Chaarat Gold Holdings Ltd Update on Definitive Feasibility Study (1838D)

TIDMCGH

RNS Number : 1838D

Chaarat Gold Holdings Ltd

26 March 2014

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Update on Definitive Feasibility Study

Road Town, Tortola, British Virgin Islands (26(th) March 2014)

 
       Chaarat (AIM - CGH), the AIM quoted exploration 
         and development company with assets in the Kyrgyz 
         Republic, is pleased to provide an progress update 
         on the Definitive Feasibility Study ("DFS") for 
         the Chaarat Project ("the Project"). 
 
         Highlights 
 
 
          *    Contractors have been selected to complete all 
               components of the DFS 
 
 
          *    Gustavson Associates ("Gustavson") will be project 
               managers for the DFS as well as preparing the geology, 
               mineral resource and mine design sections 
 
 
          *    Resource Development Inc ("RDi") appointed as 
               metallurgical consultants 
 
 
          *    Golder Associates (UK) Ltd ("Golder") will provide 
               the geotechnical, hydrological and environmental 
               studies 
 
 
          *    GBM Minerals Engineering Consultants Limited ("GBM") 
               will undertake the process and infrastructure 
               engineering for the Project as well as the study on 
               logistics 
 
 
          *    DFS on schedule for completion by the end of 2014 and 
               on budget 
 
 
 
         Having completed a rigorous and competitive tender 
         process, the team of consultants to deliver the 
         DFS for the Chaarat Project is now in place. The 
         team will work closely with Mac DeGuire, the Director 
         responsible for the DFS, and with Gustavson, who 
         assisted in the tender process. 
 
         The resource and reserve model is being updated 
         by Gustavson. The drilling programme completed 
         in the 2013 season will be incorporated into the 
         new model, which is aimed at upgrading the JORC 
         resource from inferred to the indicated and measured 
         categories. Gustavson will also undertake the open 
         pit and underground mine planning. 
 
         RDi has worked with Chaarat since the Prefeasibility 
         Study which was completed in 2011. They have an 
         unrivalled knowledge of the characteristics of 
         the ore at the Chaarat Project and the results 
         of their work will determine the optimal process 
         plant design and estimates of metallurgical recovery 
         for the mine optimisation and economic analyses. 
         GBM will design the appropriate plant for the process 
         and associated infrastructure for the Project. 
 
         Golder will undertake in depth investigations of 
         the geotechnical and hydrological data collected 
         to date, and commission additional drilling as 
         required, to underpin the parameters for the mine 
         design to be undertaken by Gustavson, the tailings 
         management facility (to be designed by Golder) 
         and the production facility (to be designed by 
         GBM). The Environmental and Social Impact Assessment 
         ("ESIA") will be prepared by Golder to local and 
         International Finance Corporation ("IFC") standards. 
 
         Dekel Golan, Chief Executive Officer of Chaarat 
         commented: "Mac DeGuire and Gustavson have assembled 
         a highly experienced and professional team to ensure 
         the DFS is of the quality that the Chaarat Deposit 
         merits. The new team members will be visiting site 
         as soon as it opens at the end of April. We will 
         keep the market updated as work on the DFS progresses. 
 
         I am pleased that a number of projects in the Kyrgyz 
         Republic have shown progress in recent weeks, as 
         a sign of confidence in the country, following 
         the positive progress made in the resolution of 
         differences between the Kyrgyz Government and Centerra 
         concerning the Kumtor mine. 
 
         We are looking forward to finalising the Chaarat 
         DFS, moving towards permitting, construction and 
         commencing the building of the next major gold 
         mine in central Asia." 
 
         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 
          Numis Securities Limited              +44 (0) 20 7260 1000 
          John Prior, Stuart Skinner (NOMAD) 
          James Black (Broker) 
 
         Further information is available at www.chaarat.com 
 
         NOTES TO EDITORS: 
         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

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