LOCAL PERMITTING ACHIEVED FOR TULKUBASH PROJECT

RNS Number : 3539R

Chaarat Gold Holdings Ltd

21 September 2017

 

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

FULL LOCAL PERMITTING ACHIEVED FOR THE TULKUBASH HEAP LEACH PROJECT

Road Town, Tortola, British Virgin Islands (21^st September 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 in-country approval process for the Chaarat Gold Project.

Highlights

·     Licence agreement signed with Kyrgyz Government confirms approval for the plan to take stage one and two of the Chaarat Gold Project to production following successful submission of the Technical Project (TP) and positive public hearing

·     Tulkubash Heap Leach Project approved for construction

·     Stage two refractory deposit can be developed when appropriate

·     Local environmental impact assessments and mitigation strategies approved 

·     Land allocations for the main operational and infrastructure facilities secured

In accordance with the terms of the mining licence, the Company  submitted a Technical Project (TP) setting out the detailed plan for the development of the Tulkubash Project and the environmental impact assessment (or OVOS) to the State Committee of Energy, Industry and Subsoil Use (SCEIS).  The TP also contained an outline of the second stage refractory development which will be developed in more detail in due course.  However, there will be no need to submit another TP or undertake a public hearings process when seeking permitting for the second stage development.

As reported on 6 July, a positive expert evaluation was received on the OVOS, following the support of the local community in 2015 for the development plans.

We are pleased to confirm that all approvals of the TP have now been received.  We have signed a licence agreement with SCEIS confirming approval to complete the design and construction required to reach production from the stage one Tulkubash Project in 2019.

This means that the Company can now proceed to detailed design of the mining, processing and infrastructure facilities.  The related geotechnical works are almost complete and the selection of the designer for the leach pad is underway.

Robert Benbow, CEO of Chaarat, commented: "Securing the approval of the Technical Project is another positive milestone in our path to putting the Tulkubash heap leach project into production.  Our efforts are now fully directed towards completing the feasibility study and advancing to project construction.  Our local team has worked hard to gain approval ahead of the Presidential elections in October.

We are also pleased to note the positive outcome to the long running dispute between the Kyrgyz government and Centerra relating to the Kumtor mine.  This is an encouraging sign for all mining companies operating in the Kyrgyz Republic and their stakeholders.  It delivers on the statement made at the Kyrgyz Investment Forum in May by Mr Duishenbek Zilaliev who is now Deputy Prime Minister of the Kyrgyz Republic."

Enquiries:  

Chaarat Gold Holdings Limited	+ 44 20 7499 2612
c/o Central Asia Services Limited	[e-mail]
Robert Benbow CEO
Linda Naylor FD
Numis Securities Limited	[phone]
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

 

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