TIDMCGH

RNS Number : 5200K

Chaarat Gold Holdings Ltd

10 July 2017

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Board and senior management changes

Road Town, Tortola, British Virgin Islands (10(th) July 2017)

Chaarat (AIM : CGH), the AIM quoted exploration and development company with assets in the Kyrgyz Republic, is pleased to announce changes to the management team and Board.

Highlights

   --     Robert Benbow appointed Chief Executive Officer 
   --     Dekel Golan appointed Deputy Chairman of the Board 
   --     Alexander Novak to retire as a Director 
   --     Davron Vakhabov to be appointed General Director of Chaarat Zaav 
   --     New Business Development Committee to begin work

Robert Benbow, Chaarat's COO will assume the position of CEO with immediate effect. Robert will continue to implement the move to production for the Tulkubash Heap Leach Project. Prior to joining Chaarat, he served as Vice President and Country Manager of Alacer Gold Corp.'s Çöpler Gold Mine in Turkey. He has more than 30 years' experience in bringing junior exploration companies to production and operations. Robert will not be joining the Chaarat Board.

Dekel Golan will assume responsibility as Deputy Chairman of the Board focussing on business development. He will work closely with Chaarat's Chairman on the evaluation of new opportunities for Chaarat as Chairman of the newly constituted Business Development Committee.

Alexander Novak will remain Chairman of the local company Chaarat Zaav while retiring from the Chaarat Board. He will be an adviser to the Board on government relations in the Kyrgyz Republic.

Davron Vakhabov will assume day to day responsibility for in country matters both in Bishkek and at site as General Director of Chaarat Zaav. Davron has over 10 years' senior managerial experience of gold mine projects including Lydian International's Amulsar Gold Project in Armenia and the Çöpler Mine.

Martin Andersson, Chairman comments: "I am greatly looking forward to working with Dekel, Bob, Alex and Davron in their new roles. Dekel and Alex founded Chaarat and have devoted the last 15 years to developing the company. They have worked with me in recent months to identify their succession at this appropriate time. I am pleased that they will continue to provide the Board, and the newly constituted management team, with the benefit of their advice, contacts and experience."

Enquiries:

 
 Chaarat Gold Holdings 
  Limited                       + 44 (0) 20 7499 2612 
 c/o Central Asia Services      info@chaarat.com 
  Limited 
 Martin Andersson (Chairman) 
  Linda Naylor (Company 
  Secretary) 
 
   Numis Securities Limited 
 John Prior, Paul Gillam 
  (NOMAD) 
  James Black (Broker)           +44 (0) 20 7260 1000

About Chaarat Gold

Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic with a large, high grade resource - the Chaarat Gold Project. The Company's key objective is to become a low cost gold producer generating significant production from the development of the Chaarat Gold Project. Chaarat is engaged in an active community engagement programme to optimise the value of the Chaarat investment proposition.

Chaarat aims to create value for its shareholders, employees and communities from its high quality gold and mineral deposits in the Kyrgyz Republic by building relationships based on trust and operating to the best environmental, social and employment standards.

Further information is available at www.chaarat.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 10, 2017 02:00 ET (06:00 GMT)

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