23rd Jun 2016 07:48
LONDON (Alliance News) - Chaarat Gold Holdings Ltd on Thursday said it has received an updated and increased resource estimate for the Chaarat gold project in the Kyrgyz Republic.
The company said the resource estimate for Chaarat has been increased 15% to 7.0 million ounces of gold, from 6.1 million ounces previously.
The first stage of development work is likely to be a heap leach project in the Tulkubash zone of the project, where the resource estimate was increased 26%.
"In line with our twin-track strategy, we are continuing to move towards project development as well as talking to potential acquirers and partners. In that context the increase of the Tulkubash resource underpins a significant development opportunity," said Dekel Golan, Chaarat's chief executive.
Chaarat shares were untraded on Thursday morning, having last traded at 6.01 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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