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Chaarat Gold Holdings Ltd eyeing start of mine construction next year

Dekel Golan, chief executive of Chaarat Gold Holdings Limited (LON:CGH) told Proactive everything seemed to be 'going'  well  for the company currently.
It came  after it emerged the group was raising £4.1mln of new capital to cover the costs of completing the bankable feasibility study for the Tulkubash heap leach gold project, in the Kyrgyz Republic.
"We raised as little as we could although there was more demand," said Golan, referring to the attempt to dilute shareholders as little as possible.
The project is expected to be yield some 60,000 to 70,000 ounce per year once operational and the bankable feasibility study is due to be completed by the end of next year, and it is anticipated that the permitting process in Kyrgyz will be substantially concluded in the third quarter of 2017.
"Everything seems to be going for us and we think it's a very attractive project."
Golan said financing to build the mine will still need to be finalised but he hoped  construction should start by the end of 2017 or the beginning of 2018.
He said the project looks extremely attractive and highlighted that the heap leach project only represented 13% of the overall Chaarat project.
He  said being in production with a simple, low heap leach project will allow the firm to "ramp up and  increase production quite significantly".
Last week, it emerged the largest shareholder was to join the board of the company as non-executive chairman.
The company has appointed Martin Andersson, who holds his Charaat stake through Labro Investments. An additional director, Martin Wiwen-Nilsson, an associate of Andersson, will also be appointed as a non-executive director.

 
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Article
October 18 2016

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