Martin Andersson, the executive chairman of Chaarat Gold Holdings Ltd (LON:CGH), said the Kyrgyz Republic-focused mine developer had made good progress in 2018.
Highlights for the first half of 2018 included the intensive drilling programme at the Tulkubash oxide gold project, which identified significant new volumes of gold mineralisation, and the completion of the Tulkubash feasibility study.
READ “Significant increases” in resource and grade at Chaarat’s Tulkubash gold project
“I am delighted with the diligent execution of our strategy as we move towards our goal of becoming a mid-tier gold producer,” Andersson said.
The company is not a producer yet, and so, as might be expected, it is loss-making. In the first six months of 2018 the loss before tax widened to US$5.1mln from US$3.1mln the year before.
Cash and cash equivalents at the end of June had ebbed to US$5.95mln from US$7.46mln a year earlier.
"The company is in a sound financial position, has a strong portfolio of investments and a management team committed to driving Chaarat's growth. We look forward to the next six months with confidence,” Andersson said.
Turkish Company Started Construction in The Chaarat Gold Project #mining #miningnews #miningturkeyhttps://t.co/pIn6Ch3OLr pic.twitter.com/qA8LdDBKbq
— Mining-Turkey.com (@MiningTurkey) September 21, 2018