Chaarat Gold Holdings Ltd Update on Tulkubash Heap Leach Project (2562K)
July 06 2017 - 2:00AM
UK Regulatory
TIDMCGH
RNS Number : 2562K
Chaarat Gold Holdings Ltd
06 July 2017
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Update on Tulkubash Heap Leach Project
Road Town, Tortola, British Virgin Islands (6(th) July 2017)
Chaarat (AIM : CGH), the AIM quoted exploration and development
company with assets in the Kyrgyz Republic, is pleased to provide
an update on the development of the Tulkubash Heap Leach
Project.
Highlights
-- Key project workflows on track
-- Local permitting well advanced
-- Majority of the land required for the project leased for the life of the project
-- Head of Geology appointed to join recently recruited Project Manager
-- Drill program to increase the Tulkubash Project reserve and life of mine on schedule
Project approvals update
We have made good progress on the approvals process. The terms
of our mining licence for the Tulkubash Project requires we submit
a document called a Technical Project (TP) by 31 December 2018 to
the State Committee of Energy, Industry and Subsoil Use. The TP
sets out the detailed plan for development of the deposit and will
be submitted with the environmental impact assessment (or OVOS) of
the proposed development.
The Company has received a positive expert evaluation on the
OVOS, which marks the achievement of a significant milestone in
developing the Tulkubash Project and further substantiates the
support of the local community in 2015 of the development
plans.
The land allocations for all areas required for the deposit's
operational and infrastructure facilities must also be secured. 60%
of the land required for the project footprint has now been leased
by the Company until 2032 being the period of the current licence
agreement.
Continued senior recruitment
We are very pleased to announce that Frank Fenne has been
recruited as Head of Geology. He brings to the company over 30
years of experience in exploration, project development, and mine
operations. He has managed exploration and development projects in
the western U.S., Mexico, and in the Philippines. As the Vice
President of Exploration for Vista Gold Corp., he planned and
managed a staged development drilling program in Australia that
resulted in 5.5 Moz of gold in reported reserves and added 6.5 Moz
of gold in total resources. As Technical Services Manager at the
Kinross Round Mountain Mine in Nevada, he developed plans and
managed feasibility studies that resulted in a pit expansion that
added five years of mine life and 2.4 million ounces to
reserves.
Davron Vakhabov joined the project team in May. He brings over
ten years of extensive international contracting and projects
management experience which include various project management
positions in Alacer Gold Corp's Çöpler Gold Mine. Working with
Robert Benbow (Chaarat's COO) he was a member of the original mine
construction team before moving to responsibility for all plant and
heap leach pad expansion projects. Prior to joining Chaarat, Davron
was an area manager responsible for infrastructure at Lydian
International's Amulsar Gold Project in Armenia.
Securing key personnel to deliver the project is critical and
recruitment continues to strengthen the project team.
Drilling
Drilling to increase the resource base and project reserves is
ongoing with 12 rigs on site. 2,000 metres have been drilled thus
far from a planned program of 11,000 metres which is due for
completion by the end of the season.
Infrastructure
Construction on the site access road has commenced but later
than planned due to extended winter weather. The Company is
reviewing options to expedite the road's completion.
Financing
We are continuing to work on the financing options for the
Tulkubash Project with Endeavour Financial and site visits are
being arranged throughout the summer for interested parties.
Martin Andersson, Chairman comments: "I am pleased to welcome
Frank and Davron to the team. Whilst I do not wish to underestimate
the challenges of meeting our ambitious timeline to production, I
am encouraged that the project is progressing on schedule and the
management team has been further strengthened."
Enquiries:
Chaarat Gold Holdings
Limited + 44 (0) 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, Paul Gillam
(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 - the
Chaarat Gold Project. The Company's key objective is to become a
low cost gold producer generating significant production from the
development of the Chaarat Gold Project. Chaarat is engaged in an
active community engagement programme to optimise the value of the
Chaarat investment proposition.
Chaarat aims to create value for its shareholders, employees and
communities from its high quality gold and mineral deposits in the
Kyrgyz Republic by building relationships based on trust and
operating to the best environmental, social and employment
standards.
Further information is available at www.chaarat.com
This information is provided by RNS
The company news service from the London Stock Exchange
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