Directorate Change

RNS Number : 1960V

Chaarat Gold Holdings Ltd

11 December 2013

 



Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Director appointment

Road Town, Tortola, British Virgin Islands (11 December  2013)

Chaarat (AIM:CGH), the AIM quoted gold exploration and development company with assets in the Kyrgyz Republic, is pleased to announce following a Board meeting held on 10 December 2013, the appointment of Richard Rae as a non-executive director of the Company with immediate effect.

Richard is an experienced City professional who brings his contacts and in depth understanding of the equity markets to the Board of Chaarat which will assist in the Company's engagement and communication with its shareholders. 

As a managing director of ABN AMRO, Richard was responsible for the team engaged in research, sales and trading of Mid and SmallCap equities. In this role and before that as Head of UK Smaller Companies Research & Sales, he managed the liaison with the corporate broking and financial advisory departments. 

He is a non executive director and member of the Audit Committee of Aberforth Smaller Companies Investment Trust plc, the largest investment trust within the UK Smaller Company sector.

A Chartered Accountant, Richard will join Chaarat's Audit and Remuneration Committees.

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Dekel Golan, CEO of Chaarat, commented:

"I am delighted to welcome Richard to the Board.  We understand the importance of working on our engagement with shareholders and communicating Chaarat's compelling investment case. Richard's experience will be invaluable in these efforts.

The appointment of an additional non executive director to our Board comes at a time when Mac DeGuire is moving into an executive role as Project Manager of the Definitive Feasibility Study."

Regulatory information

Richard Anthony Rae (aged 54) has confirmed that other than his current and previous directorships and the information disclosed below there are no matters to be disclosed under Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules.

Current directorships

Aberforth Smaller Companies Investment Trust plc Company85 Ltd

Directorships resigned in last five years

Mouchel Group plc ABN AMRO Equities (UK) Ltd

Richard joined the board of Mouchel Group plc in November 2010 following a number of profit warnings, and remained on the board until September 2012 when the company was restructured and placed into administration and its business purchased by a buyout company owned by its lenders.

Enquiries:

Chaarat Gold Holdings Limited	+ 44 23 800 11747/+ 44 20 7499 2612
c/o Central Asia Services Limited	[e-mail]
Dekel Golan   CEO
Linda Naylor  FD
Numis Securities Limited	[phone]
John Prior, Stuart Skinner (NOMAD)
James Black (Broker)

Further information is available at www.chaarat.com

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. Situated in the highly prospective Tien Shan gold belt, a JORC compliant resource of 5.76Moz at a grade of 4.03g/t has so far been delineated and recent infill drilling shows the potential to increase the resource base. 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.

The Pre-feasibility Study published in 2011 indicated  that the Chaarat deposit is capable of supporting gold production of approximately 200,000 ounces of gold per year, at a cash cost of production below $600 per ounce. The study also identified areas which could be improved with further work.

We are fully funded to complete a Definitive Feasibility Study (DFS) and continue our 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. An exploration programme is underway at the Company's Chontash molybdenum-copper-gold-porphyry project, located in the Akshirak range of mountains.  A mining licence has been obtained for the Mironovskoye polymetallic asset, located about 120km east of Bishkek.

 

END

 

 

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