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Chaarat Gold Project

Chaarat continues to add value to the Chaarat Gold Project; a Definitive Feasibility Study (DFS) has been prepared, we are making progress on obtaining the related permits, progressing infrastructure and continuing discussions with strategic partners. The completion of a robust DFS has substantiated the value and potential of the Chaarat deposit.
 
The key findings of the DFS are:
·         NFC was contracted to provide a Feasibility Study for the Chaarat Project in compliance with Chinese bankable feasibility study requirements.  The FS is not JORC compliant but has been based in part on studies from other consultants which are JORC compliant.
·         The Chaarat deposit is a JORC compliant resource of 6.1 million ounces of gold at a grade of 3.20g/t.  12% of the resource is free milling ore located in the Tulkubash zone.  The Contact and Main zones contain refractory ore
·         The mining method has been determined by dividing the Chaarat deposit into four sections.  The Tulkubash free milling section will be mined by open pit only.  Two sections of the refractory sulphide ore will be mined first by open pit and then underground.  The remaining section will be mined from underground only.
·         The FS assumes production at 8,000 tpd from the open pit sections until this ore has been exhausted and 4,000 tpd from the underground only section.  Underground production will increase to 8,000 tpd once underground mining has commenced in the former open pit sections. 
·         The peak capacity of the mine based on current reserves is therefore 12,000 tpd or 4 million tonnes per year between years 4 -11.  Average production of gold in these years will be 211k ounces per annum 
·         In year 2-3 and 12-18 the plant will operate at approximately 8000 tpd.
·         The free milling ore will be processed by heap leaching.  The refractory ore will be milled, concentrated and oxidised by bacterial oxidation (BIOX) to extract the gold.   
·         The total capital expenditure over the Project life has been estimated at USD 776 million.