Appointment of Chief Operating Officer and Drilling Update
26 Janeiro 2011 - 5:00AM
UK Regulatory
TIDMCGH
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Appointment of Chief Operating Officer and Drilling Update
Road Town, Tortola, British Virgin Islands (26 January 2011)
Chaarat (AIM: CGH) is pleased to announce the appointment of Mr. Benoît de
Galbert as Chief Operating Officer of the Group and to report drilling results
from previously unreported drilling intersections at both Kiziltash and
Tulkubash.
Selected results from the Contact Zone of the Kiziltash Project
* DH UG-14 interval of 12 metres @ 5.27 g/t
* DH UG-18 interval of 4.50 metres @ 8.71 g/t
* DH UG 19 interval of 6.00 metres @ 4.29 g/t
* DH UG-20 interval of 8.50 metres @ 4.02 g/t
* DH UG-22 interval of 22.50 metres @ 4.24 g/t
* DH UG-405 interval of 12 metres @ 3.39 g/t
Selected results from the Tulkubash Project
* T0703 interval of 7.50 metres @ 4.83 g/t
* T0707 interval of 12.0 metres @ 5.13 g/t
* T0708 interval of 6.55 metres @ 3.47 g/t
* T0722 interval of 16.5 metres @ 4.10 g/t
* T0726 interval of 4.50 metres @ 4.69 g/t
* T0727 interval of 6.00 metres @ 4.43 g/t
Appointment of Chief Operating Officer
In preparation for the Company's move towards production, Chaarat has appointed
Mr. Benoît de Galbert as its Chief Operating Officer. Benoît will join the
Company in March 2011 and will be based in Bishkek. He will be responsible for
the design, permitting, construction, and organisation of the mine and
processing plant to be erected at the Company's Chaarat property.
Benoît is an experienced manager who began his career with Arthur Andersen & Co.
in the early 1980s, before moving to roles with a number of French financial
institutions, ELF Aquitaine between 1991 and 1998 and Legris Industries between
1998 and 2000.
In 2000 he joined COGEMA (which became AREVA in 2003 following its merger with
FRAMATONE), and in 2003 was appointed as General Manager of KATCO, AREVA's joint
venture in uranium production with Kazatomprom in Kazakhstan and was in charge
of Central Asian operations for AREVA. As such he managed the design,
construction and the production ramp up of a large uranium project. The project
involved the construction of two uranium processing plants and the mining
programmes for in-situ leaching with a total output of some 3,500 tonnes per
year. This project involved responsibility for over 1,200 employees in
accordance with nuclear standards.
Dekel Golan, CEO of Chaarat, comments:
"Benoît's appointment is a significant step forward towards putting in place the
management team capable of turning Chaarat into a successful, robust producer.
Benoît is experienced in the region and has a proven track record in developing
a large scale mine as demonstrated by his tenure in Kazakhstan where he led the
team that built from scratch a large, successful and very profitable operation.
It is a great vote of confidence in the Company that a person of his calibre is
joining us.
"Today's drilling results are an additional demonstration that Chaarat holds a
major and growing resource. The Contact Zone is again proving its robust
continuous characteristics. The results from drilling in the Tulkubash zone,
albeit less predictable than the Contact and Main Zones, continue to add to our
understanding of the project and provide confidence that the Tulkubash can be
fast tracked into production. Today's results are being incorporated into the
revised resource estimate currently being calculated which the Company will
announce shortly.
"These results provide us with further encouragement and confidence for the
establishment of a large, low cost mining operation, in addition to the open pit
Tulkubash project which we aim to bring into production in 2012."
Drilling update
The drilling results included below are previously unreported mineralised
intersections from the final holes of its 2010 drill campaign which ended in
November 2010. The reported results are both from holes drilled in the
Tulkubash Project as well as the Contact Zone of the Kiziltash project and are
presented separately for ease of reference.
The intersections reported below, as well as the intersections reported
previously, will be included in the revised resource estimate.
Kiziltash project: Detailed unannounced intersections
+--------+-------+-----+------+------+-----------------+----------+------------+
| DH No. |Section| | From | To |Intersected width|True width|Au g/t (ALS)|
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-20 | 4640 | | 7.50 |15.00 | 7.50 | 6.00 | 2.06 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-20 | 4640 | |71.50 |80.00 | 8.50 | 6.80 | 4.02 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-20 | 4640 | |87.50 |90.50 | 3.00 | 2.40 | 4.01 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-21 | 4640 | |66.00 |70.50 | 4.50 | 3.60 | 2.67 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-21 | 4640 | |75.00 |81.00 | 6.00 | 4.80 | 2.81 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-21 | 4640 | |84.00 |88.50 | 4.50 | 3.60 | 5.64 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-21 | 4640 | |99.00 |100.50| 1.50 | 1.20 | 4.37 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-21 | 4640 | |114.00|115.50| 1.50 | 1.20 | 5.41 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C4601 | 4720 | |66.50 |71.00 | 4.50 | 2.00 | 2.28 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C4601 | 4720 | |96.50 |164.00| 67.50 | 30.00 | 2.66 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C4601 | 4720 |Incl.|114.50|122.00| 7.50 | 3.33 | 3.28 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C4601 | 4720 |Incl.|131.00|140.00| 9.00 | 4.00 | 3.03 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C4601 | 4720 |Incl.|141.50|146.00| 4.50 | 2.00 | 7.15 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C4601 | 4720 |Incl.|155.00|164.00| 9.00 | 4.00 | 3.88 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C4601 | 4720 | |329.50|338.50| 9.00 | 4.00 | 2.54 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C4601 | 4720 | |346.00|349.00| 3.00 | 2.00 | 2.61 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-14 | 4720 | | 0.00 | 3.50 | 3.50 | 2.45 | 3.14 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-14 | 4720 | |12.40 |15.40 | 3.00 | 2.10 | 2.74 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-14 | 4720 | |22.40 |25.40 | 3.00 | 2.10 | 4.16 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-14 | 4720 | |79.00 |101.50| 22.50 | 15.75 | 2.60 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-14 | 4720 |Incl |97.00 |101.50| 4.50 | 3.15 | 3.63 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-14 | 4720 | |142.00|154.00| 12.00 | 8.40 | 5.27 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-18 | 4720 | | 6.00 |10.50 | 4.50 | 3.75 | 8.71 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-18 | 4720 | |59.50 |62.50 | 3.00 | 2.49 | 3.19 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-18 | 4720 | |70.00 |74.50 | 4.50 | 3.74 | 3.44 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-22 | 4720 | |66.00 |88.50 | 22.50 | 18.5 | 4.24 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-22 | 4720 | |94.50 |105.00| 10.50 | 8.40 | 3.33 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-22 | 4720 | Incl|100.50|105.00| 4.50 | 3.70 | 5.00 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-15 | 4800 | |13.00 |14.50 | 1.50 | 1.00 | 3.83 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-15 | 4800 | |32.50 |35.50 | 3.00 | 2.00 | 2.01 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-15 | 4800 | |110.50|116.50| 6.00 | 4.00 | 3.94 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-15 | 4800 | |127.00|131.50| 4.50 | 3.00 | 3.61 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-19 | 4800 | | 6.00 |10.50 | 4.50 | 3.74 | 3.97 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-19 | 4800 | |19.50 |22.50 | 3.00 | 2.49 | 2.96 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-19 | 4800 | |83.00 |95.00 | 12.00 | 9.96 | 2.65 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-19 | 4800 |Incl |83.00 |89.00 | 6.00 | 4.98 | 3.19 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-19 | 4800 | |102.50|108.50| 6.00 | 4.98 | 4.29 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-19 | 4800 | |122.00|123.50| 1.50 | 1.25 | 11.15 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C46102 | 4840 | |107.00|159.50| 52.50 | 25.50 | 2.13 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C46102 | 4840 |Incl |107.00|116.00| 9.00 | 4.37 | 2.72 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C46102 | 4840 |Incl |126.50|131.00| 4.50 | 4.37 | 4.33 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C46102 | 4840 |Incl |144.50|149.00| 4.50 | 2.19 | 2.62 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C46102 | 4840 | |165.50|168.50| 3.00 | 1.46 | 2.38 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C46102 | 4840 | |198.50|209.00| 10.50 | 5.10 | 2.14 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| C46102 | 4840 | |210.50|213.50| 3.00 | 1.46 | 2.08 |
+--------+-------+-----+------+------+-----------------+----------+------------+
|Tr532_10| 5320 | |22.00 |25.50 | 3.50 | 2.31 | 2.03 |
+--------+-------+-----+------+------+-----------------+----------+------------+
|Tr532_10| 5320 | |43.00 |46.00 | 3.00 | 2.00 | 2.87 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-404 | 5360 | | 92.5 |110.5 | 18.00 | 14.94 | 2.09 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-404 | 5360 |Incl.| 94 | 97 | 3.00 | 2.49 | 4.07 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-404 | 5360 |Incl.|109.00|110.50| 1.50 | 1.25 | 4.18 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-403 | 5400 | |109.00|110.50| 1.50 | 1.25 | 6.63 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-403 | 5400 | |124.00|128.50| 4.50 | 3.74 | 2.79 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-403 | 5400 | |136.00|139.00| 3.00 | 2.49 | 6.58 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-405 | 5400 | |103.00|115.00| 12.00 | 9.96 | 3.39 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-405 | 5400 |Incl.|103.00|106.00| 3.00 | 2.49 | 5.97 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-405 | 5400 |Incl.|110.50|113.50| 3.00 | 2.49 | 4.05 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-402 | 5440 | |121.00|125.50| 4.50 | 3.05 | 2.15 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-402 | 5440 | |133.00|137.50| 4.50 | 3.05 | 2.94 |
+--------+-------+-----+------+------+-----------------+----------+------------+
| UG-402 | 5440 | |161.50|166.00| 4.50 | 3.05 | 2.58 |
+--------+-------+-----+------+------+-----------------+----------+------------+
Tulkubash Project: detailed results (True widths)
+------+-------+-----+------+------+-----------------+----------+------+
|DH No.|Section| | From | To |Intersected width|True width|Au g/t|
+------+-------+-----+------+------+-----------------+----------+------+
|T0719 | 600 | |16.50 |22.50 | 6.00 | 4.80 | 2.25 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0719 | 600 |Incl.|19.50 |21.00 | 1.50 | 1.20 | 4.16 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0719 | 600 | |78.00 |85.50 | 7.50 | 6.00 | 2.05 |
+------+-------+-----+------+------+-----------------+----------+------+
|T07110| 640 | |59.30 |60.50 | 1.20 | 1.20 | 3.36 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0727 | 640 | | 0.60 | 6.50 | 5.90 | 4.50 | 2.12 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0727 | 640 | |18.50 |24.50 | 6.00 | 4.60 | 4.43 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0727 | 640 | |57.50 |60.50 | 3.00 | 2.30 | 2.40 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0727 | 640 | |62.00 |68.00 | 6.00 | 4.60 | 3.29 |
+------+-------+-----+------+------+-----------------+----------+------+
|T07109| 680 | |62.50 |65.50 | 3.00 | 3.00 | 3.26 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0720 | 680 | |36.50 |41.00 | 4.50 | 3.68 | 2.69 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0726 | 800 | |56.00 |62.00 | 6.00 | 4.00 | 2.24 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0726 | 800 | |66.50 |81.50 | 15.00 | 10.00 | 2.77 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0726 | 800 |Incl.|77.00 |81.50 | 4.50 | 3.00 | 4.69 |
+------+-------+-----+------+------+-----------------+----------+------+
|T07112| 880 | |37.00 |40.00 | 3.00 | 2.25 | 5.51 |
+------+-------+-----+------+------+-----------------+----------+------+
|T07112| 880 | |79.00 |82.00 | 3.00 | 2.25 | 4.46 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0703 | 920 | |39.00 |43.50 | 4.50 | 4.00 | 3.17 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG704 | 940 | |17.65 |22.00 | 4.35 | 3.75 | 2.98 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG704 | 940 | |27.00 |30.00 | 3.00 | 2.65 | 3.90 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG704 | 940 | |34.50 |37.50 | 3.00 | 2.65 | 2.23 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG704 | 940 | |40.50 |45.00 | 4.50 | 3.80 | 2.18 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG705 | 940 | |21.00 |25.50 | 4.50 | 3.85 | 3.11 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG705 | 940 | |33.00 |40.50 | 7.50 | 6.38 | 2.80 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG705 | 940 | |101.00|104.30| 3.30 | 2.81 | 3.62 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG701 | 960 | |22.50 |27.50 | 5.00 | 4.00 | 2.00 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG703 | 960 | |25.50 |33.00 | 7.50 | 6.00 | 2.00 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG703 | 960 | |55.50 |63.00 | 7.50 | 6.00 | 4.83 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG709 | 960 | | 2.00 |11.00 | 9.00 | 7.00 | 2.55 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG709 | 960 |Incl.| 2.00 | 5.00 | 3.00 | 2.33 | 2.86 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG709 | 960 |Incl.| 8.00 |11.00 | 3.00 | 2.33 | 3.74 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG702 | 980 | | 3.00 | 7.50 | 4.50 | 3.60 | 3.85 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG702 | 980 | |22.50 |27.00 | 4.50 | 3.60 | 2.07 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG706 | 980 | | 9.00 |10.50 | 1.50 | 1.15 | 5.65 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG707 | 980 | | 3.00 |15.00 | 12.00 | 10.00 | 5.13 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG708 | 980 | |12.45 |19.00 | 6.55 | 5.02 | 3.47 |
+------+-------+-----+------+------+-----------------+----------+------+
|UG708 | 980 | |83.00 |84.50 | 1.50 | 1.20 | 8.31 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0722 | NZ4 | |178.50|198.00| 19.50 | 16.50 | 4.10 |
+------+-------+-----+------+------+-----------------+----------+------+
|T0732 | 1540 | |143.50|146.50| 3.00 | 3.00 | 3.88 |
+------+-------+-----+------+------+-----------------+----------+------+
Further information about the Company:
Chaarat Gold Holdings Limited +44 (0)20 7499 2612
c/o Central Asia Services Ltd dekel@chaarat.com
linda.naylor@chaarat.com
Westhouse Securities Limited +44 (0) 20 7601 6100
Tim Feather tim.feather@westhousesecurities.com
Richard Baty richard.baty@westhousesecurities.com
Smith's Corporate Advisory +44 (0)20 7321 2508
Dominic Palmer-Tomkinson tomkinson@smiths-ca.com
Tavistock Communications +44 (0)20 7920 3150
Jos Simson jsimson@tavistock.co.uk
Emily Fenton efenton@tavistock.co.uk
Note to Editors:
About Chaarat Gold
Chaarat Gold is an exploration and development company operating in the Kyrgyz
Republic. The Company's main activity is the development of the Kiziltash and
Tulkubash projects situated within the Middle Tien Shan Mountains of Kyrgyzstan
which form part of the Tien Shan gold belt. The Company has thus far delineated
a JORC compliant mineral resource of 4.009 Moz at a grade of 4.14 g/t gold
across both deposits. The Company is currently in the process of compiling a
Pre-Feasibility study on the Kiziltash project and a Definitive Feasibility
Study on the Tulkubash project. Chaarat's objective is to become a low cost
gold producer targeting production of over 200,000 ounces per annum by early
2014 from the Kiziltash project with first production from the smaller Tulkubash
project in mid 2012.
www.chaarat.com
Competent Person
The Competent Person with overall responsibility for this press release, and who
has reviewed the information contained herein, is Sunit Patel M.Sc (Geology),
FGS, GSSA, who is an employee of Chaarat Gold. Mr. Patel is an exploration
geologist with 22 years of experience in the resource industry who has
sufficient experience relevant to the style of mineralisation and type of
deposit under consideration and was supervisor to the work subject of this
release.
Disclaimer
This press release includes forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors beyond Chaarat's control that would cause the actual results,
performance or achievements of Chaarat to be materially different from future
results, performance or achievements expressed or implied by such forward-
looking statements. Such forward-looking statements are based on numerous
assumptions regarding Chaarat's present and future business strategies and the
environment in which Chaarat will operate in the future. Any forward-looking
statements speak only as at the date of this document. Chaarat expressly
disclaims any obligation or undertaking to disseminate any updates or revisions
to any forward-looking statements contained in this document to reflect any
change in Chaarat's expectations with regard to these or any change in events,
conditions or circumstances on which any such statements are based. As a result
of these factors, the events described in the forward-looking statements in this
press release may not occur either partially or at all.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Chaarat Gold Holdings Ltd via Thomson Reuters ONE
[HUG#1482459]
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