Award of two additional mining licences

RNS Number : 1457Y

Chaarat Gold Holdings Ltd

19 February 2013

 



Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Award of two additional mining licences

Road Town, Tortola, British Virgin Islands (19 February 2013)

Chaarat (AIM - CGH), the AIM quoted gold exploration and development company with assets in the Kyrgyz Republic, is pleased to announce it has been awarded two additional mining licences at its operations in the country.

Highlights

·     Award of mining licence for the Kiziltash area of the Chaarat project

·     Entire Chaarat project now licenced to move to production

·     Award of mining licence for the Mironovskoye deposit

Dekel Golan, CEO comments: "The award of these two mining licences is yet another milestone in our evolution from an exploration to a mining company. The Kyrgyz Government has stated it is committed to the development of the mining sector as a linchpin of the economy. We are encouraged that by the award of these licences the Government is further delivering on its commitment."

The Kiziltash licence

Chaarat has achieved its most significant milestone to date with the award of the mining licence for the Kiziltash Project. This follows the award of the mining permit for the Tulkubash licence area in June 2012 and means the whole Chaarat project can  now be brought into production.

The Kiziltash licence is valid until 2033 and can be extended to the full life of mine once detailed development plans for the deposit are submitted and approved. 

The Mironovskoye licence

Chaarat has also been awarded a mining licence for its Mironovskoye deposit, which was acquired in 2010. The licence is valid until 2033 and can be extended upon the approval of detailed plans. The Mironovskoye deposit is located close to infrastructure and to Bishkek, the capital of the Kyrgyz Republic. The Company is evaluating ways to unlock the value associated with the deposit.

Further information on Mironovskoye can be found at www.chaarat.com within the Exploration Projects section.

Enquiries:  

Chaarat Gold Holdings Limited	[phone]
c/o Central Asia Services Limited
Dekel Golan   CEO	[e-mail]
Linda Naylor  FD	[e-mail]
Numis Securities Limited	[phone]
Alastair Stratton, Stuart Skinner (NOMAD)
James Black (Broker)
College Hill	[phone]
Matthew Tyler	[e-mail]
Anca Spiridon
Ali Roper

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. Situated in the highly prospective Tien Shan gold belt the Company's principal strategy is the development of the Chaarat Gold Project with first gold production targeted during 2013. Chaarat's key objective is to become a low cost gold producer targeting annual production of 200,000 ounces.

In addition to the Chaarat Gold Project, the Company has several other promising prospects also located within the Kyrgyz Republic. An exploration programme is underway at both the Company's Chontash project, located in the Akshirak range of mountains, as well as at the Mironovskoye asset.

 

END

 

 

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