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Chaarat Gold Holdings Ltd.
Summary
| Project: | Chaarat | |
|---|---|---|
| Deposit: | Tulkubash Zone | |
| Location: | Kyrgyz Republic | |
| Commodities: | Gold | |
| Date: | 4/30/2018 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 30-4-2018: Chaarat Gold Holdings Ltd. announces a Feasibility Study report for its Tulkubash Zone deposit at the Chaarat project. Feasibility Study results incl. post-tax NPV of US $12.1M (5%), IRR of 8.2%, 3yr LOM at project. Road Town, Tortola, British | |
| Resources: | (Reserve, Prob.): 16Mt @ 0.91g/t Au | |
| CP/QP: | [Overall Report]: Dorian Nicol (Internal) | |
| ABSTRACT: | Road Town, Tortola, British Virgin Islands (30 April 2018) Chaarat (AIM - CGH), the AIM quoted gold exploration and development company developing the Chaarat Gold Project in the Kyrgyz Republic, is pleased to announce the results of the JORC compliant feasibility study for its 100% owned Tulkubash Oxide Gold Project ("Tulkubash"). The feasibility study was independently prepared by the UK office of Tetra Tech, Inc. Overview The feasibility study is based on mining a 16.0 million tonne reserve at an average grade of 0.91 g/t gold over an initial 3.75 year mine life. Ongoing exploration will be carried out in parallel with the project development. The Company is confident that future exploration results will add significantly to the initial mine life ahead of first production, to enable Tulkubash to become a long-term cash generator to sustain the organic growth of Chaarat. Martin Andersson, Non-Executive Chairman, commented: "We are very pleased to have completed this key step in implementing our strategy to make Chaarat Gold the leading gold company in Central Asia. The feasibility study has confirmed our belief that the Tulkubash project has the potential to deliver strong operational cash flow over several years. With ongoing exploration, Tulkubash can help fund Chaarat's organic growth through the development of the 5.4 million ounce high-grade Kyzyltash Resource. "We are confident that the strong operational cash flow delivered from the Tulkubash feasibility study justifies proceeding with the construction of Tulkubash. 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. 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." | |
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