Chaarat’s assets comprise the Chaarat Gold Project (Tulkubash and Kyzyltash) in Kyrgyzstan and the Kapan Mine and Processing Company in Armenia.


The Company’s near-term focus in the Kyrgyz Republic is on the development of its Tulkubash heap leach project. An extensive drilling programme and feasibility studies carried out over many years have revealed a rich deposit of high-grade ore in the Tulkubash, Contact and Main zones of the deposit.


The Kyzyltash project is a higher grade resource than Tulkubash but its extraction will be more complex given it is refractory in nature. However, there are a number of proven technologies available to extract gold economically from refractory ore-bodies, with over 40% of annual world gold production coming from this type of ore.


Kapan has strengthened the company’s portfolio of assets and provided both near term cash flow as well as significant growth potential. It accelerates Chaarat’s transformation from a developer to a producer with an anticipated group production of approximately 65koz Au Eq in 2019.