Chaarat Gold Holdings Ltd Award of licenses (6760A)
February 24 2014 - 2:00AM
UK Regulatory
TIDMCGH
RNS Number : 6760A
Chaarat Gold Holdings Ltd
24 February 2014
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Award of licences
Road Town, Tortola, British Virgin Islands (24(th) 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 + 44 23 800 11747/+ 44
Limited 20 7499 2612
c/o Central Asia Services info@chaarat.com
Limited
Dekel Golan CEO
Linda Naylor FD
Numis Securities Limited +44 (0) 20 7260 1000
John Prior, Stuart Skinner
(NOMAD)
James Black (Broker)
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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