The Company plans to develop the Chaarat Gold Project in three stages:
The first stage will process primarily ore which has a low sulphur content which is to be found in the Tulkubash zone. The ore will be mined from an open pit. The processing capacity of this stage will be only 1,000 tpd and the expected annual production is 30,000-40,000 ounces of gold pa.
This first stage will include significant investment in infrastructure such as developing an access road, internal roads, power distribution and power back up systems and permanent camps.
The company is fully funded for the first stage as described above.
Whilst bringing the first phase to production and "de-risking" the project the company expects to complete a feasibility study for the second phase which will see the plant expanding to 2,500 tpd. The mining will be done from underground where grades are higher and the plant will include an oxidation unit to maximize doré production.
The third phase will double production to 5,000 tpd and enable gold production to rise to 180,000 – 200,000 ounces pa.
The potential exists to increase production further by setting up a larger production facility.