The future of Chaarat Gold’s (LON:CGH) flagship gold project in Kyrgyzstan is unlikely to be settled before the completion of the ongoing feasibility study.
Dekel Golan, Chaarat’s chief executive, said it had received a number of expressions of interest from potential partners over the past year but does not expect any meaningful development on this front before the feasibility study is nearer completion in 2015 when a value benchmark can be attributed to the project.
"We continue to manage our limited financial resources wisely and diligently with the aim of delivering a solid feasibility study on the basis of which we will either engage a Joint Venture partner or pursue alternative project financing options."
Last week, the company appointed two Chinese firms to complete the project's definitive feasibility study (DFS): NFC and its subsidiary NERIN.
Results from work carried out so far on the DFS continue to demonstrate the potential of Chaarat as one of the largest and best undeveloped deposits in the world, Golan added.
Losses for the half year to June were US$3.27mln (US$14.4mln). Cash and equivalents at the end of the period were US$7.1mln.
The company had also received interest from potential buyers in its Mironovskoye and Kyzil Ompul exploration assets, which are being vigorously pursued, it said.