CHAARAT GOLD HOLDINGS LIMITED

("Chaarat" or the "Company")

Updated resource statement for the Chaarat Gold Project

CHAARAT GOLD HOLDINGS LIMITED

Road Town, Tortola, British Virgin Islands ( 11th November 2014).
Chaarat (AIM:CGH), the AIM quoted gold exploration and development company with assets in the
Kyrgyz Republic, is pleased to provide an updated resource statement for the Chaarat Gold Project.

Highlights

• Total JORC compliant resource increased 15.43% from 5.29 million ounces to 6.1 million ounces at a grade of 3.20 g/t Au*

• Measured and Indicated portions of the total resource have increased 33.08% from 3.90 million ounces to 5.19 million ounces

• Resource of the Tulkubash Zone which will underpin the first stage heap leach project calculated to be 13.24 million tonnes at a grade of 1.71 g/t Au to give a total content of 729 koz

• Better understanding of the grade distribution in the refractory segment of the Chaarat

Deposit in the Main and Contact Zones shows high grade core and lower grade envelope

• The high grade core forms 85.86% of the Main and Contact Zone resource at 4.61 million

ounces with a grade of 3.83 g/t Au and will enable the Chaarat Project to generate attractive returns even in a low gold price environment

* using a cut-off grade of 1.0 g/t for the oxide resource (Tulkubash zone) and 2.0 g/t for the refractory material (Main and Contact Zones).

During the 2014 season, we undertook about 6,500 metres of diamond core drilling to better substantiate the resource of the standalone open pittable heap leachable Tulkubash Project. We also wished to identify and demonstrate additional strike to the north which would underpin the possible increase of the future life of mine.
GeoSystems International, Inc was engaged to develop a structural model of the Chaarat deposit to support a statistical assessment of the estimated contained resource. Mr Mario Rossi, a geo-statistician and principal of the company, has significant experience, most relevantly for Chaarat, at the Jinfeng gold mine in China which has many similarities to the ore composition of the Chaarat Project.
The results of Mr Rossi's work have confirmed the unique characteristics of the two principal systems within the Chaarat deposit:
1. The Tulkubash system consists of a multitude of relatively thin veins hosted in quartzite from which gold can be recovered by direct leaching due to the low sulphur content of the ore. It
is anticipated that the results of the Definitive Feasibility Study ("DFS") will confirm that the
low cost of processing by the heap leach method will enable us to reduce the Cut-off Grade
("COG") for this section of the deposit from 1g/t to 0.5g/t and thereby significantly increase the economically recoverable resource.
- 2 -

CHAARAT GOLD HOLDINGS LIMITED

2. The mineralisation of the Contact Zone and the Main Zone is refractory ore which means
a stage of oxidation is required before gold can be extracted by leaching. It has now been
established that the mineralisation consistently demonstrates a higher grade core and lower grade halo with most of the gold residing in the higher grade core.
Mr Rossi developed a resource model to estimate the high grade core of the refractory ore zones and the medium to low grade halo around them. The estimation of the lower grade halo around the higher grade cores adds significant ounces and can be used to estimate dilution when selecting the relevant mining method for this part of the deposit. The higher grade core contains 4.61 million ounces of gold at a grade of 3.83 g/t, a grade which will enable Chaarat to continue to generate returns from the deposit even in much lower gold price environments.

NW

2400.0Y

2200.0Y

2000.0Y

VERTICAL SECTION OF CONTACT ZONE

SE

Scale 1:2500

1800.0Y

0 50m 100m 200m

HORIZONTAL SECTIONS OF CONTACT ZONE

N

4659200.0Y

- High-grade ore includes

4.61 Moz @ grade 3.83 g/t

- Low-grade ore includes

759 Koz @ grade 2.74 g/t

4659000.0Y

4658800.0Y

Scale 1:2500

4658600.0Y

0 50m 100m 200m

- 3 -

CHAARAT GOLD HOLDINGS LIMITED

Dekel Golan, CEO of Chaarat, comments:

"Our team, working with Mario Rossi, summarised the data generated from more than 10 years of exploration, more than 100,000 metres of drilling and more than 2 kilometres of adits and drives into a robust model underpinning one of the best undeveloped deposits in the world. It is a difficult time for our industry. The cost of finding gold is on the rise whilst the grade of the discoveries has dropped precipitously.

A large heap leachable project with a grade of over 1.7 g/t of gold as well as silver credits, which requires a relatively low upfront investment, is a very good way to start production. As I have previously pointed out the average grade of large discoveries today is 0.89g/t and the average grade of producing mines is

1.18g/t, significantly lower than that of Chaarat1.

As for the more difficult to process ore, often called refractory, it seems that a significant portion of the ore can be mined by an open pit method. The anticipated slightly higher cost of processing and treatment of refractory ore will be offset by the increased gold content and excellent anticipated recoveries.

We are focusing on the development effort now by completing the feasibility study and securing finance for the construction of the project. It is perhaps the right time to thank our dedicated exploration team for their relentless and eventually successful work."

1Source: Natural Resource Holdings Global 2013 Gold Mines & Deposit Rankings - Visual Capitalist

- 4 -

CHAARAT GOLD HOLDINGS LIMITED

Competent Person

Mario Rossi is a Competent Person as defined by JORC and AIM and has reviewed and approved the relevant technical information relating to the resource estimates in this release. Mr Rossi (Fellow
AusIMM, Member CIM, Member SME) is Principal Geostatistician of GeoSystems International, Inc.
and has more than 25 years' experience in mining and environmental geostatistics, mineral resource and reserves estimation, audits, and reviews, and continued simulation studies of different scales
and purposes. He has worked in over 100 different mining projects at various stages of development
and operations around the world.

Enquiries:

Chaarat Gold Holdings Limited + 44 23 800 11747 c/o Central Asia Services Limited [email protected] Dekel Golan CEO

Linda Naylor FD

Numis Securities Limited +44 (0) 20 7260 1000

John Prior, Paul Gillam (NOMAD) James Black (Broker)
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 with a large, high grade resource - the Chaarat Gold Project. The Company's key objective is to become a low cost gold producer generating significant production from the development of the Chaarat Gold Project. Chaarat is preparing a Definitive Feasibility Study (DFS) and continuing its active community engagement programme to optimise the value of the Chaarat investment proposition.
Chaarat aims to create value for its shareholders, employees and communities from its high quality gold and mineral deposits in the Kyrgyz Republic by building relationships based on trust and operating to the best environmental, social and employment standards.
- 5 -

CHAARAT GOLD HOLDINGS LIMITED

Summary of Estimated Resources October 2014

Measured

COG

g/t Au

Tonnes

(kt)

Au grade

(g/t)

Content

(koz)

Tulkubash 1.0 7,646 1.90 466

Main and Contact 2.0 6,629 3.15 671

Indicated

Tulkubash 1.0 3,224 1.77 184

Main and Contact 2.0 32,794 3.67 3,864

Measured & Indicated 50,293 3.21 5,185

Tulkubash 1.0 2,384 1.81 79

Main and Contact 2.0 6,611 3.92 832

Inferred 8,995 3.15 911

Total 59,288 3.20 6,096

Tulkubash

COG 1.0 g/t Au

Tonnes

(kt)

Au grade

(g/t)

Content

(koz)

Measured 7,646 1.89 466

Indicated 3,224 1.77 184

Measured & Indicated 10,870 1.86 650

Inferred 2,384 1.81 79

Total 13,254 1.71 729

Main and Contact Zones

COG 2.0 g/t Au

Tonnes

(kt)

Au grade

(g/t)

Content

(koz)

Measured 6,629 3.15 671

Indicated 32,794 3.67 3,864

Measured & Indicated 39,423 3.58 4,535

Inferred 6,611 3.92 832

Total 46,034 3.63 5,367

- 6 -

CHAARAT GOLD HOLDINGS LIMITED

Analysis of the high grade core and lower grade halo within the Main and Contact Zones is
presented in the following tables:

Higher Grade core

COG 2.0g/t

Tonnes

(kt)

Au grade

(g/t)

Au ounces

(koz)

Measured 2,671 3.43 295

Indicated 28,663 3.82 3,524

Measured & Indicated 31,334 3.79 3,819

Inferred 6,082 4.04 789

Total 37,416 3.83 4,608

Lower Grade halo

COG 2.0 g/t

Tonnes

(kt)

Au grade

(g/t)

Au ounces

(koz)

Measured 3,957 2.96 376

Indicated 4,132 2.56 340

Measured & Indicated 8,089 2.75 716

Inferred 529 2.53 43

Total 8,618 2.74 759

The tables for the Main and Contact Zones summarise the results from M24, M30, M34, M39, M44, M50, M60, Contact Project and C40 zones as described in previous resource updates.
Quantity and grade are estimates and are rounded to reflect the fact that the resource estimate is
an approximation. Mineral resources are not ore reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted to
reserves. Quantities may not add or multiply due to rounding.

Glossary of Technical Terms

Ag The chemical symbol for silver

Au The chemical symbol for gold

cut-off The lowest grade value that is included in a resource statement. It must comply with JORC requirement 19: "reasonable prospects for eventual

economic extraction" the lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. It may be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification

g/t Grammes per tonne, equivalent to parts per million

- 7 -

CHAARAT GOLD HOLDINGS LIMITED

Inferred Resource That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or

grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability

Indicated Resource That part of a Mineral Resource for which tonnage, densities, shape,

physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings
and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely
enough for continuity to be assumed

JORC The Australasian Joint Ore Reserves Committee Code for Reporting

of Exploration Results, Mineral Resources and Ore Reserves 2012 (the
"JORC Code" or "the Code"). The Code sets out minimum standards,
recommendations and guidelines for Public Reporting in Australasia of
Exploration Results, Mineral Resources and Ore Reserves

koz Thousand troy ounces of gold

Measured Resource That part of a Mineral Resource for which tonnage, densities, shape,

physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to
confirm geological and grade continuity

Mt Million tonnes

oz Troy ounce (= 31.103477 grammes)

Reserve The economically mineable part of a Measured and/or Indicated

Mineral Resource

t Tonne (= 1 million grammes)

- 8 -