Road Town, Tortola, British Virgin Islands (29 July 2013)
Chaarat (AIM - CGH), the AIM quoted exploration and development company with assets in the Kyrgyz Republic, announces that, in accordance with the Company's share option scheme and following approval by the Board on 26 July 2013, 97,397 options were awarded to Marcel DeGuire with an exercise price of 25p.
The date of grant is deemed to be the date of appointment of Mr DeGuire to the Board on 8 May 2013. Under the terms of the scheme, the exercise price of the options is calculated at the date of grant using the 15 trading day volume weighted average share price prior to grant. At the date of grant the exercise price was calculated as 19.38p. The Board has decided that the exercise price should be set at 25p. Accordingly all of the options are exercisable between 1 and 8 years from the date of grant at a price of 25p.
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.
This information is provided by RNS
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