CGH.L Regulatory News (CGH)

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Director and senior management appointments

Road Town, Tortola, British Virgin Islands (8 May 2013)

Chaarat (AIM:CGH), the AIM quoted gold exploration and development company with assets in the Kyrgyz Republic, is pleased to announce the appointments of Mac DeGuire as a non-executive director of the Company with immediate effect and David McNee as Chief Operating Officer.

Board appointment

Mac's career in the international mining industry spans more than 40 years. In 2006 as senior vice president of Apex Silver Mines he initiated the sale of a share of the San Cristobal project to Sumitomo Corporation of Japan for $500m, having managed the pre-feasibility and definitive feasibility studies and the development plan for the project.

During his twenty years at Newmont Mining he managed the project development and initial operations of Newmont's $225m Zarafshan gold heap leach project in Uzbekistan, his responsibilities included negotiation of the joint venture agreement, development of the process flow sheet and commissioning and start-up of mining operations.

A qualified metallurgist, Mac has worked extensively with refractory gold ore types and has developed new processing techniques which have subsequently been commercially implemented. He has also worked on the management of environmental matters, including minimising liabilities, ensuring legal and regulatory compliance and permitting procedures.

Most recently Mac has worked as President and Chief Operating Officer of Guyana Goldfields, a company engaged in the development and construction of a combined open pit and underground gold mine in Guyana.

Senior management appointment

Chaarat is also pleased to announce the appointment of David McNee as Chief Operating Officer; David is based in Bishkek and took up his appointment in March. A mining engineer, he has 24 years of operational experience in Africa and Central Asia, including three years as mine manager at Centerra Gold's Kumtor mine, currently the only producing gold mine in the Kyrgyz Republic. His experience includes underground and surface gold mining in both technical service and management roles. He has worked on the construction and establishment of mining operations, with responsibility for strategic development and delivery on operating targets.

Dekel Golan, CEO of Chaarat, commented:

"Mac and David's appointments significantly strengthen our ability to take Chaarat through the challenging process of creating a large low cost gold producer. Mac is a highly experienced and respected mining professional, who brings to the Chaarat Project both a unique combination of skills and an unrivalled network of contacts. His exceptional knowledge of gold projects, as they progress through development and into production, will be of enormous value to Chaarat. I am delighted to welcome him to the Board.

David, who has already started work in Bishkek, has an established track record of building a strong professional local team. He also brings the considerable advantage of having worked in the country before, together with an understanding and appreciation of Kyrgyz culture and customs."

Marcel Francois DeGuire (aged 63) has confirmed that other than his current and previous directorships disclosed in the table below there are no matters to be disclosed under Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules.

Enquiries:  

Further information is available at www.chaarat.com

NOTES TO EDITORS:

About Chaarat Gold

Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic. Situated in the highly prospective Tien Shan gold belt, the Company's key objective is to become a low cost gold producer targeting annual production of 200,000 ounces from the development of the Chaarat Gold Project.

In addition to the Chaarat Gold Project, the Company has several other promising prospects also located within the Kyrgyz Republic. An exploration programme is underway at both the Company's Chontash project, located in the Akshirak range of mountains, as well as at the Mironovskoye asset.