Chaarat increases gold resource estimate

7th Jul 2011 11:48

Kyrgyz Republic-focused gold explorer Chaarat Gold Holdings said the results from the six holes drilled at its Contact project in Kyrgyzstan have led to an increase in its gold resource estimate by 7.5%.The company said its gold resource has increased 7.5% to 4.736 million ounces (Moz) of grading 4.28 grammes per tonne, up from its previous estimate of 4.406 Moz of grading 4.2 g/t. This adds a further 16.5% to the mineral resource in this section of the project, which is an increase to 2.331 Moz of gold from 2.001 Moz of gold announced in February, Chaarat said.Shares of the AIM-quoted company rose 0.7% to 35.75p in midday trade in London. AR