Dekel Golan, chief executive, said that the Bankable Feasibility Study for the first stage Tulkubash open pit and heap leach is substantially complete subject to the results of this summer's drilling while the local permitting process was also well advanced with most documents submitted.
The full study, including the newly added resource from this summer's drilling campaign, is expected to be available in the first quarter of 2018. This will include an updated resource and reserve to extend the life of the mine.
“We expect to be able to deliver on our promise to be in production during the first half of 2019 and we will continue to update you as we make progress.
"The board remains convinced that the decision to proceed to production from the Chaarat Project by means of the stage one Tulkubash Heap Leach Project is the best way to unlock the value of the Chaarat deposit.”
Chaarat is still in the development stage and losses for the 2016 year were US$4.45mln (US$4.6mln).