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Chaarat (AIM - CGH), the AIM quoted exploration and development company with assets in the Kyrgyz Republic, is pleased to provide an progress update on the Definitive Feasibility Study ("DFS") for the Chaarat Project ("the Project").
Highlights
· Contractors have been selected to complete all components of the DFS
· Gustavson Associates ("Gustavson") will be project managers for the DFS as well as preparing the geology, mineral resource and mine design sections
· Resource Development Inc ("RDi") appointed as metallurgical consultants
· Golder Associates (UK) Ltd ("Golder") will provide the geotechnical, hydrological and environmental studies
· GBM Minerals Engineering Consultants Limited ("GBM") will undertake the process and infrastructure engineering for the Project as well as the study on logistics
· DFS on schedule for completion by the end of 2014 and on budget
Having completed a rigorous and competitive tender process, the team of consultants to deliver the DFS for the Chaarat Project is now in place. The team will work closely with Mac DeGuire, the Director responsible for the DFS, and with Gustavson, who assisted in the tender process.
The resource and reserve model is being updated by Gustavson. The drilling programme completed in the 2013 season will be incorporated into the new model, which is aimed at upgrading the JORC resource from inferred to the indicated and measured categories. Gustavson will also undertake the open pit and underground mine planning.
RDi has worked with Chaarat since the Prefeasibility Study which was completed in 2011. They have an unrivalled knowledge of the characteristics of the ore at the Chaarat Project and the results of their work will determine the optimal process plant design and estimates of metallurgical recovery for the mine optimisation and economic analyses. GBM will design the appropriate plant for the process and associated infrastructure for the Project.
Golder will undertake in depth investigations of the geotechnical and hydrological data collected to date, and commission additional drilling as required, to underpin the parameters for the mine design to be undertaken by Gustavson, the tailings management facility (to be designed by Golder) and the production facility (to be designed by GBM). The Environmental and Social Impact Assessment ("ESIA") will be prepared by Golder to local and International Finance Corporation ("IFC") standards.
Dekel Golan, Chief Executive Officer of Chaarat commented: "Mac DeGuire and Gustavson have assembled a highly experienced and professional team to ensure the DFS is of the quality that the Chaarat Deposit merits. The new team members will be visiting site as soon as it opens at the end of April. We will keep the market updated as work on the DFS progresses.
I am pleased that a number of projects in the Kyrgyz Republic have shown progress in recent weeks, as a sign of confidence in the country, following the positive progress made in the resolution of differences between the Kyrgyz Government and Centerra concerning the Kumtor mine.
We are looking forward to finalising the Chaarat DFS, moving towards permitting, construction and commencing the building of the next major gold mine in central Asia."
Enquiries:
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Chaarat Gold Holdings Limited
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+ 44 23 800 11747/+ 44 20 7499 2612
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c/o Central Asia Services Limited
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info@chaarat.com
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Dekel Golan CEO
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Linda Naylor FD
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Numis Securities Limited
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+44 (0) 20 7260 1000
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John Prior, Stuart Skinner (NOMAD)
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James Black (Broker)
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Further information is available at www.chaarat.com
NOTES TO EDITORS:
About Chaarat Gold
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