Executive Summary
Chaarat Gold Holdings Ltd was incorporated in the British Virgin Islands on 20 July 2007 and became the holding company of the Group. The Chaarat Group was founded for the purposes of exploring and developing the Licence currently held by Chaarat Zaav CJSC in the western part of the Kyrgyz Republic (which is the Company's main country of operation). The Licence was initially granted to Chaarat Zaav CJSC in 2002 which has the exclusive right to conduct geological prospecting and exploration for gold and other metals, in the Licence Area, as well as the exclusive right to apply for a mining licence for the same metals. The Licence Area is 604.6 km2 in extent and hosts many highly prospective gold occurrences over a strike length of some 28 kilometres. To date, extensive prospecting has only been conducted on a small number of higher priority targets. The Company has focused its exploration on an area that the Directors considered to be the most prospective and readily accessible part of the Licence Area, based on historical information. Advanced stage prospecting, including the ongoing resource drilling programme, on seven priority targets, has delineated wide zones of gold mineralisation. By the end of the 2006 exploration season, a JORC compliant, indicated and inferred resource of 1.9 million ounces at a gold grade of 4.1g/t had been delineated on these targets. Subsidiary amounts of silver and antimony occur within the mineralised zones. Additional targets are being explored but have not been drilled during the 2006 season. The Licence has been granted to 31 December 2008 and the terms of the Licence allow for the Company to extend the period of Licence up to 10 years for successive periods of generally two years until 2012.
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