Following the issue of the Placing Shares there will be 147,033,900 ordinary shares of US$0.01 in issue. The Placing, which is being conducted under the existing power granted to the Directors to allot shares, is expected to be completed on 15 November 2010, on admission of the Placing Shares to trading on AIM.

The anticipated investment of approximately £2 million by China Nonferrous Metals International Mining Co Ltd has been canceled due to the regulatory delays in obtaining approval for the investment. ASVI indicated its interest in purchasing the shares from the canceled subscription, thus generating approximately 15% more cash for the company than through the CNMIM investment.

CEO of Chaarat Dekel Golan in his comments on the transaction said that ASVI’s substantial expertise will assist Chaarat, by providing high level consulting advice including on the exploration and project development of the Chaarat projects.

The shares are being placed with both existing and new investors, as well as company directors. After the completion of the placing, the BVI company will have cash resources of approximately  £2.3 million. The shares are issued credited as fully paid, and will rank on the same level as the existing ordinary shares.

The company will apply for the placing shares to be admitted to trading on the London Stock Exchange AIM market, and it is expected that admission will take place and that trading will commence in such shares on or about 11 May 2009.

Canaccord Adams has entered into a placing agreement with the BVI company, pursuant to which it agreed to use its reasonable endeavours to place the shares at the Placing Price.

Upon admission, the company will have 90,441,714 Ordinary shares of $0.01 each in issue. The shares are being placed with both existing and new investors, as well as company directors.