AGM Statement
July 07 2011 - 4:45AM
UK Regulatory
TIDMCGH
Chaarat Gold Holdings Limited
("Chaarat" or "the Company")
AGM Statement
Road Town, Tortola, British Virgin Islands (7 July 2011)
At the Annual General Meeting of the Company to be held at 10.00 a.m. today,
Christopher Palmer-Tomkinson, Chairman, will make the following statement:
"The year under review has been one of significant progress for your Company, as
outlined in the Annual Report & Accounts. The potential of the Tulkubash
section of the deposit was recognised, offering the opportunity to gain early
cashflow, albeit from a resource that is relatively small compared to the
overall project, a development that the Company is pursuing vigorously.
Attaining our objectives for Tulkubash will be assisted by the successful
fundraising of $80m, which was completed in March this year.
"This progress has continued: recently we announced the pre-feasibility report
on the Chaarat Gold project, in which SNC-Lavalin have outlined a robust set of
economics for the project. However, partly through the staging of capital
expenditure, we believe the project economics can be substantially improved.
"This morning we announced the latest drill results on the Contact Project,
which adds a further 16.5% to the Mineral Resource in that section of the
overall Chaarat Project. The drilling facilitated an upgrade of 36% in the
indicated category of the resource estimate. Significantly the drilling
demonstrated an increase of grade at depth, and bodes extremely well for both
the size and quality of the overall resource across Chaarat: the total resource
estimate for the Chaarat Project now stands at 4.736 Moz, at an average grade of
4.28 g/t, compared to 4.406 Moz at an average grade of 4.2 g/t when the Company
last announced a resource estimate in February this year.
"Operating in the Kyrgyz Republic continues to present challenges, but our
relationship with the authorities there remains positive. It is particularly
pleasing that the Kyrgyz Government recently acted swiftly to refute inaccurate
rumours circulating that nationalisation of major ore bodies in country was
contemplated and we look forward to further cooperation in the future."
Enquiries:
Chaarat Gold +44 (0) 20 7499 2612
c/o Central Asia Services Limited
Dekel Golan - CEO dekel@chaarat.com
Linda Naylor - Finance Director linda.naylor@chaarat.com
Westhouse Securities Limited +44 (0) 20 7601 6100
Tim Feather tim.feather@westhousesecurities.com
Richard Baty richard.baty@westhousesecurities.com
Bankside Consultants + 44 (0) 207 367 8888
Simon Rothschild simon.rothschild@bankside.com
Note to Editors:
About Chaarat Gold
Chaarat Gold is an exploration and development company operating in the Kyrgyz
Republic. The Company's main activity is the development of the Kiziltash and
Tulkubash projects situated within the Middle Tien Shan Mountains of Kyrgyzstan,
which form part of the Tien Shan gold belt. The Company has delineated a JORC
compliant mineral resource of 4.736Moz at a grade of 4.28g/t gold across both
projects. Chaarat's key objective is to become a low cost gold producer; with
initial production from the Tulkubash project, targeting increased production of
over 200,000 ounces per annum as the Kiziltash project comes on stream.
Further information is available at www.chaarat.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Chaarat Gold Holdings Ltd via Thomson Reuters ONE
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