CGH Chaarat Gold Holdings Ltd

 
TIDMCGH 
 
Chaarat Gold Holdings Limited 
 
                          ("Chaarat" or "the Company") 
 
                                Chontash update 
 
Road Town, Tortola, British Virgin Islands (12th June 2012). 
 
Chaarat (AIM-CGH), the gold exploration and development company operating in the 
Kyrgyz Republic, is pleased to announce the results of its exploration season at 
its 100% owned Chontash deposit. 
 
Highlights: 
 
  * Porphyry copper ("Cu") - gold ("Au") - silver ("Ag") intersection of 39 
    metres @ 1.75% Cu equivalent (from depth of 159m to 198m). 
  * Skarn mineralization with molybdenum ("Mo"), silver and copper intersection 
    of 30.5 metres of 0.165% Mo Equivalent (from depth of 109m to 139.5m). 
  * Porphyry includes high grade interval of 7 metres with 4.44% copper 
    equivalent (from 188m to 195m) 
  * IP survey identifies seven additional targets 
 
 
Exploration  work during  the 2011 season  included Induced  Polarisation ("IP") 
geophysics,  which together  with previously  available information, established 
the  presence  of  seven  targets  around  the  known Chontash mineralisation. A 
drilling  program prioritized some targets for follow up drilling but access was 
possible  only  to  one  target.  Access  roads  to  the other targets are being 
constructed.  This single  target was  drilled but,  due to  the early  onset of 
winter, it was possible to drill, partially, one hole only. 
 
As  reported  in  the  announcement  describing  the  Chontash  maiden  resource 
(http://www.chaarat.com/files/CGHLChontashMaidenResourceEstimate.pdf    )    the 
Chontash deposit benefits from three types of mineralization; a porphyry body, a 
skarn "envelope" and a formation containing rare earth minerals. 
 
The  single drill hole  drilled last season  intersected skarn hosted molybdenum 
mineralisation  for a length of 30.5 meters, followed by a 39 metres copper-gold 
porphyry  at a lower level. The hole was  planned to reach a depth of 550 meters 
but drilling stopped at 344 metres due to adverse weather conditions. 
 
As  before the host rock showed enrichment of  REE but at this stage the company 
is  not in a position to attribute  an economic value to those minerals although 
it  believes, based  on findings  in other  previously drilled  holes, that some 
parts  of  the  deposit  may  host  economic  levels of REE.  Significant silver 
enrichment was also noted both in the skarn and especially in the porphyry body. 
 
 
 
A  map of the Chontash area showing the identified targets and location of drill 
holes can be found on http://www.chaarat.com/content/chontash. 
 
 
 
Background 
 
The  Chontash Project was  acquired in 2010 and  the independent maiden resource 
estimate  compiled by Wardell Armstrong  International was announced on 26 April 
2011.  The   resource   model   showed   two   types   of  potentially  economic 
mineralization;  a molybdenum skarn with some copper and gold enrichment (2.85Mt 
of ore at 0.196% Mo, 0.13% Cu, and 0.08 g/t Au in the inferred category) as well 
as  a copper gold porphyry body which  was "enveloped" by the skarn (0.38MT with 
0.89% Cu and 0.43 g/t Au). 
 
Chontash  is located in the  Akshirak range of mountains  which extend along the 
edge  of the  main fault  in the  region, the  Talas Fergana.  The range hosts a 
number  of mineral deposits; the best known  being the Makmal deposit from which 
almost  1.5 million  ounces  of  gold  have  been extracted.  The Makmal mine is 
currently  being brought back  into production which  gives the Chontash Project 
the significant advantage of being close to mining infrastructure. 
 
Two  related targets have been identified at Chontash; a porphyry intrusive body 
which  has the  potential to  be developed  into a  Cu-Au-Ag deposit and a skarn 
deposit  with  molybdenum  mineralisation  at  its  periphery  which seems to be 
"enveloping" the intrusive. 
 
The exploration strategy for the 2011 season was to expand the information about 
the deposit by conducting wide spaced IP pole-dipole profiling so as to identify 
deep targets. As a result of the work seven additional targets were identified. 
 
Due  to the early onset of winter only one drill hole could be drilled on one of 
the  targets.  Drilling  reached  a  depth  of 343.8m against a planned depth of 
550m. 
 
 
 
+--------------+-------+------+----------+----+------+------+----+ 
|Mineralization|From(m)|To (m)|Length (m)|Cu %|Au g/t|Ag g/t|Mo %| 
+--------------+-------+------+----------+----+------+------+----+ 
|Skarn         |  109  |139.5 |   30.5   |0.17|0     |1.58  |0.06| 
+--------------+-------+------+----------+----+------+------+----+ 
|Porphyry      |  159  | 198  |    39    |0.52|0.19  |81    |0   | 
+--------------+-------+------+----------+----+------+------+----+ 
|including     |  188  | 195  |    7     |1.67|0.62  |181   |0   | 
+--------------+-------+------+----------+----+------+------+----+ 
 
 
Dekel  Golan CEO  of Chaarat  commented: "Chontash  has the  potential to become 
another  significant  project  for  the  Company  adding to the already exciting 
Chaarat  Project.  We  will  continue  our methodical and systematic exploration 
approach  by repeating and augmenting certain geophysical works and developing a 
drilling  programme which we  believe may identify  another major deposit in the 
Central  Asian mountains, adding  to the other  large porphyry systems hosted in 
the Central Tien Shan belt." 
 
QA/QC Procedures: Sampling Methodology and Quality Control 
 
All  samples are sent to a laboratory in Kyrgyzstan, Alex Stewart, accredited by 
the  UK  Accreditation  Service,  for  sample preparation and assays. Genalysis, 
Australia, a NATA ISO/IEC 17025 accredited laboratory for analysis is being used 
for QA/QC check of the analyses of Alex Stewart. 20% check samples in form of 2 
Standards,  1 Blank and 1 Duplicate in a batch  of 20 samples are being used for 
quality checks of the Alex Stewart assays. 
 
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 
more  than 23 years  of experience  in the  resource industry who has sufficient 
experience  relevant to  the style  of mineralisation  and type of deposit under 
consideration. 
 
+--------------------------------------------------------------------------+ 
| Prices used for the calculation of equivalence in this announcement are: | 
|                                                                          | 
+-------------------+------------------------------------------------------+ 
| Copper  ($/ton)   | 7000                                                 | 
+-------------------+------------------------------------------------------+ 
| Silver ($/oz)     | 28                                                   | 
+-------------------+------------------------------------------------------+ 
| Gold ($/oz)       | 1500                                                 | 
+-------------------+------------------------------------------------------+ 
| Molybdenum ($/lb) | 22.5                                                 | 
+-------------------+------------------------------------------------------+ 
 
Enquiries: 
 
 Chaarat Gold Holdings Limited               +44 (0) 20 7499 2612 
 
 c/o Central Asia Services Limited 
 
 Dekel Golan   CEO                           dekel@chaarat.com 
 
 Linda Naylor  FD                            linda.naylor@chaarat.com 
 
 Numis Securities Limited                    +44 (0) 20 7260 1000 
 
 Alastair Stratton, Stuart Skinner (NOMAD) 
 
 James Black (Broker) 
 
 Bankside Consultants                        +44 (0) 20 7367 8888 
 
 Simon Rothschild                            simon.rothschild@bankside.com 
 
 Smith's Corporate Advisory                  +44 (0) 20 7601 6100 
 
 Dominic Palmer- Tomkinson                   tomkinson@smiths-ca.com 
 
 
 
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 Chaarat Gold 
Project  situated within the Middle Tien Shan  Mountains, which form part of the 
Tien Shan gold belt. A JORC compliant mineral resource of 5.590Moz at a grade of 
4.08g/t gold  has been  delineated at  the Chaarat  Gold Project.  Chaarat's key 
objective  is to become a  low cost gold producer;  with initial production from 
the  Tulkubash project, targeting  increased combined annual  production of over 
200,000 ounces as the full project comes on stream. 
 
In  addition  to  the  Chaarat  Gold  Project,  the  Company  has  initiated  an 
exploration programme at Chontash, located in the Akshirak range of mountains of 
the  Kyrgyz Republic.  A maiden  resource for  Chontash was  compiled by Wardell 
Armstrong International and announced in April 2011. 
 
Further information is available at www.chaarat.com 
 
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. 
 
 
 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Chaarat Gold Holdings Ltd via Thomson Reuters ONE 
[HUG#1618929] 
 

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