Chaarat (AIM:CGH), the AIM-quoted gold mining Company with an operating mine in Armenia and assets at various stages of development in the Kyrgyz Republic, announces its production and operational results for the quarter ended 30 September 2020.
International powers continue to facilitate talks between Armenia and Azerbaijan to end the current escalation of hostilities in the region.
Political situation in Kyrgyz Republic stabilised with acting president and prime minister appointed. Presidential and Parliamentary elections scheduled for early 2021.
Proactive COVID-19 management being applied at all of Chaarat’s operations to minimise impact on operations.
Q3 operational results demonstrate stable production at Kapan since last year.
Quarterly production of 15,175 gold equivalent ounces (+8.7% vs Q2 2020). Chaarat remains on track to achieve full-year guidance.
Full-year guidance of AuEq 55koz maintained but kept under regular review given the ongoing COVID-19 pandemic and the current situation in Armenia.
Tulkubash bankable feasibility study and environmental and social impact assessment update expected before year end, incorporated to include significant drilling, construction, and environmental progress since last versions.
Tulkubash project finance continuing with further interest from banks received.
Chaarat is a gold mining company which owns the Kapan operating mine in Armenia as well as Tulkubash and Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear strategy to build a leading emerging markets gold company with an initial focus on the Former Soviet Union through organic growth and selective M&A.
Chaarat is engaged in active community engagement programmes 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 by building relationships based on trust and operating to the best environmental, social and employment standards.