(Alliance News) - Chaarat Gold Holdings Ltd on Wednesday posted an annual production rise at its Kapan mine in Armenia and reported an increaaed reserves estimate at the Tulkubash project in Kyrgyz Republic.
Gold equivalent output at the Kapan project in 2019 rose by 6.8% to 60,252 ounces from 56,424 in 2018. Sales were 8.5% higher at 55,255 ounces from 50,915 ounces.
For 2020, Chaarat said it expects gold equivalent production of 55,000 ounces, which would represent an 8.7% dip year-on-year.
At the Tulkubash gold project, proven and probable reserves were boosted by 14% to 25 million tonnes from 22 million tonnes, following a drilling programme.
Chaarat said: "The objective of the drilling programme was to test targets northeast of the prior Resource boundary, enhance the project economics by adding ore to the previously defined pits, and to increase understanding of prospectivity of the wider licence area.
"Drilling within the existing resource footprint demonstrated increased continuity in and between the ore zones and was successful in optimising pit designs. This contributed to the increase in reserves."
Shares in the company were 3.5% higher at 36.86 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Chaarat Gold (CGH)