Replies to post #26 on Chariot Resources Ltd (CHD)

[Ed Monton]

Chariot Resources Limited: US$6.3 million Budget
Approved for Marcona Copper Project

TORONTO, ONTARIO--(CCNMatthews - Jan. 26, 2005) - Chariot Resources
Limited (Chariot) (TSX:CHD) announced today that its 70% owned Peruvian
subsidiary company, Marcobre SAC, approved a preliminary US$6,292,000
Work Plan and Budget for 2005 to advance the development of the Marcona
Copper Project which is located in southern Peru. Chariot and its joint
venture partners, Korea Resources Corporation and LG-Nikko Copper Inc.,
which together own 30% of the project, held their first board meeting in
Toronto yesterday after acquiring the project on December 30, 2004.

The Marcona Copper Project is located approximately 500km south of Lima
and is situated within 10km of the Pan American Highway, 25 km from two
deep seawater ports and 10km from the main power grid and existing known
water aquifers. The Project, which was discovered by Rio Tinto in 2002,
covers approximately 32,899 ha and comprises of a number of prospects of
which the Mina Justa Prospect is the most advanced. Independent
consultants, AMEC have previously estimated an Inferred Mineral Resource
for the Mina Justa Prospect of 218.3 million tonnes at a grade of 0.80%
Cu which is equivalent to approximately 1.75 million tonnes of copper.

The 2005 Work Plan and Budget incorporates approximately 37,000m of
reverse circulation and diamond drilling to evaluate exploration targets
that have the best potential to increase the current Inferred Mineral
Resource.

Chariot has identified 20 additional target areas (60% of which are
drill ready) at the Marcona Copper Project which it believes represent
the best chance for exploration success and warrant additional
exploration expenditure. The Corporation believes that the targets have
the potential to add up to 368 million tonnes to the resource base. A
selected proportion of the higher priority targets will be the focus of
the 2005 Work Plan and Budget. The potential quantities and grades for
the target areas are conceptual in nature (insofar as there has been
insufficient exploration to define a mineral resource as defined by The
Canadian Institute of Mining, Metallurgy and Petroleum) and are based on
surface exposures of the mineralization, soil sample results,
geophysical surveys and limited drilling. There can be no assurance that
the further exploration proposed by Chariot with respect to the targets
will result in the establishment of additional mineral resources (as
defined by the Canadian Institute of Mining, Metallurgy and Petroleum).
AMEC has reviewed the geological data developed by Chariot on each of
the target areas and has concluded that the targeted range of tonnages
and grades are reasonable and that potential exists to increase the
resource base of the Marcona Copper Project.

Marcobre will also commence an Environmental, Health, Safety and
Community Program that will define water supply sources, review existing
port infrastructure and power capacity, initiate baseline studies for
the Environmental Social Impact Assessment report, commence a community
relations program and define permits and surface rights.

Mr. Alex Black, Chairman, Executive Vice President said, "Chariot is
looking forward to this exciting phase of the company's growth. We are
in a unique and envious position at this time of our company's
development having two major Korean corporations as our joint venture
partners in taking the project forward. The Marcona Copper Project,
having only been discovered in 2002, is considered by management to be
the best new undeveloped copper project in South America. Chariot has
set its objective on being the next mid-tier copper company to be listed
on the TSX and should accomplish this objective during the next 24
months."

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-

FOR FURTHER INFORMATION PLEASE CONTACT:
Chariot Resources Limited
Toronto Office
Alex Black - Chairman, Exec. VP
Cell Phone: [phone]
Email: [e-mail]
or
Chariot Resources Limited
Toronto Office
Ulli Rath - President & CEO
Cell Phone: [phone]
Email: [e-mail]
or
Chariot Resources Limited
Lima, Peru Office
[phone]
[phone] (FAX)
or
Chariot Resources Limited
Lima, Peru Office
Bob Baxter - Director, Exec. VP
Cell Phone: [phone]
Email: [e-mail]
or
Chariot Resources Limited
Perth, Australia Representative
John Hannaford - Director
Cell Phone: [phone]
Email: [e-mail]
Website 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.