Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Tulkubash drilling update

Road Town, Tortola, British Virgin Islands (22 November 2011)

Chaarat (AIM - CGH), the AIM quoted exploration and development company with assets in the Kyrgyz Republic, is pleased to announce positive results from its ongoing drilling programme in the Tulkubash Project which is part of the Chaarat project area  in north western Kyrgyzstan.

Highlights

·         Tulkubash mineralisation extended from a previous strike of 360 metres to 920 metres and is still open towards the northeast. The mineralisation was extended by 80 metres towards the southwest and 480 metres towards the northeast.

·         Of the 20 holes drilled in the northwest extension (TNX), 19 drill holes intersected mineralisation at the predicted depth*  

·         9 holes drilled in the southeastern extension (TSX) intersected mineralisation approximately where predicted*  

·         Selected results include: 

o    TO756:  26.25m at 3.66 g/t Au, including 12.50m at 5.77 g/t Au

o    TO797:  23.75m at 5.46 g/t Au 

o    TO7100:  23.75m at 4.40 g/t Au, including 10.00m at 6.39 g/t Au 

o    TO7111:  10.00m at 6.91 g/t Au 

o    T07114: 11.25m at 2.19 g/t Au 

o    T07117:  6.25m at 8.58 g/t Au 

o    T07121: 11.25m at 8.21 g/t Au 

Dekel Golan, CEO of Chaarat, commented: "We are very encouraged by these results as they demonstrate the significant extension, potential and actual, of  the Tulkubash zone which is the first ore body to be mined by Chaarat. The prospect of extended strike, as well as improved predictability and continuity, which is effectively confirmed by this drilling, will potentially enable Chaarat to increase production from this low cost ore body and further improve its profit potential for the early years of operation.

 "We are confident that the scenario should improve further with drilling along strike, especially to the north east of the zone; drilling which will commence during the spring of next year.  An updated resource and reserve  estimate based on the 2011 drilling will be released early in 2012."

*The results reported here are from the North and South sections of the Tulkubash Zone. The results of the drill holes from the Central section of the Tulkubash were announced on 20^th September, 2011.  A map and longitudinal projection at www.chaarat.com shows the Tulkubash mineralisation.