26 Feb 2014 07:00
Embargoed: 0700hrs 26 February 2014
Premier Gold Resources plc
("Premier Gold" or the "Company")
Country Update
Premier Gold (AIM:PGR), the Central Asia-focused gold exploration and development company, provides an update on steps being taken to resolve the local issues (described in its announcement of 4 October 2013) in order that activity on the Cholokkaindy gold licence can re-commence safely at the outset of the forthcoming field season.
The Company announced on 4 October 2013 that it had encountered resistance from factions of local groups seeking to hold up the work programme at Cholokkaindy illegally. The Company announced that, notwithstanding Premier Gold's legal right to progress its work programme on Cholokkaindy, these groups had sought to threaten and intimidate employees of the Company and its Kyrgyz contractors. The Company reaffirmed that its first priority is the safety of its employees and contractors. As such, the Company announced it was unable to undertake fieldwork operations during the last field season.
Since October 2013, several members of Premier Gold's board have conducted meetings with Government officials in the Kyrgyz Republic, including the Deputy Prime Minister.
In order for Premier Gold to resolve the situation and create a safe working environment for the progression of the work programme on its licence, it is necessary to ensure both the support of the governor of Chui Valley (the region in which the Company's licence is situated) and, ultimately, the head of the local administration of Panfila (the immediate surrounding area of the Company's licence).
To this end the Company has experienced delays at the regional and local levels arising from a change of both the governor of Chui Valley and the head of the local administration of Panfila, leaving both positions unfilled for several weeks. Premier Gold is pleased, however, to note that Mr Kanat Isayev was appointed as the new governor of Chui Valley on 20 February 2014; and Mr. Omurbek Nogoev was elected as the head of the local administration of Panfila on 10 February 2014.
Premier Gold, with the assistance and support of the Deputy Prime Minister, has already engaged in consultations with both the new governor and head of the local administration and the Company is assured that the issues which have affected the Cholokkaindy licence are being addressed as a priority in order to ensure that employees and contractors can work safely at Cholokkaindy at the outset of the forthcoming field season (estimated to commence in May 2014).
The Company will update shareholders with any material developments when they occur.
Contacts:
Premier Gold Resources plc | |
Richard Nolan, CEO | 020 7078 9566 |
WH Ireland Limited (Nominated Adviser and Broker) | |
Katy Mitchell | 0113 394 6600 |
Vigo Communications | |
Ben Simons / Chris McMahon | 020 7016 9574 |
About Premier Gold Resources plc
Premier Gold Resources plc (AIM:PGR) is a gold exploration and development company listed on the London Stock Exchange. Premier Gold is focused on gold opportunities in Central Asia, in particular the Kyrgyz Republic, where the Company's current project, Cholokkaindy, is located.
Cholokkaindy is a 32 square kilometre licence area located in the northern Tien Shan, 20 kilometres south of Kara Balta and 80 kilometres southwest of Bishkek. Geological results from Premier Gold's work programme to date support the view that Cholokkaindy is part of a large mineralising system, displaying several key indicators associated with other large gold deposits in the northern Tien Shan metallogenic belt.
For further information or to sign up to our email 'Alert Service' please visit:
www.premiergoldresources.com