Clarification re press comment
(Thomson Reuters ONE) -
Chaarat Gold Holdings Limited
("Chaarat" or "the Company")
CLARIFICATION RE PRESS COMMENT
Road Town, Tortola, British Virgin Islands (23 June 2011)
The Board of Chaarat (AIM - CGH), the AIM quoted exploration and development
company with assets in the Kyrgyz Republic, is aware of a media article
published by 24.kg news agency in Bishkek that reports comments made by the
Kyrgyzstan Minister of Natural Resources ("the Minister") concerning the
development of large mineral deposits in Kyrgyzstan.
The Company believes that the Minister's comments may have been mistakenly
interpreted as suggesting that mineral deposits in Kyrgyzstan will be
nationalised. The Board's understanding of the background to the media article
is that the Minister's comments were made during a committee meeting concerning
which Kyrgyz government body should govern, approve and benefit from the
development of mineral deposits in the country. It is the Board's view that the
Minister's comments have been mistakenly translated and/or misinterpreted and
that any changes contemplated should not have any impact on Chaarat's
operations.
The Company is not aware of any intention from any Kyrgyz authority to
nationalise assets in the Kyrgyz Republic; indeed recent contact between Chaarat
personnel and the authorities in Kyrgyzstan indicate that the situation is
unchanged. Only two weeks ago the Company was granted permits on its Tulkubash
property by the Ministry of Natural Resources.
It is the view of the Board that the comments made by the Minister have been
misunderstood and that no changes to the legal status of the Chaarat property
are currently contemplated.
Chaarat Gold Holdings Limited +44 (0) 20 7499 2612
c/o Central Asia Services Limited
Dekel Golan - CEO dekel(at)chaarat.com
Linda Naylor - Finance Director linda.naylor(at)chaarat.com
Westhouse Securities Limited +44 (0) 20 7601 6100
Tim Feather tim.feather(at)westhousesecurities.com
Richard Baty richard.baty(at)westhousesecurities.com
Bankside Consultants +44 (0) 20 7367 8888
Simon Rothschild simon.rothschild(at)bankside.com
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 delineated a JORC
compliant mineral resource of 4.406Moz at a grade of 4.20g/t gold across both
projects. Chaarat's key objective is to become a low cost gold producer; with
initial production from the Tulkubash project, targeting annual production of
over 200,000 ounces per annum as the Kiziltash project comes on stream.
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#1525407]
Unternehmensinformation / Kurzprofil:
Datum: 23.06.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 55800
Anzahl Zeichen: 4025
contact information:
Town:
British Virgin Islands
Kategorie:
Business News
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"Clarification re press comment"
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Chaarat Gold Holdings Ltd (Nachricht senden)
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