13,357)    (13,357)
Loss for
the six
months
ended
30 June
2008                -          -  (4,791,822)          -           - (4,791,822)
Total
recognised
income and
expense for
the six
months              -          -  (4,791,822)               (13,357) (4,805,179)
Share
options
expense             -          -            -    357,598           -     357,598
Balance at
30 June
2008          718,834 15,665,928 (16,787,682) 11,405,955   (421,416)  10,581,619
Currency
translation         -          -            -          -   (174,472)   (174,472)
Net income
recognised
directly in
equity              -          -            -          -   (174,472)   (174,472)
Loss for
the six
months
ended
31 December
2008                -          -  (7,120,542)          -           - (7,120,542)
Total
recognised
income and
expense for
the six
months              -          -  (7,120,542)              (174,472) (7,295,014)
Share
options
lapsed              -          -       18,513   (18,513)           -           -
Share
options
expense             -          -            -    394,747           -     394,747
Balance at
31 December
2008          718,834 15,665,928 (23,889,711) 11,782,189   (595,888)   3,681,352
Currency
translation         -          -            -          -    (64,874)    (64,874)
Net income
recognised
directly in
equity              -          -            -          -    (64,874)    (64,874)
Loss for
the six
months
ended
30 June
2009                -          -  (2,756,766)          -           - (2,756,766)
Total
recognised
income and
expense for
the six
months              -          -  (2,756,766)               (64,874) (2,821,640)
Share
options
lapsed              -          -        5,367    (5,367)           -           -
Share
options
expense             -          -                 385,189           -     385,189
Issuance of
shares for
cash          192,946  3,164,312                                   -   3,357,258
Share issue
costs               -  (129,765)            -                      -   (129,765)
Balance at
30 June
2009          911,780 18,700,475 (26,641,110) 12,162,011   (660,762)   4,472,394



 Notes to the financial statements

1     Dividend
No dividend is proposed in respect of the period.

2     Loss per share
The loss per share is calculated by reference to the loss of USD2,756,766 for the
six months ended 30 June 2009 and the weighted average number of shares in issue of
77,038,511 during the period. There is no dilutive effect of share options or
warrants.

3     Basis of preparation of financial statements
The unaudited results have been prepared on a going concern basis and on the basis
of the accounting policies adopted in the audited accounts for the year ended 31
December 2008 with the exception of the impact of changes to the applicable
accounting standards as set out below. The results for the period are derived from
continuing activities.
*          IAS1 (revised), 'Presentation of Financial Statements' has become
  effective from 1 January 2009. The revision has resulted in minor changes to the
  presentation of the primary statements.
*          IFRS8, 'Operating segments' effective for annual periods from 1 January
  2009. Management does not believe this standard is relevant to the Group
  disclosures.
The financial information set out in this half-yearly report does not constitute
statutory accounts. The figures for the period ended 31 December 2008 have been
extracted from the statutory financial statements, prepared under IFRS, which are
available on the Group's website www.chaarat.com. The auditor's report on those
financial statements was unqualified.

4     Selected accounting policy
Mining exploration and development costs
During the exploration phase of operations, all costs are expensed in the Income
Statement as incurred.
A subsequent decision to develop a mine property within an area of interest is
based on the exploration results, an assessment of the commercial viability of the
property, the availability of financing and the existence of markets for the
product. Once the decision to proceed to development is made, exploration,
development and other expenditures relating to the project are capitalised and
carried at cost with the intention that these will be depreciated by charges
against earnings from future mining operations over the relevant life of mine on a
units of production basis.

5     Share options
On 9 June 2009 the Company awarded 665,000 share options to staff, at an exercise
price of GBP£0.54 per share. The total number of share options outstanding were:


At 31 December 2008       7,375,000
Awarded 30 June 2009      665,000
Lapsed in period          (45,000)
At 30 June 2009           7,995,000


An amount of USD 385,189 was recognised as share based payment expense during the
six month period ended 30 June 2009 (six months ended 30 June 2008: USD 357,598; 12
months ended 31 December 2008: USD 752,345).

6     Placing of shares
On 1 May 2009 the Company announced the closing of a Placing of 18,558,281 new
Ordinary Shares at 12p per share. Trading of the new shares commenced on the AIM
market of the London Stock Exchange on 11 May 2009. The Placing raised USD
3,357,258 before issue costs of USD 129,765.

7     Post Balance Sheet Events
On 13 July 2009 the Company announced the signing of a subscription agreement with
China Nonferrous Metals Int'l Mining Co Ltd ("CNMIM").  CNMIM will subscribe for
22,469,289 shares in the Company at 25p per share for a total consideration of
£5,617,322.  The subscription is subject to the regulatory approval of the Chinese
Government, which is expected to be received in September 2009.

On completion CNMIM's shareholding will represent 19.9% of the Company's (non fully
diluted) issued share capital. CNMIM will have the right to appoint two directors
to the board of the Company as long as its interest in Chaarat does not fall below
15%, and one director as long as its interest does not fall below 10%, in either
case for a period exceeding 6 months. Chaarat undertakes that when it issues
further shares CNMIM will be invited to participate in order to maintain its level
of shareholding on the same terms as offered to other subscribers or, where options
are exercised, by reference to the market share price prior to exercise. Chaarat
further agreed not to exercise its right to require CNMIM to make a cash offer to
shareholders under the Company's articles of association, unless CNMIM reaches a
30% threshold.


Directors and Advisers


Directors
C Palmer-Tomkinson  Non-executive Chairman
D Golan                        Chief Executive
Officer
A Novak                       Executive Director
L Naylor                       Finance Director
O Greene                      Non-executive Director

Company Secretary                  Auditors                  Solicitors (UK)
                                                             Watson, Farley &
Chateau Management Limited         Grant Thornton UK LLP     Williams LLP
PO Box 693                         Grant Thornton House      15 Appold Street
Hamilton Estate                    Melton Street             London, EC2A 2HB
Charlestown                        London, NW1 2EP
Nevis
Tel  [phone]               Registrars                Solicitors (Guernsey)
                                   Capita Registrars         Ogier
[e-mail]                  (Guernsey) Ltd            Ogier House,
                                   2nd Floor, No 1 Le
                                   Truchot                   St. Julien's Avenue
Registered Office                  St Peter Port             St. Peter Port
Palm Grove House                   Guernsey                  Guernsey, GY1 1WA
PO Box 438
Road Town, Tortola                 Depositary                Solicitors (BVI)
                                   Capita IRG Trustees
British Virgin Islands, VG1110     Limited                   Ogier
                                                             Qwomar Complex, 4th
Registered Number 1420336          The Registry              Floor
                                   34 Beckenham Road         PO Box 3170 Road Town
Kyrgyz Republic Office             Beckenham                 Tortola
                                                             British Virgin
Chaarat Zaav CJSC                  Kent, BR3 4TU             Islands, VG 1110
Chokmorova Street, 127
                                                             Solicitors (Kyrgyz
720040, Bishkek                    Principal Bankers         Republic)
                                   Royal Bank of Scotland
Kyrgyz Republic                    International             Kalikova & Associates
                                   Royal Bank Place          71 Erkindik Boulevard
Web Site                           1 Glategny Esplanade      Bishkek, 720040
www.chaarat.com                    St Peter Port             Kyrgyz Republic
                                   Guernsey

                                   Nominated Advisor &
                                   Broker                    Financial PR
                                   Canaccord Adams Limited   Conduit PR
                                   Cardinal Place, 7th Floor 76 Cannon Street
                                   80 Victoria Street        London
                                   London, SW1E 5JL          EC4N 6AE

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