Reclassification of Shareholding

Chaarat Gold Holdings Ltd

                                       (AIM:CGH)
                             (“Chaarat” or “the Company”)
                           RECLASSIFICATION OF SHAREHOLDING
 Road Town, Tortola, British Virgin Islands, 24 December 2009

  For filings with the FSA include the
  annex

  For filings with issuer exclude the
  annex
 +-----------------------------------------------------------------------------------+
 |TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                    |
 +-----------------------------------------------------------------------------------+

 +---------------------------------------------+-------------------------------------+
 |1. Identity of the issuer or the underlying  |                                     |
 |issuer                                       |Chaarat Gold Holdings Ltd Ord USD0.01|
 |of existing shares to which voting rights are|           (SEDOL B24FXV6)           |
 |attached: ii                                 |                                     |
 +---------------------------------------------+-------------------------------------+
 |2 Reason for the notification(please tick the appropriate box or boxes):           |
 +---------------------------------------------------------------------------------+-+
 |An acquisition or disposal of voting rights                                      | |
 +---------------------------------------------------------------------------------+-+
 |An acquisition or disposal of qualifying financial instruments which may result  | |
 |in the acquisition of shares already issued to which voting rights are attached  | |
 +---------------------------------------------------------------------------------+-+
 |An acquisition or disposal of instruments with similar economic effect to        | |
 |qualifying financial instruments                                                 | |
 +---------------------------------------------------------------------------------+-+
 |An event changing the breakdown of voting rights                                 | |
 +---------------------------------------------------------------------------------+-+
 |Other (please specify):  Reclassification of clients accounts                    |X|
 +--------------------------------------+------------------------------------------+-+
 |3. Full name of person(s) subject to  |                                            |
 |the                                   |    Cazenove Capital Management Limited     |
 |notification obligation: iii          |                                            |
 +--------------------------------------+--------------------------------------------+
 |4. Full name of shareholder(s)        |                    N/A                     |
 |(if different from 3.):iv             |                                            |
 +--------------------------------------+--------------------------------------------+
 |5. Date of the transaction and date on|                                            |
 |which the threshold is crossed or     |                    N/A                     |
 |reached: v                            |                                            |
 +--------------------------------------+--------------------------------------------+
 |6. Date on which issuer notified:     |                  22/12/09                  |
 +--------------------------------------+--------------------------------------------+
 |7. Threshold(s) that is/are crossed or|                     6%                     |
 |reached:vi, vii                       |                                            |
 +--------------------------------------+--------------------------------------------+

 +-----------------------------------------------------------------------------------+
 |8. Notified details:                                                               |
 +-----------------------------------------------------------------------------------+
 |A: Voting rights attached to shares viii, ix                                       |
 +------------+----------------------+-----------------------------------------------+
 |Class/type  |Situation previous    |Resulting situation after the triggering       |
 |of          |to the triggering     |transaction                                    |
 |shares      |transaction           |                                               |
 |            +----------+-----------+----------+--------------------+---------------+
 |if possible |Number    |Number     |Number    |Number of voting    |% of  voting   |
 |using       |of        |of         |of shares |rights              |rightsx        |
 |the ISIN    |  ares    |V ting     +----------+--------+-----------+------+--------+
 |CODE        |          |Rights     |Direct    |Directxi|Indirectxii|Direct|Indirect|
 +------------+----------+-----------+----------+--------+-----------+------+--------+
 |VGG203461055|          |           |          |        |           |      |        |
 |            |16,699,300|16,699,300 |7,474,300 |        |7,474,300  |      |6.62%   |
 |Ordinary    |          |           |          |        |           |      |        |
 +------------+----------+-----------+----------+--------+-----------+------+--------+
 +-----------------------------------------------------------------------------------+
 |B: Qualifying Financial Instruments                                                |
 +-----------------------------------------------------------------------------------+
 |Resulting situation after the triggering transaction                               |
 +--------------+----------+---------------------+---------------------+-------------+
 |Type of       |Expiration|Exercise/            |Number of voting     |% of voting  |
 |financial     |datexiii  |Conversion Periodxiv |rights that may be   |rights       |
 |instrument    |          |                     |acquired if the      |             |
 |              |          |                     |instrument is        |             |
 |              |          |                     |exercised/ converted.|             |
 +--------------+----------+---------------------+---------------------+-------------+
 |N/A           |N/A       |N/A                  |N/A                  |N/A          |
 +--------------+----------+---------------------+---------------------+-------------+
 +-----------------------------------------------------------------------------------+
 |C: Financial Instruments with similar economic effect to Qualifying Financial      |
 |Instrumentsxv, xvi                                                                 |
 +-----------------------------------------------------------------------------------+
 |Resulting situation after the triggering transaction                               |
 +-------------+---------+----------+-----------+---------------------+--------------+
 |Type of      |Exercise |Expiration|Exercise/  |Number of voting     |% of voting   |
 |financial    |price    |datexvii  |Conversion |rights instrument    |rightsxix, xx |
 |instrument   |         |          |periodxviii|refers to            |              |
 |             |         |          |           |                     |              |
 +-------------+---------+----------+-----------+---------------------+-------+------+
 |             |         |          |           |N/A                  |Nominal|Delta |
 |N/A          |N/A      |N/A       |N/A        |                     +-------+------+
 |             |         |          |           |                     |N/A    |N/A   |
 +-------------+---------+----------+-----------+---------------------+-------+------+
 +-----------------------------------------------------------------------------------+
 |Total (A+B+C)                                                                      |
 +------------------------------------+----------------------------------------------+
 |Number of voting rights             |Percentage of voting rights                   |
 +------------------------------------+----------------------------------------------+
 |7,474,300                           |6.62%                                         |
 +------------------------------------+----------------------------------------------+

 +--------------------------------------------------------------------------------+
 | 9. Chain of controlled undertakings through which the voting rights and/or the |
 | financial instruments are effectively held, if applicable:xxi                  |
 +--------------------------------------------------------------------------------+
 | N/A                                                                            |
 +--------------------------------------------------------------------------------+

 +--------------------------------------------------------------------------------+
 | Proxy Voting:                                                                  |
 +-----------------------------------------------------+--------------------------+
 | 10. Name of the proxy holder:                       |           N/A            |
 +-----------------------------------------------------+--------------------------+
 | 11. Number of voting rights proxy holder will cease |           N/A            |
 | to hold:                                            |                          |
 +-----------------------------------------------------+--------------------------+
 | 12. Date on which proxy holder will cease to hold   |           N/A            |
 | voting rights:                                      |                          |
 +-----------------------------------------------------+--------------------------+
 +-------------------------------+------------------------------------------------+
 |                               |                                                |
 | 13. Additional information:   |                      N/A                       |
 +-------------------------------+------------------------------------------------+
 | 14. Contact name:             |                  Linda Naylor                  |
 +-------------------------------+------------------------------------------------+
 | 15. Contact telephone number: |                 0207 499 2612                  |
 +-------------------------------+------------------------------------------------+



[HUG#1367681]