http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Mon, 21 May 2018 19:38:30 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Update on Suspension ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180504144332_13631028/ Fri, 04 May 2018 14:43:32 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180504144332_13631028/ <![CDATA[Media files - Chaarat Gold outlines terms of its offer for the Kumtor mine in Kyrgyzstan ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9175/chaarat-gold-outlines-terms-of-its-offer-for-the-kumtor-mine-in-kyrgyzstan-9175.html Tue, 01 May 2018 09:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9175/chaarat-gold-outlines-terms-of-its-offer-for-the-kumtor-mine-in-kyrgyzstan-9175.html <![CDATA[News - Chaarat updates on potential acquisition of Kumtor, restarts drilling at Tulkubash ]]> http://www.proactiveinvestors.co.uk/companies/news/196116/chaarat-updates-on-potential-acquisition-of-kumtor-restarts-drilling-at-tulkubash-196116.html Chaarat Gold Holdings Ltd (LON:CGH) has confirmed that the recent proposal it made in relation to the potential acquisition of the Kumtor mine from Centerra Gold Inc (TSE:CG) values Kumtor at US$800mln.

The Kumtor mine currently produces around half a million ounces of gold a year, and is one of Kyrgyzstan’s biggest.

READ: Chaarat updates on potential acquisition of Kumtor, restarts drilling at Tulkubash

It is currently proposed that the consideration will be funded by US$400mln in cash from Chaarat. It is also proposed that subject to the Kyrgyz government's approval, US$400mln of Centerra shares currently held by government investment vehicle Kyrgyzaltyn will be transferred to Centerra and cancelled in exchange for a 50% direct preferred economic interest in the Kumtor mine.

As a result, Chaarat will own all of the common equity of Kumtor, as well as control over management and operations of the mine. Kyrgyzaltyn will own all of the preferred equity of Kumtor, and be entitled to 50% of the economic benefits from the mine.

WATCH: Chaarat Gold outlines terms of its offer for the Kumtor mine in Kyrgyzstan

Chaarat will fund the cash component of the offer through a mixture of debt and equity, backed by two major international financial institutions, which have made private indications of support for the transaction to the parties concerned. The names of these institutions have been confidentially disclosed to Centerra.

Chaarat has also undertaken to to invest up to US$600mln into other projects in the country's mining sector over the next five to seven years.

Separately, the company has also started drilling on its Tulkubash gold project, also in Kyrgyzstan, and a visual inspection of the core produced so far has indicated that mineralisation has already been intersected.

 

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Tue, 01 May 2018 08:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196116/chaarat-updates-on-potential-acquisition-of-kumtor-restarts-drilling-at-tulkubash-196116.html
<![CDATA[RNS press release - 2018 Drilling Commences at Tulkubash ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180501070005_13624817/ Tue, 01 May 2018 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180501070005_13624817/ <![CDATA[RNS press release - Update on Proposed Offer for the Kumtor Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180501070004_13624786/ Tue, 01 May 2018 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180501070004_13624786/ <![CDATA[News - Chaarat Gold believes in Tulkubash’s potential to deliver strong operational cash flow ]]> http://www.proactiveinvestors.co.uk/companies/news/196018/chaarat-gold-believes-in-tulkubashs-potential-to-deliver-strong-operational-cash-flow-196018.html Chaarat Gold Holdings Ltd (LON:CGH) remains ‘confident’ exploration will add significantly to the mine life at Tulkubash in the Kyrgyz Republic.

Martin Andersson, chairman, said: “We firmly believe that the intensive exploration that is planned for the 2018 and 2019 field seasons will add significantly to the Tulkubash mine life ahead of the first gold pour in 2020. “

WATCH: Chaarat Gold confident its mines will operate for a very long time

He added: “Our objective during the two upcoming drill seasons is to add at least 100% to 150% to the existing Tulkubash resources, which we consider a conservative objective. 

“This would be expected to significantly enhance mine life and therefore the project economics.”

The Aim-listed firm today published a feasibility study for Tulkubash.

This indicated an initial life of 3.75 years based on mining a 16mln tonne reserve at an average grade of 0.91g/t gold containing 470,000 ounces of gold with 76.5% recovery.

Upfront costs were US$132mln, repayable in 3.2 years and assuming a gold price of US$1,300 and 5% discount the net present value is US$12.1mln.

READ: Chaarat Gold offers to buy major gold mine

All-in sustaining costs are US$831 per ounce, including all taxes.

The company said the mine generates positive free cash flow of approximately US$59mln per annum at steady state production.

Production is planned to start in 2020 and continues for 3.75 years to the end of 2023 for 360,000 ounces.

Subject to financing, construction will begin in third quarter 2018 and continue for 21 months.

Chaarat shares are suspended from trading on London’s AIM market following a proposal last week to acquire the Kumtor mine, one of the largest gold mines in Central Asia, from Centerra Gold.

It would be part of a three-way deal between Chaarat, Centerra and Kyrgyz state consortium, Kyrgyzaltyn OJSC.

Subsequently, Chaarat will own Kumtor's common equity and be responsible for the management and operation of the mine, while Kyrgyzaltyn will own Kumtor's preferred equity and be entitled to 50% of the mine’s economic benefit.

Kumtor has been in continuous, profitable production for 21 years. It has more than 4mln ounces of open-pit mining reserves and  produced 500,000 ounces of gold in 2017, generating US$188mln of free cash flow.

 

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Mon, 30 Apr 2018 07:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196018/chaarat-gold-believes-in-tulkubashs-potential-to-deliver-strong-operational-cash-flow-196018.html
<![CDATA[RNS press release - Tulkubash Feasibility Study Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180430070012_13622767/ Mon, 30 Apr 2018 07:00:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180430070012_13622767/ <![CDATA[RNS press release - EXERCISE OF OPTIONS AND ISSUE OF EQUITY ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180427113543_13621879/ Fri, 27 Apr 2018 11:35:43 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180427113543_13621879/ <![CDATA[News - Chaarat Gold offers to buy major gold mine ]]> http://www.proactiveinvestors.co.uk/companies/news/195653/chaarat-gold-offers-to-buy-major-gold-mine-195653.html Chaarat Gold Holdings Ltd (LON:CGH) has unveiled a proposal to acquire the Kumtor mine, one of the largest gold mines in Central Asia, from Centerra Gold.

It would be part of a three-way deal between Chaarat, Centerra and Kyrgyz state consortium, Kyrgyzaltyn OJSC.

Subsequently, Chaarat will own Kumtor's common equity and it will be responsible for the management and operation of the mine, while, Kyrgyzaltyn will own Kumtor's preferred equity and will be entitled to 50% of the mine’s economic benefit.

READ: Artem Volynets discusses Chaarat Gold's acquisition strategy

Kumtor has been in continuous, profitable production for 21 years. It has more than 4mln ounces of open-pit mining reserves. It produced 500,000 ounces of gold in 2017, generating some US$188mln of free cash flow.

“Chaarat is ideally placed to take advantage of the opportunities presented by this world-class asset,” the company said in a statement.

“The proposed Acquisition represents a substantial increase in the overall scale of Chaarat's business and Chaarat's board of directors is confident that Chaarat can achieve significant value for its shareholders.

A platform for further acquisitions

“In the medium term, the acquisition will serve as a platform for further acquisitions and generate significant and stable dividends.”

Chaarat added: “For Centerra and its shareholders, Chaarat's offer provides a unique opportunity to realise the full value of Kumtor and reinvest the proceeds in Centerra's business.

“In line with Centerra's stated strategy, the deal will also enable Centerra to reposition its geographic profile and focus on its developed market asset base.”

Chaarat would pay its portion of the deal consideration in cash and Kyrgyzaltyn will transfer most of the Centerra shares it currently holds back to Centerra.

Alongside the proposed transaction, Chaarat has acknowledged its position as a long-term partner to the Kyrgyz Republic and it has stated its intention to invest up to US$600mln into two other projects in the country's mining sector, over the next five to seven years.

The proposed transaction would be a reverse takeover, and the company’s shares have now been suspended from trading on London’s AIM market.

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Tue, 24 Apr 2018 09:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/195653/chaarat-gold-offers-to-buy-major-gold-mine-195653.html
<![CDATA[RNS press release - Suspension - Chaarat Gold Holdings Limited ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180424094309_13616066/ Tue, 24 Apr 2018 09:43:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180424094309_13616066/ <![CDATA[RNS press release - Proposed offer for the Kumtor Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180424091036_13616031/ Tue, 24 Apr 2018 09:10:36 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180424091036_13616031/ <![CDATA[Media files - Artem Volynets discusses Chaarat Gold's acquisition strategy ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9103/artem-volynets-discusses-chaarat-gold-s-acquisition-strategy-9103.html Thu, 19 Apr 2018 08:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9103/artem-volynets-discusses-chaarat-gold-s-acquisition-strategy-9103.html <![CDATA[Media files - Chaarat Gold confident its mines will operate for a very long time ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9080/chaarat-gold-confident-its-mines-will-operate-for-a-very-long-time-9080.html Tue, 17 Apr 2018 15:58:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9080/chaarat-gold-confident-its-mines-will-operate-for-a-very-long-time-9080.html <![CDATA[News - Chaarat’s strategy to become leading mid-tier gold producer now augmented by stated desire for M&A deals ]]> http://www.proactiveinvestors.co.uk/companies/news/194603/chaarats-strategy-to-become-leading-mid-tier-gold-producer-now-augmented-by-stated-desire-for-ma-deals-194603.html Chaarat Gold Holdings Ltd (LON:CGH) has updated the market on its development strategy with a clear statement of intent. The company plans to become a leading mid-tier gold producer focused in Central Asia and the former Soviet Union.

This will be achieved via the initial development of the Chaarat gold project in Kyrgyzstan but the company's position will be further enhanced by selective M&A in the region.

“The first step in Chaarat's strategy is to take the Chaarat Project into production, by adopting a two phase strategy,” said non-executive chairman Martin Andersson.

“Production will be achieved initially through the development of the Tulkubash oxide ore using open pit mining and a heap leach processing facility in order to generate around US$40-US$60 mln free cash flow per annum. In parallel with this development, the company will carry out an aggressive exploration programme to significantly improve the Tulkubash mine plan ahead of the first gold pour, which is expected in 2020.”

Andersson also outlined the longer-term plans:

“Phase 2 of the Chaarat Project is to develop the Kyzyltash refractory sulphide ore, which has the potential to produce 200,000-300,000 ounces of gold per annum, generating free cash flow of US$150-US$200mln per year,” he said. 

“I remain encouraged by the support expressed for the Chaarat Project at the highest levels of government in the Kyrgyz Republic as evidenced at my recent meeting with the Prime Minister. Additionally, Chaarat will look to pursue selective M&A opportunities in Central Asia and the former Soviet Union as the Company believes it is a region that is ripe for consolidation, and that Chaarat is well positioned to be able to deliver this.”

The company will host an investor conference call on Monday 16 April 2018 at 12:00 BST, during which Robert Benbow, chief executive, and Dorian L. (Dusty) Nicol, chair of the company's Technical Committee, will discuss strategy and answer questions. 

 

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Tue, 10 Apr 2018 08:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/194603/chaarats-strategy-to-become-leading-mid-tier-gold-producer-now-augmented-by-stated-desire-for-ma-deals-194603.html
<![CDATA[RNS press release - Corporate Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180410070003_13597760/ Tue, 10 Apr 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180410070003_13597760/ <![CDATA[News - Chaarat Gold extends fundraising as Tulkubash feasibility results ‘imminent’ ]]> http://www.proactiveinvestors.co.uk/companies/news/194152/chaarat-gold-extends-fundraising-as-tulkubash-feasibility-results-imminent-194152.html Chaarat Gold Holdings Ltd (LON:CGH) said it is extending the closing date of its private placing as results of a feasibility study on its Tulkubash project are expected imminently.

The AIM-listed Kyrgyz-focused exploration company said the results of the study, expected later this month, would provide a comprehensive update on the project including capital and operating costs.

READ: Chaarat Gold updates on US$20mln funding process

Chaarat added that it may increase the amount initially sought in the fundraising to above its initial target of US$20mln following the results.

The group said it had already received US$15mln in settled funds or funding commitments since the fundraising began on 18 December 2017.

Chaarat shares were unchanged at 19.8p in lunchtime trading Tuesday.

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Tue, 03 Apr 2018 12:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/194152/chaarat-gold-extends-fundraising-as-tulkubash-feasibility-results-imminent-194152.html
<![CDATA[RNS press release - Update on funds raised ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180403114717_13589499/ Tue, 03 Apr 2018 11:47:17 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180403114717_13589499/ <![CDATA[RNS press release - Appointment to the Board ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180326154643_13581789/ Mon, 26 Mar 2018 15:46:43 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180326154643_13581789/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180313070007_13564172/ Tue, 13 Mar 2018 07:00:07 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180313070007_13564172/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180308151534_13560367/ Thu, 08 Mar 2018 15:15:34 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180308151534_13560367/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180308141745_13560237/ Thu, 08 Mar 2018 14:17:45 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180308141745_13560237/ <![CDATA[News - Chaarat Gold updates on US$20mln funding process ]]> http://www.proactiveinvestors.co.uk/companies/news/192424/chaarat-gold-updates-on-us20mln-funding-process-192424.html Chaarat Gold Holdings Ltd (LON:CGH) said it continues to work to close a US$20mln funding launched in December.

On December 18, the mine developer announced that it planned to bring in the funds - in a mixture of equity and loan notes – and it has so far received US$11.36mln (US$6.4mln from equity and US$4.95mln of notes).

READ: Chaarat Gold appoints new chief operating officer to lead its Bishkek team

Additionally, Chaarat said that it has also received expressions of interest for US$3.63mln, meaning that it has had around US$15mln of committed funds.

Meanwhile, it continues to await final responses from potential investors who previously expressed interest in the funding offer, so further equity and notes may be issued in the near future.

Chaarat also told investors that it expects to publish a feasibility study on the Tulkubash oxide deposit in April.

Once complete, the plan is to evaluate various financing scenarios for the project construction with the drilling due to start in summer 2018 - enabling first production in early 2020.

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Thu, 01 Mar 2018 09:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/192424/chaarat-gold-updates-on-us20mln-funding-process-192424.html
<![CDATA[RNS press release - Update on funds raised ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180228163604_13549876/ Wed, 28 Feb 2018 16:36:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180228163604_13549876/ <![CDATA[RNS press release - Appointment of Joint Corporate Broker ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180219070005_13537165/ Mon, 19 Feb 2018 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180219070005_13537165/ <![CDATA[News - Chaarat Gold appoints new chief operating officer to lead its Bishkek team ]]> http://www.proactiveinvestors.co.uk/companies/news/191620/chaarat-gold-appoints-new-chief-operating-officer-to-lead-its-bishkek-team-191620.html Chaarat Gold Holdings Ltd (LON:CGH), the gold exploration company operating in the Kyrgyz Republic, has appointed Peter Carter as its new chief operating officer.

Carter will lead the Bishkek team and his primary responsibilities will include preparing the company for operational readiness, building the local team, installing international safety standard and establishing suitable environmental management plans.

READ: Chaarat Gold has US$15mln committed to advance Tulkubash gold project

The group said Carter has over 30 years of experience in open pit engineering, mine engagement and project development. This includes leadership roles in the constructions and operation of the gold mines in the Kyrgyz Republic and Mongolia

READ: Chaarat Gold raising US$20mln for Tulkubash, with US$15mln already committed

Robert Benbow, Chaarat’s CEO, said: “His knowledge and experience in developing gold mines, and particularly his experience working in the Kyrgyz Republic, will be beneficial in bringing the Tulkubash project into operation.”

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Wed, 14 Feb 2018 08:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191620/chaarat-gold-appoints-new-chief-operating-officer-to-lead-its-bishkek-team-191620.html
<![CDATA[RNS press release - Appointment of COO ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180214070004_13532188/ Wed, 14 Feb 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180214070004_13532188/ <![CDATA[Media files - Chaarat Gold significantly ups resource estimate at Tulkubash deposit ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8698/chaarat-gold-significantly-ups-resource-estimate-at-tulkubash-deposit-8698.html Fri, 02 Feb 2018 13:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8698/chaarat-gold-significantly-ups-resource-estimate-at-tulkubash-deposit-8698.html <![CDATA[News - Chaarat Gold has US$15mln committed to advance Tulkubash gold project ]]> http://www.proactiveinvestors.co.uk/companies/news/191071/chaarat-gold-has-us15mln-committed-to-advance-tulkubash-gold-project-191071.html Chaarat Gold Holdings Ltd (LON:CGH) updated on its US$20mln fundraising plans, saying that as of end January this year, it had received US$15mln in committed funds or funding commitments.

As reported in December, the money was to be raised through a mixture of equity and short-term senior secured convertible loan notes, with the shares priced at 25p each, while the notes will convert at 33p.

READ: Chaarat Gold reckons there are now almost 1mln ounces of gold at Tulkubash

The cash will be used for plans to develop a heap leach gold mining operation at Tulkubash in Kyrgyzstan.

Meanwhile, on Wednesday this week, the firm significantly increased the resource estimate at the Tulkubash deposit, part of the Chaarat Gold Project in the Kyrgyz Republic in Central Asia.

The last estimate suggested there were just over 800,000 ounces of gold at Tulkubash, but the new update put that figure closer to 1mln ounces.

"The board believes the update may lead to further interest in the Issue," Chaarat said today in a regulatory statement.

"In addition, the company is still awaiting final responses from certain potential investors who have previously expressed interest in the Issue.

"Further shares and/or notes may be issued in the near future, and in any case by no later than 28 February 2018, for a total value not exceeding US$5m (which would bring the total value of the Issue to $20m) if further interest in the Issue materialises."

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Fri, 02 Feb 2018 12:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191071/chaarat-gold-has-us15mln-committed-to-advance-tulkubash-gold-project-191071.html
<![CDATA[RNS press release - Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180202115328_13519954/ Fri, 02 Feb 2018 11:53:28 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180202115328_13519954/ <![CDATA[News - Chaarat Gold reckons there are now almost 1mln ounces of gold at Tulkubash ]]> http://www.proactiveinvestors.co.uk/companies/news/190896/chaarat-gold-reckons-there-are-now-almost-1mln-ounces-of-gold-at-tulkubash-190896.html Chaarat Gold Holdings Ltd (LON:CGH) has significantly increased the resource estimate at the Tulkubash deposit, part of the Charaat Gold Project in the Kyrgyz Republic in Central Asia.

The last estimate suggested there were just over 800,000 ounces of gold at Tulkubash, but today’s update puts that figure closer to 1mln oz.

READ: Chaarat sees 3km of mineralisation at Tulkubash

To be precise, the updated estimate identifies a combined Measured and Indicated resource of 35.24mln tonnes at 0.86 grams per tonne, containing 971,000oz of gold, as well as an Inferred resource of 3.78mln tonnes at 0.68 g/t, containing 83,000oz of gold.

In its 2017 drill programme, Chaarat drilled 60% more metres than it had originally expected and said on Wednesday that is has the cash in place to carry out another “extensive drilling programme” this year.

This new round of drilling, it is hoped, will further identify the “full potential” of the Tulkubash oxide resource.

Resource update ‘highlights success of 2017 drill programme’​

“This robust resource update, which significantly increases the tonnes and gold of the oxide resource, underpins our strategic plan to unlock value for our stakeholders, as well as highlighting the success of the 2017 drilling programme,” said chief executive Robert Benbow.

“These results demonstrate that we are on track with our strategy to develop the Chaarat deposit in stages: initially targeting the Tulkubash oxides; followed by the very substantial higher-grade refractory Kyzyltash resource within our mine license area.”

Benbow added: “Our better understanding of the geometry of the ore bodies obtained as part of our resource update has further added to our confidence that the oxide resource can be significantly extended along strike.”

Chaarat shares were unchanged at 21.7p on Wednesday morning. 

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Wed, 31 Jan 2018 09:15:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190896/chaarat-gold-reckons-there-are-now-almost-1mln-ounces-of-gold-at-tulkubash-190896.html
<![CDATA[RNS press release - Tulkubash Resource Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180131070004_13515377/ Wed, 31 Jan 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20180131070004_13515377/ <![CDATA[RNS press release - EXERCISE OF OPTIONS AND ISSUE OF EQUITY ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171227174104_13478157/ Wed, 27 Dec 2017 17:41:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171227174104_13478157/ <![CDATA[RNS press release - Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171221162531_13474957/ Thu, 21 Dec 2017 16:25:31 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171221162531_13474957/ <![CDATA[News - Chaarat Gold raising US$20mln for Tulkubash, with US$15mln already committed ]]> http://www.proactiveinvestors.co.uk/companies/news/188936/chaarat-gold-raising-us20mln-for-tulkubash-with-us15mln-already-committed-188936.html Chaarat Gold Holdings Ltd (LON:CGH) is undertaking a US$20mln fundraising to allow it to progress with plans to develop a heap leach gold mining operation at Tulkubash in Kyrgyzstan.

The money will be raised through a mixture of equity and short term senior secured convertible loan notes.

READ: Chaarat on track for completed feasibility study by end of first quarter 2018

It will also allow for the continued exploration of the oxide deposit during 2018.

The equity portion will be priced at 25p per share, while the notes will convert at 33p.

So far there have been US$15mln of commitments received, including participation from management and directors of the company.

The proceeds will position the company to deliver full construction financing in Q2 2018 and deliver effective execution of mine construction while continuously driving shareholder value through oxide resource expansion.

"Following the success of our exploration programme throughout 2017, securing the funding to commit to a similar programme in 2018 will allow Chaarat to deliver on its goal of developing the Tulkubash heap leach project at a significant scale,” said Chaarat chief executive Robert Benbow.

READ: Chaarat Gold sees 3km of mineralisation at Tulkubash

”I look forward to announcing the updated resource in January 2018 and the results of the Tulkubash definitive feasibility study in Q1 2018."

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Mon, 18 Dec 2017 08:27:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188936/chaarat-gold-raising-us20mln-for-tulkubash-with-us15mln-already-committed-188936.html
<![CDATA[RNS press release - Funds raised to advance the Tulkubash HL Project ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171218070004_13468364/ Mon, 18 Dec 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171218070004_13468364/ <![CDATA[RNS press release - EXERCISE OF WARRANTS AND ISSUE OF EQUITY ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171205070006_13453663/ Tue, 05 Dec 2017 07:00:06 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171205070006_13453663/ <![CDATA[News - Chaarat on track for completed feasibility study by end of first quarter 2018 ]]> http://www.proactiveinvestors.co.uk/companies/news/188165/chaarat-on-track-for-completed-feasibility-study-by-end-of-first-quarter-2018-188165.html Chaarat Gold Holdings Limited (LON:CGH) remains on track to release a resource update for the Tulkubash heap leach project in the Kyrgyz Republic in January 2018.

That should presage a feasibility study, due some time in the first quarter of next year, and which is already substantially complete.

READ: Chaarat Gold sees 3km of mineralisation at Tulkubash

The company has now completed the assays from its 2017 drill campaign, and these show further attractive mineralisation at the property.

Among the best previously unreported drill results were 94.6 metres at 1.34 grams per tonne gold true width from a depth of 1.5 metres, and 31.2 metres at 0.88 grams true width from a depth of 40.5 metres with additional multiple intercepts down the hole.

Meanwhile, infrastructure work continues. The access road is nearing completion, the infrastructure for mobile communications is complete, and a new bridge has been built.

WATCH: Chaarat Gold CEO Bob Benbow keen to get construction going at Tulkubash

"The development activities initiated and advanced this year will give us an advantage when we start construction,” said chief executive Robert Benbow.

“Improving access to site and communications will assist our team in delivering the project.We look forward to announcing an upgraded resource for the Tulkubash oxide zone in January 2018 incorporating the positive results obtained in the 2017 drilling programme.” 

 

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Mon, 04 Dec 2017 07:40:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188165/chaarat-on-track-for-completed-feasibility-study-by-end-of-first-quarter-2018-188165.html
<![CDATA[RNS press release - TULKUBASH PROJECT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171204070003_13452059/ Mon, 04 Dec 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171204070003_13452059/ <![CDATA[News - Charaat Gold encouraged by Kyrgryz Republic ]]> http://www.proactiveinvestors.co.uk/companies/news/187814/charaat-gold-encouraged-by-kyrgryz-republic-187814.html Chaarat Gold Holdings Ltd has had (LON:CGH) backing for its gold project in the Kyrgyz Republic reaffirmed by the leader of the largest party in the country’s parliament.

Martin Andersson, Charaat’s chairman and who has just visited Kyrgyzstan, added that legislation had recently been enacted to enable companies to sign a stabilisation agreement with the government.

READ: Chaarat Gold sees 3km of mineralisation at Tulkubash

“This means tax rates will be stabilised for the life of a project. Tax rates may be reduced once a stabilisation agreement is in place, but companies will be protected from any increase in rates.” 

Chaarat has begun to work on concluding a stabilisation agreement in conjunction with an investment agreement that will enshrine the right to seek international arbitration in case of any future dispute with the Government.

 “We are one of the leading members of the International Business Council ("IBC") which represents companies who together contribute in excess of 55% to the state budget. 

WATCH: Chaarat Gold CEO Bob Benbow keen to get construction going at Tulkubash

A study of the mining sector has been commissioned by the IBC to provide input to the continuing consultation between the private sector and government on how to balance the interests of industry and country for the benefit of all stakeholders, Andersson added.

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Mon, 27 Nov 2017 08:03:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187814/charaat-gold-encouraged-by-kyrgryz-republic-187814.html
<![CDATA[RNS press release - SUPPORT FOR CHAARAT PROJECT IN COUNTRY RE-AFFIRMED ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171127070003_13443959/ Mon, 27 Nov 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171127070003_13443959/ <![CDATA[News - Chaarat Gold sees 3km of mineralisation at Tulkubash ]]> http://www.proactiveinvestors.co.uk/companies/news/187478/chaarat-gold-sees-3km-of-mineralisation-at-tulkubash-187478.html Chaarat Gold Holdings Limited (LON:CGH)  has completed its 2017 exploration programme at Tulkubash with 60% more metres drilled than originally expected.

As a result, the indicative length of the proposed open pit has doubled to 2,200 metres as the current Tulkubash pit now connects with other previously drilled satellite pits.

WATCH: Chaarat Gold CEO Bob Benbow keen to get construction going at Tulkubash

The oxide mineralisation is open to the northeast with potential continuity for at least three kilometres, Chaarat added. There is also further potential along strike.

A resource update is underway and will form the basis of the reserves estimate in the feasibility study due for completion in the first quarter of next year.

Robert Benbow, chief executive, said: “We are increasingly confident that the mineralisation extends for at least three kilometres. Mineralisation has been extended to the south, new hanging wall lodes in the main pit area have been developed and the gold-bearing lodes in the satellite pit area have been expanded.

“Based on these results, the anticipated increase in the reserve base (and hence the life of mine) as well as a reduction in pre-stripping are expected to impact positively on the economics of the Tulkubash Project. “

READ: Chaarat Gold sees better environment for miners in Kyrgyzstan

Work has now started on the design of the heap leach pad, Benbow added.

Currently, the Chaarat project boasts a gold resource of over 7 mln ounces of which Tulkubash accounts for just over 800,000oz.

The 2017 programme amounted to 17,420 metres drilled in 2017 season against a planned 11,000m, or 30% of the total drilling area in the Tulkubash Zone.

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Mon, 20 Nov 2017 07:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187478/chaarat-gold-sees-3km-of-mineralisation-at-tulkubash-187478.html
<![CDATA[RNS press release - COMPLETION OF 2017 DRILLING PROGRAM ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171120070004_13436526/ Mon, 20 Nov 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171120070004_13436526/ <![CDATA[Media files - Chaarat Gold CEO Bob Benbow keen to get construction going at Tulkubash ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8367/chaarat-gold-ceo-bob-benbow-keen-to-get-construction-going-at-tulkubash-8367.html Tue, 14 Nov 2017 15:40:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8367/chaarat-gold-ceo-bob-benbow-keen-to-get-construction-going-at-tulkubash-8367.html <![CDATA[RNS press release - Appointments to the Board ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171113070005_13428565/ Mon, 13 Nov 2017 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171113070005_13428565/ <![CDATA[News - Chaarat Gold appoints ex-Amara FD to finance role ]]> http://www.proactiveinvestors.co.uk/companies/news/187063/chaarat-gold-appoints-ex-amara-fd-to-finance-role-187063.html Chaarat Gold Holdings Limited (LON:CGH) has appointed Amara Mining PLC’s ex-finance director as chief financial officer designate.

Pete Gardner headed Amara’s finance team from 2009 to 2016 until its sale to Perseus Mining.   

READ: Chaarat Gold sees better environment for miners in Kyrgyzstan

At Chaarat, Gardner will lead the finance process for the construction of the Tulkubash heap leach project in Kyrgyzstan alongside chairman Martin Andersson and Endeavour Financial.  

He will also be working with Linda Naylor, the finance director, and the finance team on upgrading financial reporting systems. 

READ: Chaarat Gold lands full local permit for Tulkubash project

After 1 July 2018, he will be appointed CFO while Linda Naylor will continue as Company Secretary.

Martin Andersson, Chaarat’s chairman said: "Pete will take our finance function to the next level by bringing experience, enthusiasm and a fresh perspective. “

 

 

 

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Fri, 10 Nov 2017 07:19:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187063/chaarat-gold-appoints-ex-amara-fd-to-finance-role-187063.html
<![CDATA[RNS press release - Appointment of CFO designate ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171110070003_13426986/ Fri, 10 Nov 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171110070003_13426986/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171031091711_13414494/ Tue, 31 Oct 2017 09:17:11 +0000 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171031091711_13414494/ <![CDATA[RNS press release - Director shareholdings ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171027181419_13412263/ Fri, 27 Oct 2017 18:14:19 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171027181419_13412263/ <![CDATA[RNS press release - Board Changes ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171027141645_13411970/ Fri, 27 Oct 2017 14:16:45 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171027141645_13411970/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171019100313_13402280/ Thu, 19 Oct 2017 10:03:13 +0100 http://www.proactiveinvestors.co.uk/companies/rns/194/LSE20171019100313_13402280/