Chaarat Gold Holdings Ltd
("Chaarat" or "the Company")
Issue of share options
Road Town, Tortola, British Virgin Islands (2 September 2009).
In accordance with the announcement of the amended option scheme made
on 3 July 2009, the Board announces that the following options were
granted to directors on 1 September 2009.
Director Options granted
D Golan 400,000
A Novak 252,200
L Naylor 156,000
C Palmer- Tomkinson 26,000
O Greene 26,000
The options will vest after three years.
Under the terms of the amended scheme, the exercise price of the
options relate to the market price at the date of grant, using the 15
trading day moving average of the share price prior to grant.
However, in view of the investment by CNMIM announced on 13 July
2009, the Board has in this instance decided to grant the first
options under the amended scheme at a price of 25p, being the same
price as the shares subscribed for by CNMIM, which is 23% above the
15 trading day moving average of the share price prior to grant.
About the Chaarat Gold Project
The Chaarat project is situated within the Middle Tien Shan Mountains
of Kyrgyzstan which form part of the Tien Shan gold belt. At the
completion of the 2008 exploration season a mineral resource of
3.34Moz at a grade of 4.30 g/t gold (JORC compliant in the Indicated
and Inferred categories) had been delineated. The Company's
exploration programme is aimed at increasing the confidence levels in
the resource through infill drilling through down-dip and
along-strike extension drilling whilst developing a pre-feasibility
study to demonstrate the economic viability of the deposit.
About Chaarat Gold Holdings or the Company
Chaarat Gold Holdings is an exploration company founded for the
purpose of developing the Chaarat License Area. Chaarat was admitted
to AIM on 8 November 2007.
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.
Enquiries:
Chaarat Gold Holdings Ltd
c/o Central Asia Services Ltd +44 (0) 20 7499 2612
Dekel Golan dekel@chaarat.com
Linda Naylor Linda.naylor@chaarat.com
Canaccord Adams Limited +44 (0) 20 7050 6500
Mike Jones Mike.jones@canaccordadams.com
Smith's Corporate Advisory +44 (0) 20 7239 0140
Dominic Palmer-Tomkinson tomkinson@smiths-ca.com
Conduit PR +44 (0) 20 7429 6666
Edward Portman ed@conduitpr.com
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