Chariot Resources Ltd (CHD)

[Ed Monton]

Exploration Update 2004; Chariot Plans to Drill Four
Projects in Peru in 2004

VANCOUVER, BRITISH COLUMBIA--

Highlights

- Yanama high resolution IP survey and drilling program to
commence in March-April.

- Antash BHP Billiton JV, IP survey and drilling program on
leached copper porphyry target to commence in April.

- Cello Ccasa, the Huaman Loma high sulphidation target to be
drill tested in April 2004.

- Bambas Este skarn Cu-Au property, IP survey and drilling to
commence in May-June 2004.

The company is pleased to announce that it is planning to carry
out four drilling programs during 2004. Selection of geophysical
and drill contractors is in progress. In addition the necessary
community agreements and drilling approvals are also in progress
for Antash, Cello Ccasa and Bambas Este projects.

Yanama Gold Project

First phase drilling (7 holes) was completed in Q4 2003.
Significant, near surface, gold mineralization was encountered in
5 of the 7 holes drilled. The highlights achieved were as
follows. 10m @ 6.6g/t Au; 8m @ 5.6g/t Au; 6m @ 3.3g/t Au; 16m @
0.17g/t Au; 35m @ 0.29g/t Au. The company issued a press release
on the definition of vein extensions and the discovery of new
structures on 13th February 2004. High resolution IP surveys
using the IRIS Elrec 10 channel system is being used on other
prominent high grade gold preojects in Peru with outstanding
results. It is expected that this survey will define additional
new targets for drilling in April 2004.

Antash Copper / Gold Project

Antash, a BHP Billiton JV/Option is located approx. 25km west of
Barrick's Pierina Gold Mine. The property has a north / south
elongate alteration zone that covers approx. 8km x 3km. A 3km
long x 0.3 km-1 km wide quartz feldspar porphyry intrudes
Tertiary Calipuy volcanics. Recent sampling and mapping has
confirmed that the main centre of mineralization, marked by
highly anomalous Mo (including samples up to 1,170 ppm Mo) and
leached Cu mineralization covers an area of 1.2 km x 0.6 km.
Chariot will test this area of the leached porphyry copper system
which is co-incident with strong stockwork quartz veining by
drilling in April-May 2004 after a comprehensive IP survey.

Bambas Este Copper / Gold Project

Bambas Este, another BHP Billiton JV/option is located in the
Eocene-Oligocene Peruvian Skarn Belt, 15 km east of the well
known Bambas district (with stated reserves of 40 Mt @ 2.1% Cu in
the Chalcobamba zone and 9.6 Mt @ 2.3% Cu% in the Ferrobamba
zone), currently being privatized by the Peruvian government. The
Bambas Este copper skarn project is a large area with evidence of
peripheral skarn alteration with copper values up to 7% over
three magnetic anomalies. IP soundings and drilling is planned
for this project by the second quarter of 2004.

Cello Ccasa Silver / Gold Project

This project has been subjected to approx. 10,000m of drilling
and contains a resources of 17.3Mt @ 2.3oz/t Ag containing 31.4
million ounces of silver and 132,000 ounces of gold. This
resource estimate has been independently determined to JORC
standards. Geochemistry and geophysics has been undertaken on the
adjoining Huaman Loma prospect area and drilling is planned in
this area in 2004 with the objective of uncovering additional
gold resources to add to the resources at Cello Ccasa.

All drilling and sampling programs will be supervised on site by
the company geologists under the direction of Mr. Robert Baxter,
Director - Exploration, (Member, AUSIMM - and therefore the
competent person for the Project)

Sierra Technical Alliance

The company continues to evaluate new targets defined during 2003
with the expectation that at least two new drill projects will be
defined in 2004.

Country Strategy

"Chariot Resources Limited will be embarking on one of the most
aggressive exploration programs, during 2004, of any junior
exploration company currently active in Peru", said Alex Black.
"This fits with our strategy of rapidly reviewing the potential
of our projects and assessing whether they host significant
mineralized systems. We are also continually reviewing new
prospects for potential acquisition to fill our project pipeline
as we advance our exploration program".

The company also wishes to advise its existing and prospective
investors that the company will be exhibiting at the PDAC,
Toronto, which commences on March 7, 2004. We encourage everyone
to visit our booth and personally meet members of the board who
will be happy to discuss in more detail the company's projects
and strategy.

ON BEHALF OF THE BOARD OF DIRECTORS OF CHARIOT RESOURCES LIMITED.


Alex Black, President

CHARIOT RESOURCES LIMITED, listed on the TSX Venture Exchange is
engaged in mineral exploration and development in the Andean
region of South America. Additional detail about the Company's
projects can be viewed our website at www.chariotresources.com.

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.

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FOR FURTHER INFORMATION PLEASE CONTACT:
Chariot Resources Ltd. - Lima, Peru Office
Bob Baxter
51-1-436-9127 or Cell: 51-1-9790 3000
Email: [e-mail]
or
Chariot Resources Ltd. - Lima, Peru Office
Alex Black
51-1-436-9127 or Cell: 51-1-9790 9000
Email: [e-mail]
or
Chariot Resources Ltd. - Toronto Representative Office
Ulli Rath
Cell: [phone]
or
Chariot Resources Ltd. - Vancouver Office
c/- Chase Management
[phone]
[phone] (FAX)
or
Chariot Resources Ltd. - Perth Representative Office
John Hannaford
Cell: 61 419 042 769
Email: [e-mail]
Website: www.chariotresources.com