Chaarat Gold Holdings Ltd, the BVI-registered exploration company founded for the purpose of developing the Chaarat Licence Area and admitted to AIM on 8 November 2007, has announced additional drilling results of the year 2008, which have been received, and now are expected to be released in the beginning of 2009.
The Chaarat project is situated in the Middle of the Tien Shan Mountains of the Kyrgyz Republic, which form part of the Tien Shan gold belt. Company’s exploration programme is aimed at increasing confidence levels in this resource. During 2008, the BVI company carried out 14,000 meters of drilling, the results of the year 2008 have all been received and a revised resource statement is being prepared by SRK, and is expected to be released in the beginning of 2009.
It is expected that these drilling results, along with the other results, already published during 2008, will add significantly to the current resource of 3.14 million ounces and improve the average grade of the resource. The new drilling results will be incorporated into the updated resource estimate, which is to be published in the beginning of 2009.