Chaarat Gold Holdings Ltd Appointments to the Board (2435W)

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RNS Number : 2435W

Chaarat Gold Holdings Ltd

13 November 2017

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Appointments to the Board

Road Town, Tortola, British Virgin Islands (13(th) November 2017)

Chaarat (AIM: CGH), the AIM quoted company developing the Chaarat Gold Deposit in the Kyrgyz Republic, announces the appointment with immediate effect of two non-executive directors to the Board of Chaarat.

Non-Executive Director Appointments

Gordon Wylie and Dorian Nicol both bring more than 40 years mining experience and knowledge to the Board and will assist the management team, led by CEO Robert Benbow, in the development of the Chaarat Gold Project, initially via the first stage Tulkubash Heap Leach Project.

During his seven years as a member of AngloGold Ashanti's senior management team, Gordon was responsible for their global exploration programme, part of which included moving into new prospective, higher risk geographical regions. Gordon has been non-executive Chairman of Lydian International since its inception where he has overcome the challenges involved in moving an exploration company on to becoming a development company with a clear path towards production. Lydian is constructing a mine at the Amulsar open pit, heap leach gold project in Armenia. He is also familiar with Endeavour Financial who are assisting with Chaarat's financing.

Dorian (known as Dusty) has a broad industry experience at every stage of the mining process - from exploration to construction and development and management of mines. He has built multi-disciplinary teams in a variety of cultures. With his hands on approach, Dusty will be instrumental in working together with Bob and the management team in realising the potential of Chaarat's plans for the Chaarat Deposit, both in terms of the construction program for the heap leach operation as well as further exploration of the Tulkubash oxides. His experience with refractory ore will be invaluable to Chaarat when the oxide resource is in production and the Company seeks to expand further and develop the very substantial Kyzyltash refractory ore resource.

Martin Andersson, Chairman, comments: "One of my responsibilities as Chairman is to ensure the highest standards of corporate governance and an effective and value-creating Board process. My priority, at this important time for the Company, has been to add independent non-executive directors with significant mining experience and track record to the Board.

We are fortunate to have secured two such distinguished industry veterans for our team and I am delighted to welcome them to our Board. They will help Bob and his team maintain and increase the momentum we have established towards production."

Enquiries:

 
 Chaarat Gold Holdings 
  Limited                       + 44 (0) 20 7499 2612 
 c/o Central Asia Services      [e-mail] 
  Limited 
 Martin Andersson (Chairman) 
  Linda Naylor (Finance 
  Director) 
 
   Numis Securities Limited 
 John Prior, Paul Gillam 
  (NOMAD) 
  James Black (Broker)           [phone] 
 

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.

Chaarat aims to create value for its shareholders, employees and communities 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

Further information relating to the Director appointments

Gordon Wylie

Gordon Ferguson Wylie (aged 65) has confirmed that other than the information disclosed below there are no matters to be disclosed under Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules.

Current directorships:

Lydian International Limited

Avocet Mining Plc

Previous directorships held in the last 5 years:

None

Shareholding in the Company:

None

Dusty Nicol

Dorian ("Dusty") Loney Nicol (aged 61) has confirmed that other than the information disclosed below there are no matters to be disclosed under Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules.

Current directorships:

Azarga Metals Corp (previously known as European Uranium Resources Limited)

Previous directorships held in the last 5 years:

Metallum Exploration Ltd

Ludovika Mining SRO

Shareholding in the Company:

None

This information is provided by RNS

The company news service from the London Stock Exchange

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November 13, 2017 02:00 ET (07:00 GMT)