18th Jun 2014 10:00
LONDON (Alliance News) - Chaarat Gold Holdings Ltd Wednesday said it is expecting to significantly increase projected gold production in the definitive feasibility study for its Chaarat project in the Kyrgyz Republic, and has identified a project implementation plan involving lower up-front capital costs.
In a statement, the company said projected production from the site is expected to be increased significantly to at least 250,000 ounces of gold a year in the definitive feasibility study. It expects the heap leach operation to generate about 120,000 ounces, and said that the production rate from sulphide ore is yet to be determined but is likely to be higher than the heap leach output level.
It said the layout of the entire project has been revised to improve efficiency, reduce the possible environmental impact, and to eliminate access issues by building an access tunnel. It is also investigating a cheaper processing option for refractory ore, and is also doing a small amount of additional drilling at the site to support its implementation strategy and get more geotechnical information.
Chaarat Gold now expects to complete its definitive feasibility study, which is necessary to secure funding for a project, in early 2015, reflecting the assessment of an enlarged heap leach opportunity.
The latest findings come after a team of definitive feasibility study consultants visited the Chaarat site when it opened at the end of April.
Chaarat Gold shares were up 2.6% at 9.95 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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