28th Sep 2015 10:36
LONDON (Alliance News) - Chaarat Gold Holdings Ltd on Monday continued to focus on a definitive feasibility study on its Chaarat Project in the Kyrgyz Republic during the first half of 2015, a period for which it reported a narrowed operating loss.
The exploration and development company reported an operating loss of USD2.2 million for the half year to end-June, narrowed from an operating loss of USD3.3 million a year before, as a result of lower exploration and administrative expenses.
Chaarat said that progress on the feasibility study continues to be "slow and frustrating" as it continues to ensure compliance with Chinese regulatory standards before the study can be signed off. This process has now been suspended until mid-October, after the end of a period of national holidays in China.
The company said it has received a number of approaches from Chinese companies interested in either a joint venture or an outright purchase of the project.
"We are developing a solid plan to bring the Chaarat project to production; the challenges are being addressed. We are confident that with the continued hard work of our staff and patient support of our shareholders the remaining hurdles will be overcome," the company said in a statement.
Shares in Chaarat are untraded Monday morning. It last closed at 7.05 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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