BVI-registered Chaarat Gold Holdings announced change of directors

Chaarat Gold Holdings Ltd., the British Virgin Islands-registered exploration and development company having assets in the Kyrgyz Republic, announced that David Tang and Luo Tao, the representatives of China Nonferrous Metals and Mining Co. Ltd, on 14 October 2011 resigned as non-executive Directors of the company. BVI company’s Board and CNMIM will continue to work together, despite the resignations, and CNMIM has emphasised that all options in respect of their holding in the company and participation in the project will remain open.

According to the investment agreement signed in 2009, CNMIM were entitled to appoint two directors to the Board of the BVI company, based on 20 per cent interest in the share capital of Chaarat. As a result of the share placement completed in March 2011, the holding of CNMIM was diluted to the level below 9%.

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