viewChaarat Gold Holdings Ltd

Chaarat Gold chairman buys 800,000 shares in company, FD buys 42,000 shares


Chaarat Gold Holdings Ltd (AIM: CGH) said it was notified that non-executive chairman Christopher Palmer-Tomkinson this week bought 800,000 shares at 23.5 pence each and is now interested in a total of 6,675,000 Chaarat shares, representing 5.91 percent of the issued capital.

Finance director Linda Naylor on the same day bought 42,500 shares of the company at the same price.  These shares represent an 0.038 percent holding.

Last week, the Kyrgyzstan operating gold miner reported high grade sampling results from a surface drilling programme at one of the target areas of its flagship Chaarat project in Kyrgysztan, which the company said could have a significant impact on the economics of the project.

The drilling results were from five surface drill holes and an adit in the T0700 project area targeting the southern part of the Tulkubash zone, one of three parallel striking mineralisation trends at the project. Highlights included intersections of 24.6m (metres) at 4.88 g/t (grammes per tonne) Au (gold) and 18m at 4.60 g/t Au including 5.78m at 9.09 g/t Au.

The objective of the ongoing drilling programme is to evaluate the potential for this mineralisation to be included as a possible future open pit mining resource.

The  100 percent owned Chaarat license area spans over 604.6 sq km (square kilometres), while extensive prospecting has only been conducted on high priority targets within an area of 48 sq km, referred to as the Prospect area. Advanced stage prospecting including the ongoing resource drilling programme on three of the seven priority targets within the area have so far delineated zones of gold mineralisation with a JORC compliant resource of 3.14Moz (million ounces) at 4.41 g/t with 2.2Moz in the inferred category and 0.9Moz in the indicated category.

The company expects to announce a new resource update in the first quarter of 2010.

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