Chaarat Gold Holdings Limited

("Chaarat" or "the Company")

CLARIFICATION RE PRESS COMMENT

Road Town, Tortola, British Virgin Islands (23 June 2011)

The Board of Chaarat (AIM - CGH), the AIM quoted exploration and development company with assets in the Kyrgyz Republic, is aware of a media article published by 24.kg news agency in Bishkek that reports comments made by the Kyrgyzstan Minister of Natural Resources ("the Minister") concerning the development of large mineral deposits in Kyrgyzstan.

The Company believes that the Minister's comments may have been mistakenly interpreted as suggesting that mineral deposits in Kyrgyzstan will be nationalised. The Board's understanding of the background to the media article is that the Minister's comments were made during a committee meeting concerning which Kyrgyz government body should govern, approve and benefit from the development of mineral deposits in the country. It is the Board's view that the Minister's comments have been mistakenly translated and/or misinterpreted and that any changes contemplated should not have any impact on Chaarat's operations.

The Company is not aware of any intention from any Kyrgyz authority to nationalise assets in the Kyrgyz Republic; indeed recent contact between Chaarat personnel and the authorities in Kyrgyzstan indicate that the situation is unchanged. Only two weeks ago the Company was granted permits on its Tulkubash property by the Ministry of Natural Resources.

It is the view of the Board that the comments made by the Minister have been misunderstood and that no changes to the legal status of the Chaarat property are currently contemplated.

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 Kiziltash and Tulkubash projects situated within the Middle Tien Shan Mountains of Kyrgyzstan, which form part of the Tien Shan gold belt. The Company has delineated a JORC compliant mineral resource of 4.406Moz at a grade of 4.20g/t gold across both projects. Chaarat's key objective is to become a low cost gold producer; with initial production from the Tulkubash project, targeting annual production of over 200,000 ounces per annum as the Kiziltash project comes on stream.