Cessation of hostilities in Nagorno-Karabakh

RNS Number : 1965F

Chaarat Gold Holdings Ltd

13 November 2020

 

13 November 2020

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Cessation of hostilities in Nagorno-Karabakh

Chaarat Gold (AIM: CGH), the AIM-quoted gold mining Company with an operating mine in Armenia, and assets at various stages of development in the Kyrgyz Republic, provides an update on the current situation in Armenia.

On 9 November, a peace deal brokered by Russia was agreed between Azerbaijan and Armenia in relation to the Nagorno-Karabakh region. Russia has deployed resources to keep the peace in the region with an initial period of five years and a potential extension for another five years.

Operational impact to the Company has been limited and management has successfully focused on higher grade areas and treating additional third-party ore purchases. Additionally, transport routes and concentrate shipments have seen minimal impact from the conflict. As a result, Chaarat maintains its annual production guidance of 55,000 gold equivalent ounces ("oz") from its Kapan operation.

Artem Volynets, Chief Executive Officer, commented:

" Chaarat proactively managed the situation in the previous months and was able to balance production allowing us to maintain our annual guidance. The outstanding efforts of our employees were critical in keeping our operations as stable and successful as they have been to date."

Enquiries
Chaarat Gold Holdings Limited	[phone]
Artem Volynets (CEO)	[e-mail]
Canaccord Genuity Limited (NOMAD and Joint Broker)	+ 44 (0)20 7523 8000
Henry Fitzgerald-O'Connor
James Asensio
finnCap Limited (Joint Broker)	[phone]
Christopher Raggett
SP Angel Corporate Finance LLP (Joint Broker)	+ 44 (0)20 3470 0470
Ewan Leggat

About Chaarat

Chaarat is a gold mining company which owns the Kapan operating mine in Armenia as well as Tulkubash and Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear strategy to build a leading emerging markets gold company with an initial focus on Central Asia and the FSU through organic growth and selective M&A.

Chaarat is engaged in active community engagement programmes 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 by building relationships based on trust and operating to the best environmental, social and employment standards. Further information is available at  www.chaarat.com/ .

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