Last checked at 24 Feb 2014 07:00
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Award of licences
Road Town, Tortola, British Virgin Islands (24th February 2014)
Chaarat (AIM:CGH), the AIM quoted gold exploration and development company with assets in the Kyrgyz Republic, is pleased to provide an update on the award of licences on its Chaarat deposit.
Highlights:
· Two mining licences merged into one licence - valid until 2032
· Exploration licence awarded over prospective areas adjacent to the area of the mining licence - valid until 2033
· Exploration licence includes on strike extension of the Chaarat deposit with trenching work having confirmed mineralisation
· Definitive Feasibility Study remains on track for completion in late 2014
Dekel Golan, CEO comments: "I am delighted to report this significant milestone for your company. Our decision to prepare a Definitive Feasibility Study (DFS) for the whole Project rather than moving early to small scale production has been supported by our host country. The Kyrgyz Government has demonstrated its endorsement of our change in strategy by the award of this unified licence and extending the timeline to submit the required reports.
The new unified mining licence is initially valid until 2032 but may be thereafter extended to life of mine which I believe will be much longer. The DFS, which is currently in preparation, has to be submitted and adapted to local standards by the end of 2016; a requirement which will be satisfied. Construction and operational permits will be issued based on the designs included in the DFS. Progress on the DFS has continued with the completion of data collection and we are currently assessing the bid packages from consultants.
We applied for the exploration licence over the area adjacent to the mining licence having identified the continuation of the mineralised strike and a number of additional promising targets. It is important to remember that the three parallel mineralised zones of Chaarat can be identified over 12km and of this strike only 5km has been drilled to date and c6m ounces of gold resource delineated. We anticipate that significant additional resources can be identified and delineated within the area of the new exploration licence which is valid until 2033 and may be extended after that for a further twenty years.
I would like to thank the Kyrgyz Government for its support and acknowledgement that the Chaarat deposit is one of the world's best undeveloped gold deposits".
Further information is available at www.chaarat.com
Enquiries:
Chaarat Gold Holdings Limited | + 44 23 800 11747/+ 44 20 7499 2612 |
c/o Central Asia Services Limited | info@chaarat.com |
Dekel Golan CEO | |
Linda Naylor FD
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Numis Securities Limited | +44 (0) 20 7260 1000 |
John Prior, Stuart Skinner (NOMAD) | |
James Black (Broker) |
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About Chaarat Gold
Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic with a large, high grade resource which is capable of generating low cost gold production - the Chaarat Gold Project.
The Company's key objective is to become a low cost gold producer targeting annual production of 200,000 ounces from the development of the Chaarat Gold Project. Chaarat is fully funded to complete a Definitive Feasibility Study (DFS) and continue its active community engagement programme to optimise the value of the Chaarat investment proposition.
Chaarat has several other promising prospects also located within the Kyrgyz Republic.