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Last 9.00 GBp
Change Today -0.25 / -2.70%
Volume 881.6K
CGH On Other Exchanges
As of 8:58 AM 06/2/15 All times are local (Market data is delayed by at least 15 minutes).

chaarat gold holdings ltd (CGH) Snapshot

9.30 GBp
Previous Close
9.25 GBp
Day High
9.30 GBp
Day Low
9.00 GBp
52 Week High
09/2/14 - 19.50 GBp
52 Week Low
03/26/15 - 8.00 GBp
Market Cap
Average Volume 10 Days
-0.0063 GBp
Shares Outstanding
Dividend Yield

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chaarat gold holdings ltd (CGH) Details

Chaarat Gold Holdings Limited, together with its subsidiaries, explores and develops gold deposits in the Kyrgyz Republic. It is primarily involved in developing the Chaarat Gold project, which is located along the Sandalash River valley, on the western border of the Kyrgyz Republic. The company is based in Bishkek, the Kyrgyz Republic.

367 Employees
Last Reported Date: 06/23/14

chaarat gold holdings ltd (CGH) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: $427.4K
Finance Director, Company Secretary and Direc...
Total Annual Compensation: $246.5K
Executive Director
Total Annual Compensation: $255.5K
Compensation as of Fiscal Year 2013.

chaarat gold holdings ltd (CGH) Key Developments

Chaarat Gold Holdings Ltd Provides Definitive Feasibility Study Progress Update

Chaarat Gold Holdings Ltd. reported important developments identified during preparation of the Definitive Feasibility Study (DFS) which are expected to add to the value of the Chaarat Gold Project (the Project) as well as reducing implementation and technological risk. Key findings of the DFS to date: Layout of the Project: The company's previous team of DFS advisers recommended that, due to the location of the deposit in a narrow valley, the production facility should be located in an adjacent valley. This would necessitate the construction of a tunnel to connect the plant to the mine site. NERIN, together with local Kyrgyz companies, studied the alternatives and identified a layout which will eliminate the need to construct a tunnel for at least the first ten years of operation. The elimination of the immediate requirement for a tunnel will reduce the upfront cost of the project considerably, as well as reducing the uncertainty involved in developing a tunnel and the lead time to production. This is a major breakthrough in minimizing risks and adding value to the Chaarat Project. Expected Production Capacity: The optimisation of the pit design has been enhanced by the reductions in upfront capital costs identified to date. This is an iterative process and work continues on the production scheduling such that the company can be hopeful of a reduction in the overall cost per ounce with further improvements to the net present value of the Project and therefore the return on investment. The design currently shows heap leachable reserves of 533,000 ounces, a grade of 1.41g/t and life of mine of 4.5 years. The Tulkubash pit shells currently contain a total of 11.8 million tonnes of material at a grade of 1.41 g/t. The mine operating procedures and equipment selection continues and, assuming 8% dilution and 3% loss, Chaarat expects circa 12.3 million tonnes of Run of Mine Material at a grade of 1.3 g/t. The company remain confident of the potential of the available resource as supported by the company's update following last year's drilling. Heap leach recovery is expected to be 73%. The optimal production capacity and schedule are being finalized with an annual capacity of 2.7-3 million tonnes of ores to be processed, which would result in production of between 80 and 90,000 ounces of gold per year for the first stage of the Project. Request for Proposals for the mining contract are being solicited and site visits by contractors are expected soon. The appointment of a mining contractor will reduce the risk of the Project as Chaarat will not be responsible for recruitment, training or equipment. However, a condition of the contract will be that recruitment and training of residents from the valley adjacent to the site is undertaken by the contractor. Stage 1 - next steps: One of the advantages of appointing a Chinese design and engineering institute such as NERIN is the similarity of Kyrgyz and Chinese feasibility studies. Therefore the adaptation of the DFS to local standards for the purpose of obtaining construction permits should be more straightforward. This work has started with the appointment of local Kyrgyz companies to undertake the adaptation. They have now begun their work with NERIN. The completion of the DFS, its adaptation and then the receipt of the necessary permits will, subject to financing, enable construction of stage one of the Project to begin. Once production from the heap leach has commenced, which assuming all proceeds to plan will be in 2017, the Company plans to secure finance and commence stage two, being the development and processing of the refractory ore. Stage 2 - Refractory ore process update: Chaarat has continued to review different methods of processing the refractory (sulphide) ore. After submitting an industrial size sample to the Inner Mongolia Mineral Experiment Research Institute (IMME) for test work the company have been very encouraged by the results from using the Bio-Oxidation (BIOX) process. The results from IMME are in line with previous tests carried out by Mintek in South Africa. However Mintek's results were only obtained with a high level of cyanide consumption and further work was recommended to develop suitable bacteria to overcome this problem. At the time the company decided not to pursue this option. IMME's recent tests resulted in cyanide consumption only slightly above that recorded when the Pressure Oxidation (POX) method was used, due to the development of the BIOX technology in the period since the original tests. The ability to use BIOX rather than POX is very important for the project. BIOX is used in a number of significant projects in China and is considered a tried and tested technology. Chinese engineering companies have significant experience with this technology which provides comfort to financial institutions and prospective investors that BIOX can be installed successfully. It has the additional benefit of a much lower capital cost and consequent further improvement in the economics of the Project.

Chaarat Gold Holdings Ltd Announces Resignation of Mac DeGuire from Board Effective from December 31, 2014

Chaarat Gold Holdings Ltd. announced that Mac DeGuire has resigned from the Board with effect from 31 December 2014. Mac, who was appointed to the Board as a non-executive director in May 2013, had subsequently taken responsibility for managing the team of consultants appointed in March 2014 to prepare the Definitive Feasibility Study. Mac has recently completed his contribution in respect of the assessment of the metallurgical options to process the Chaarat ore.

Chaarat Gold Holdings Ltd Provides Drilling Update on Chaarat Gold Project

Chaarat Gold Holdings Ltd. provided an updated resource statement for the Chaarat Gold Project. Highlights: Total JORC compliant resource increased 15.43% from 5.29 million ounces to 6.1 million ounces at a grade of 3.20 g/t Au; Measured and Indicated portions of the total resource have increased 33.08% from 3.90 million ounces to 5.19 million ounces; Resource of the Tulkubash Zone which will underpin the first stage heap leach project  calculated to be 13.24 million tonnes at a grade of 1.71 g/t Au to give a total content of 729 koz; Better understanding of the grade distribution in the refractory segment of the Chaarat Deposit in the Main and Contact Zones shows high grade core and lower grade envelope; the high grade core forms 85.86% of the Main and Contact Zone resource at 4.61 million ounces with a grade of 3.83 g/t Au and will enable the Chaarat Project to generate attractive returns even in a low gold price environment; using a cut-off grade of 1.0 g/t for the oxide resource (Tulkubash zone) and 2.0 g/t for the refractory material (Main and Contact Zones).


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