Calgary, Alberta, Canada, November 18, 2004, Chartwell Technology Inc. (TSX:CWH) (the “ Company ”), a leading provider of gaming software systems and entertainment content to the online and remote gaming industry, is pleased to announce that it has entered into an agreement with a syndicate of underwriters, led by Clarus Securities Inc. (collectively, the “ Underwriters ”) pursuant to which the Company has agreed to issue and sell and the Underwriters have agreed to purchase on a “bought deal” basis, by way of private placement, an aggregate of 2,150,538 Common Shares of the Company at a price of $4.65 per Common Share, resulting in gross proceeds of $10,000,000. In addition, the Company has granted the Underwriters an option to increase the size of the offering by up to $1,000,000 at the same price per share which option is exercisable at any time prior to the closing.

This private placement financing is subject to normal regulatory approvals, including the approval of the Toronto Stock Exchange. The Common Shares will be offered in certain provinces of Canada by way of private placement pursuant to applicable prospectus exemptions. Closing of the offering is expected to occur on or about December 7, 2004 .

About Chartwell

Chartwell Technology Inc. specializes in the development of leading edge gaming applications and entertainment content for the Internet and wireless platforms and other remote access devices. Chartwell's Java and Flash based software products and games are designed for deployment in gaming, entertainment, advertising and promotional applications. Chartwell does not participate in the online gaming business of its clients. Chartwell's team of highly trained professionals is committed to delivering the highest quality software and maintaining its leading edge through continuous development and unparalleled customer support.

Chartwell invites you to preview and play our games at: www.chartwelltechnology.com

For further information, please contact: Chartwell Technology Inc.

The TSX does not accept responsibility for the adequacy or accuracy of this release.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products, regulation of the online gaming industry, and other risks detailed from time to time in Chartwell's filings with the Securities & Exchange Commission. We assume no responsibility for the accuracy and completeness of these statements and are under no duty to update any of the forward-looking statements contained herein to conform these statements to actual results. This is not an offer to sell or a solicitation of an offer to purchase any securities.