Published: 07:00 02.04.2009 GMT+1 /HUGIN /Source: Chaarat Gold Holdings Ltd /LSE: CGH /ISIN: VGG203461055
Potential new fund raising
For immediate release
2 April 2009
Chaarat Gold Holdings Ltd
("Chaarat" or "the Company")
Road Town, Tortola, British Virgin Islands (2 April 2009).
Chaarat (AIM:CGH, "the Company") announced that it is investigating raising additional funds by way of an equity issue to finance, amongst other things, the current year's resource, geotechnical and hydrogeological works and the completion of its prefeasibility study. The Company is currently in the process of working with SRK Johannesburg on preparing the prefeasibility study, which is due in the second half of 2009, on the Chaarat project in the Tien Shan gold belt.
About the Chaarat Gold Project
The Chaarat project is situated within the Middle Tien Shan Mountains of Kyrgyzstan which form part of the Tien Shan gold belt. At the completion of the 2008 exploration season a mineral resource of 3.34Moz at a grade of 4.30 g/t gold (JORC compliant in the Indicated and Inferred categories) had been delineated. The Company's exploration programme is aimed at increasing the confidence levels in the resource through infill drilling and increasing the Resource to four million ounces, through down-dip and along-strike extension drilling whilst developing a pre-feasibility study to demonstrate the economic viability of the deposit.
About Chaarat Gold Holdings or the Company
Chaarat Gold Holding is an exploration company founded for the purpose of developing the Chaarat License Area. Chaarat was admitted to AIM on 8 November 2007.
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.
Enquiries:
c/o Central Asia Services Ltd
Tel: +44 (0) 20 7499 2612
Dekel Golan
dekel@chaarat.com
Harry Lopes
harry.lopes@chaarat.com
Canaccord Adams Limited
Tel: +44 (0) 20 7050 6500
Mike Jones
Smith's Corporate Advisory
Tel: +44 (0) 20 7239 0140
Dominic Palmer-Tomkinson
tomkinson@smiths-ca.com
Chaarat Gold is a gold development stage company based in Switzerland.
Chaarat Gold holds various exploration projects in Kyrgyzstan.
Its main exploration properties are MINTEKE, KASHKASU, KIZILTASH (CHAARAT MAIN) and TULKUBASH in Kyrgyzstan.