Chariot cuts high-grade copper at Mina Justa (February 21, 2006)

Vancouver – Initial feasibility drilling by Chariot Resources (CHD-T, CHDSF-O) on the Mina Justa deposit at its Marcona copper project, in the coastal region of southwestern Peru, has encountered high-grade mineralization.

Drill testing of a proposed starter pit in the Northern Oxide oxide zone returned grades of up to 0.95% copper over 95 metres, including 12 metres of 5.1% copper. A number of other oxide mineralized intercepts, ranging from 6-to-96 metres, averaged from 0.5% to 2.5% copper. The company is evaluating expanding the planned starter pit and will increase its drilling program in the area.

Additionally, infill drilling on the HS Sulphide zone also returned high-grade copper values. One hole intersected 184 metres of oxide and sulphide mineralization, including 96 metres of 0.64% oxide copper, and a deeper 78-metre sulphide mineralized intercept grading 2.9% copper including 50 metres of 3.5% copper.

Chariot’s 2006 feasibility study will include about 34,000 metres of core drilling, ongoing metallurgical testing and environmental studies. In late-2005, a revised resource estimate at Mina Justa reviewed 132.4 million indicated tonnes grading 0.74% total copper, using a 0.2% copper cut-off grade. Additional inferred resources of 279.7 million tonnes at 0.57% copper were also tabled.

The company holds 70% interest in the Marcona copper project, with the remainder held by joint venture partners Korea Resources and LG Nikko Copper that also have long-term off-take for future production from the planned operation. The partners acquired Marcona from subsidiaries of Rio Tinto (RTP-N) and from Shougang Hierro Peru for an initial payment of US$20.5 million plus a further US$13 million due in early 2007. Up to an additional US$10 million is payable at a later date upon a decision to proceed with a mine at the project and with an increase in the inferred resource base.

From 2001-to-2003, Rio Tinto drilled almost 31,000 metres in 103 holes at Mina Justa, identifying two copper mineralized zones. The Main zone was traced from surface over 1,700 metres of strike to a depth of 500 metres (and remaining open) and the Upper zone, intersected along dip from surface to 250 metres depth across 1,100 metres of down-dip extension. Both zones exhibit similar geometry, as curved to flattened bowl-like features dipping to the east-southeast. Copper oxide mineralization is prevalent in the upper 200 metres of the zones, grading into sulphides at depth. Mineralization at Marcona is categorized as hydrothermal iron-oxide copper gold (IOCG).

With 194 million shares outstanding, Chariot posts a $78 million market capitalization based on its recent trading price of 40 per share. Amerigo Resources (ARG-T, ARGOF-O) recently increased its shareholdings in Chariot to hold 19.2% of the company.