Chariot Resources Limited

March 18, 2005 16:49 ET

Chariot Resources Limited: Marcona Copper Project-First Phase Drilling Commences


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CHARIOT RESOURCES LIMITED

TSX VENTURE SYMBOL: CHD

MARCH 18, 2005 - 16:49 ET

Chariot Resources Limited: Marcona Copper
Project-First Phase Drilling Commences

TORONTO, ONTARIO--(CCNMatthews - March 18, 2005) - Chariot Resources
Limited (Chariot) (TSX:CHD) is pleased to announce that a first phase
drilling program has commenced at its 70% owned Marcona Copper Project.

As previously announced, the Marcona Copper Project contains an Inferred
Mineralized Resource of 218.3Mt @ 0.8% Cu. This resource estimate was
determined by independent consultants, AMEC, in November 2004. In
addition to this resource, Chariot has identified 20 exploration targets
which have the potential to significantly increase the current resource
base. These targets are outlined in detail in the 43-101 technical
report prepared by AMEC which was filed on Sedar (www.sedar.com) in
November 2004. The majority of these exploration targets lie outside the
boundary of the current Inferred Mineralized Resource.

The objectives of the first phase drilling program are to:

- infill drill a portion of the existing resource

- evaluate the exploration targets that have the best potential to
increase the current resource base, and;

- identify sites suitable for locating the future plant and mine
infrastructure.

The first phase program will include approximately 37,000 metres of
drilling (approximately 34,000 metres RC drilling and 3,000 metres
diamond drilling) and is due for completion in July 2005.

Chariot is also pleased to announce the appointment of Carol Fries and
Andrew Daniels to its project technical team.

Carol Fries has over 20 years experience in the environmental services
sector providing services in the mining, oil and gas, forest industry
and hydroelectric sectors. Her professional experience includes managing
large projects from the prefeasibility and bankable feasibility study
phases through to construction and operations. Her capabilities include
environmental and social impact assessments, environmental management
planning, permit planning and acquisition, community relations
management, independent engineer reviews, construction and operations
management, database management and technical reviews. She has gained
significant experience in Peru where she was the Environmental Manager
for the Antamina copper zinc mine during the BFS phase through to
construction and operations. Her more recent experience was in New
Caledonia where she managed the Environmental and Social Impact
Assessment (ESIA) for the proposed Koniambo nickel smelter and refinery
located in the North Province of New Caledonia.

Andrew Daniels is an independent Consulting Professional Geologist who
brings to Chariot over 19 years of international exploration and mining
experience, including management and supervisory experience at senior
levels within major mining companies including Anglo American, WMC and
Kilborn - SNC Lavalin on both open pit and underground mining projects
and large scale exploration programs. Mr. Daniels has extensive
experience in gold and base metals in a variety
of deposits types and geological terrains. A graduate of Acadia
University in Wolfville, Nova Scotia in 1985 with a Bachelor of Science
with Specialization (BScS) in Geology, Mr. Daniels also has specialized
computer skills in the area of resource estimation, geological block
modeling, project evaluation and mine modeling.

Andrew Daniels will be the qualified person in respect to the
exploration program at the Marcona Copper Project.

Alex Black, Chairman, Executive Vice President said, "Chariot is looking
forward to this first phase of the Company's work program. Our
objectives and technical programs are clearly defined to maximize the
value of the project which I believe will make the Marcona Copper
Project one of the most exciting copper projects in South America during
the next two years. The recruitment of Carol and Andrew to the technical
team demonstrates the strength and depth that the Company possesses to
take this project forward."

Chariot Resources Limited (TSX:CHD) and its subsidiaries are engaged in
the acquisition, exploration and development of mineral resource
properties primarily located in South America. Additional detail about
the Company's projects can be viewed on the Company's website at
www.chariotresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF CHARIOT RESOURCES LIMITED

Alex Black, Chairman, Executive Vice President

Forward-Looking Statements: Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Corporation's periodic
filings with Canadian Securities Regulators. Such information contained
herein represents management's best judgment as of the date hereof based
on information currently available. The Company does not assume the
obligation to update any forward-looking statement.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Chariot Resources Limited - Toronto Office
    Alex Black
    Chairman, Exec. VP
    Cell: (647) 287-4980
    alexb@chariotresources.com
    or
    Chariot Resources Limited - Toronto Office
    Ulli Rath
    President & CEO
    Cell (416) 270-4481
    rath4481@rogers.com
    or
    Chariot Resources Limited - Lima, Peru Office
    Bob Baxter
    Director, Exec. VP
    Cell: +51-1-9790 3000
    bobb@chariotresources.com
    or
    Chariot Resources Limited - Perth, Australia Representative
    John Hannaford
    Director
    Cell: +61-419 042769
    jhannaford@ventnorcapital.com
    www.chariotresources.com
    The Toronto Stock Exchange has not reviewed this news release and does
    not accept responsibility for the adequacy or accuracy of this news
    release.