CGH Chaarat Gold Holdings Ltd

    RNS Number : 5765A
  Chaarat Gold Holdings Ltd
  05 August 2008
   



 Drill Hole      Drilled from      Drilled to (metres)  Length  True width   Au g/t
                   (metres)                               (      (metres)
                                                        metres
                                                          )
 UG_DH_170          46.50                 70.50         24.00     15.71      5.17
 UG_DH_171          66.00                 81.00         15.00      7.60      7.65
 UG_DH_172          69.00                 79.50         10.50      3.89      3.88
 UG_DH_172          84.00                124.50         40.50     19.00      3.53
 including          105.00               115.50         10.50      4.93      4.62
 UG_DH_173          85.50                 94.50          9.00      4.10      3.36
 UG_DH_174          79.50                 90.00         10.50      5.69      3.46
 UG_DH_175          103.50               121.50         18.00      7.00      5.70
 UG_DH_176          66.00                 75.00          9.00      2.35      3.93
 UG_DH_176          87.00                110.00         23.00     11.50      6.28
 including          93.00                103.50         10.50      5.25      9.69
 UG_DH_177          91.50                146.35         54.85     21.00      2.97
 including          91.50                 97.50          6.00      2.49      5.21
     and            141.00               146.35          5.35      2.05      4.32
 UG_DH_178          75.00                 90.00         15.00      7.65      4.21

    Due to topography and the dip of the Contact Zone mineralised body, the drilling of the mineralisation at depth is more effectively
achieved from underground stations. Accordingly an adit was developed which penetrates the mineralised zone and two drill chambers have been
developed in the foot wall (Drill Chamber 1) and in the hanging wall. Drifting is currently taking place, parallel to the mineralised body,
to facilitate additional drilling of the strike extension of the mineralised body.
  
    The nine drill holes, for which results are reported here, were drilled from Drill Chamber 1, which is located 78 metres into the foot
wall of the mineralised body, to probe down dip continuity of the mineralised zone intersected by the adit and by surface drill holes. All
of these holes intersected significant mineralisation, which is associated with sulphides, sericite-carbonate-quartz alteration and quartz
veinlets. The location of the mineralisation corresponds well with the projections which were based on the surface drilling results in the
same area.
  





    QA/QC PROCEDURES
  
    Sampling Methodology and Quality Control
      All samples are sent to the Alex Stewart laboratory in Kyrgyzstan, accredited by the UK Accreditation Service for sample preparation
and assays. All samples with gold content above 1 g/t are then submitted to Genalysis, Australia, a NATA ISO/IEC 17025 accredited laboratory
for analysis by fire assay. Only results received from Genalysis are reported here and are included in the Mineral Resource database. In
each batch of samples, 5% of the samples assayed are blanks and 5% are international standards (OxE-56, SG-31, OxL-54, SJ-39, OxL-63 &
SN-38) prepared by ROCKLAB, New Zealand. 
  
    Competent Person
      The Competent Person with overall responsibility for this press release is Jed Diner, P.Geo., M.Sc., who is a consultant to and VP
Exploration of Chaarat Gold. Mr. Diner is an exploration geologist with 27 years 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 which is the
subject of this release. Mr. Diner has been involved in the Chaarat project since 2004.
  
    Chaarat Gold
      Chaarat Gold Holdings is an exploration company founded for the purpose of developing the Chaarat Licence Area and was admitted to AIM
on 8 November 2007.  Chaarat is planning to complete a pre-feasibility study by the first half of 2009.
  
    The rights to Chaarat Licence Area are100% held by the Company and the Licence Area is situated within the Middle Tien Shan Mountains of
Kyrgyzstan, which form part of the Tien Shan gold belt. In April 2008 Chaarat announced a total resource of 3.14 million ounces of gold at
4.41 g/t.  
  
    In June 2008, Chaarat announced the results of a positive scoping study which indicated the economic viability of a low cost, bulk
mining operation, targeting an average life of mine, annual production rate of 210,000 ounces of gold, with a cash cost of $378 per ounce
(including by-product credits) for a capital cost of $320 million. This would give the project a net present value of $158 million, assuming
a 10% discount rate and a gold price of $750/oz, and further indicates an internal rate of return of 20.3% for the project. 
  
    The mineralisation in the Contact Zone is hosted in a wide shear zone and is known to extend for at least 10 kms on strike on the
contact between the underlying Ordovician Chaarat Formation (siltstones and sandstones) and the overlying Devonian Tulkubash Formation
(quartzites). The wide mineralised zones dip at 50-60 degrees to the NW. The gold mineralisation is associated with sulphides, sericitic
alteration and minor quartz veinlets.  
  
    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 herein to
reflect any change in Chaarat's expectations with regard thereto 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.  
  


    Enquiries: 
  
    Chaarat Gold Holdings Ltd    Tel: +44 (0) 20 7499 2612
      Dekel Golan, CEO - Dekel@chaarat.com
      Terry Cross, CFO -  terry@caserve.co.uk
  

    Canaccord Adams Limited    Tel: +44 (0) 20 7050 6500
      Mike Jones - Mike.Jones@canaccordadams.com
  
    Smith's Corporate Advisory    Tel: +44 (0) 20 7239 0140
      Dominic Palmer-Tomkinson - Tomkinson@smiths-ca.com



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The company news service from the London Stock Exchange
 
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