Chariot Shareholders Call For a New Board of Directors

Shareholders of Chariot Resources Limited (TSX: CHD | Quote | Chart | News | PowerRating) ("Chariot") are being asked to protect their investments in Chariot by electing a new Board of Directors at the Company's Annual General and Special Meeting, to be held on September 4, 2009.

Lukas Lundin and Brian Edgar, concerned shareholders of Chariot (the "Concerned Shareholders"), are calling for Chariot's shareholders to replace the current Board, who they believe has failed to progress Chariot's Mina Justa/Marcona Project (the "Project") in Peru, leading to a consistent undervaluation of Chariot by the market.

Mr. Lundin commented: "With copper prices on the rise, the time to act is now. We cannot stand to miss another opportunity to improve the market's valuation of our company. Shareholders cannot afford to let current management remain in control and potentially miss what appears to be the start of another period of relatively high copper prices. The timely development of the Project is integral to creating shareholder value."

The Mina Justa/Marcona Project is a premium copper project and is described by Chariot as "one of the world's premier advanced stage copper projects". Yet, over the last five years, while the price of copper has increased by over 115% and the share prices of Chariot's peer group of companies increased by 127%, Chariot's share price has increased by only 8%. Moreover, despite having sufficient funds and plenty of time, the current management team has been unable to advance the Marcona Copper Project to even the bankable feasibility stage, let alone development.

The Concerned Shareholders believe that Chariot's shareholders have been deprived of an opportunity to realize substantial gains from their investments in Chariot because the company has suffered from an entrenched and ineffective management team. According to the most recent Management Information Circular filed by Chariot, the current Board holds less than 1% of Chariot's outstanding shares, demonstrating that their interests are clearly not aligned with those of shareholders.

To revitalize Chariot, the Concerned Shareholders have nominated Mr. Colin Benner, Mr. Donald Charter, Mr. Richard Clark, Mr. Brian Edgar, Mr. Lukas Lundin and Mr. Wojtek Wodzicki for election to Chariot's Board. These nominees bring deep and varied experience as senior managers, directors and/or chairmen of mining companies to Chariot. The nominee directors have a solid track record of strong performance and above all, an action plan to correct Chariot's current course.

The Concerned Shareholders' nominees' plan for reversing Chariot's decline includes:

    <<
    -   assembling a world class technical team to review the current
        feasibility study and to determine the true status of all aspects of
        the Project;

    -   the retention of a world class management in Peru;

    -   development of a technical plan with a timeline to advance the
        Marcona Copper Project to bankable feasibility study stage as soon as
        possible;

    -   strengthening and improving relationships with regional and national
        government officials, adjacent land owners, and port operators to
        achieve the synergies and cost savings outlined in the recently
        published Feasibility Study to allow more rapid project development;

    -   addressing the clear investor relations deficiencies of Chariot by
        leveraging the very strong relationships that members of the nominees
        have developed in the investment community in Canada and
        internationally through their vast experience with the Lundin Group
        companies and, more importantly, through their demonstrated record of
        success with these companies. There will be a new focus on mining
        analyst coverage and improved investor relations, especially with
        institutional shareholders. There will be a new focus on transparency
        and regular, credible reporting of factual information from the
        Project that demonstrates real and meaningful progress to achieve a
        bankable feasibility in the shortest possible time.
    >>

Should the Concerned Shareholders succeed in the election of their proposed nominees, Mr. Lucas Lundin has personally made a commitment to bring all his resources to bear to see that that the Marcona Copper Project gets the attention of the finest technical people and consultants available to bring the Project, as rapidly as possible, to bankable feasibility and, if warranted, to production, for the benefit of all of its shareholders.

The Concerned Shareholders filed today a Dissident Proxy Circular with securities regulators that will be mailed to all Chariot shareholders along with a BLUE form of proxy to be used to vote to replace the Board at the Annual General and Special Meeting on September 4, 2009. The Dissident Proxy Circular will be available shortly at www.sedar.com.

Chariot shareholders are invited to learn more about the need to replace Chariot's Board of Directors with a new slate of experienced and independent directors by reviewing the Dissident Proxy Circular. They are encouraged to vote promptly before the voting deadline on September 1, 2009 to ensure their shares are counted at the Meeting.

SOURCE: Concerned Shareholders of Chariot Resources Limited

Kingsdale Shareholder Services Inc., The Exchange Tower, 130 King Street West, Suite
2950, P.O. Box 361, Toronto, Ontario, M5X 1E2, North American Toll Free Phone:
1-888-518-6832, Outside North America, Banks and Brokers Call Collect: (416)
867-2272, Email: contactus@kingsdaleshareholder.com

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