Chariot Resources Limited
TSX : CHD

Chariot Resources Limited

September 04, 2009 16:24 ET

Chariot Resources Announces Results of Annual General and Special Meeting

TORONTO, ONTARIO--(Marketwire - Sept. 4, 2009) - Chariot Resources Limited (TSX:CHD) announced that it held its annual meeting of shareholders earlier today in Toronto starting at 10:00 a.m. At the meeting, shareholders:

1) re-elected Robert Baxter, David Bell, John Kutkevicius, Fernando Porcile, Ulrich Rath and Edward Thompson as directors;

2) appointed PricewaterhouseCoopers LLP as auditors for the ensuing year and authorized the directors to set PricewaterhouseCoopers LLP's remuneration; and

3) approved the Corporation's Shareholder Rights Plan.

At the meeting, a total of 202,787,600 common shares were represented by shareholders in person or by proxy amounting to 61.7 % of the issued and outstanding common shares of the Company. Common shares that voted the "White" proxy in support of the Chariot Board nominees amounted to 105,787,374, and common shares that voted the "Blue" proxy in support of the dissident ("Concerned Shareholders") Board nominees amounted to 96,638,434.

The Company has estimated that:

- Over 75% of the "White" votes represented Institutions and approximately 25% represented Retail shareholders, and

- if the block held by Lundin Mining is excluded from the "Blue" votes then the Concerned Shareholders attracted an estimated 36,447,934 votes. This represents about 13% of the total available issued common shares of the Corporation after removal of the block of 60,190,500 shares held by Lundin Mining.

"We are gratified by the substantial vote of confidence from shareholders," said Ulli Rath, President and CEO. "Having now had an opportunity to again consult widely with shareholders in the period leading up to the Annual Meeting, the Board and management of the Company are committed to getting the best possible price from a sale of the company and will be reviewing the time table for launching a formal sales process with a view to meeting the expectations of all shareholders," concluded Mr. Rath.

A copy of the presentation made to shareholders by President and CEO Ulli Rath will be available on Chariot's web-site. Additional details about the Company can be viewed at the Company's website, www.chariotresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Ulli Rath", President & CEO

CHARIOT RESOURCES LIMITED.

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