The Asia Miner

OCT-DEC 2017

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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Page 28 of 55

Volume 14 • Issue 4 | 2017 | ASIA Miner | 27 Central Asia WITH production from Central Asia Metals' (CAM) Kounrad Copper Project in Kazakhstan continuing, the company has stepped up efforts to identify further copper deposits in the Central Asian country. To this end it has been drilling at the Shuak exploration project, which is about 300km north of the capital, Astana. In a half yearly operations update, CAM said a diamond drilling pro- gram of about 4700 metres had commenced at Shuak together with an initial 7000 metre core hydrotransport (CHT) drilling campaign. Priority areas for both work programs are Mongol V and Mongol North. In total, 22,000 metres of drilling are planned for 2017 and the exploration budget for 2017 is US$1.5 million. Together with partners Aksu-Esil, CAM has also been undertaking geological mapping at Shuak. The update stated that the company was nearing completion of a TEM-FAST geophysics program designed primarily to ascertain the depth and extent of the saprolite weathering horizon. In November 2016 the company announced that it had signed a framework agreement to acquire an 80% effective interest in the Shuak property. The licence area is 197sqkm and contains three target areas that warrant immediate and detailed exploration for copper and gold. During the first half of 2017 CAM produced 7027 tonnes of copper from the Kounrad project, which was 2% higher than production in the same period of 2016. Copper cathode sales in the first half amounted to 6870 tonnes, 8% higher than the 6355 tonnes sold in the first half of 2016. The copper was sold predominantly through the company's offtake partner, Traxys. During the June quarter the dump leach, solvent extraction and elec- tro-winning (SX-EW) copper recovery plant produced 3670 tonnes. CAM said that in April it began irrigating the Western Dumps and during the June quarter approximately 1300 tonnes of copper cathode had been recovered. Executive chairman Nick Clarke said, "We are pleased that our H1 2017 production is broadly in line with that of 2016. This ensures that we are on course to achieve our full year production guidance of be- tween 13,000 tonnes and 14,000 tonnes of copper cathode. CAM recently completed an underwritten conditional placing of new and existing ordinary shares which resulted in total funds of approxi- mately US$186.6 million. CHAARAT Gold Holdings has achieved full local permitting from the Kyrgyz Republic Government for its Tulkubash Heap Leach Project. A licence agreement confirms approval for the plan to take stages one and two of the Chaarat Gold Project, which includes Tulkubash, to production. Approval followed submission of a Technical Project (TP) report and a positive public hearing. The TP set out the detailed plan for the development of the Tulkubash project and the environmental impact assessment (OVOS). It was submitted to the State Commit- tee of Energy, Industry and Subsoil Use (SCEIS). The Tulkubash project has been approved for construction while the stage two refractory deposit can be developed when appro- priate. However, there will be no need to submit another TP or un- dertake a public hearings process when seeking permitting for the second stage development. The approvals also include local environmental impact assess- ments and mitigation strategies while land allocations for the main operational and infrastructure facilities have been secured. "We have signed a licence agreement with SCEIS confirming ap- proval to complete the design and construction required to reach production from the stage one Tulkubash project in 2019," Chaarat stated in an announcement. "This means that the company can now proceed to detailed de- sign of the mining, processing and infrastructure facilities. The relat- ed geotechnical works are almost complete and the selection of the designer for the leach pad is under way." Chaarat CEO Robert Benbow said, "Securing approval of the TP is another positive milestone in our path to putting the Tulkubash project into production. Our efforts are now fully directed towards completing the feasibility study and advancing to project construc- tion." Chaarat has also received positive results from a drilling program at the Tulkubash Zone. The company is confident that the pro- gram, which has been extended, will increase the life of mine of the Tulkubash open pit heap leach project. Best recent results are 24.5 metres true width from a depth of 82 metres @ 1.35 g/t gold, 11.4 metres from 264.5 metres @ 2.54 g/t, 18.4 metres from 4.5 metres @ 1.49 g/t and 35.2 metres from 68.5 metres @ 1.05 g/t. Mineralisation is open to the northeast with indications of continuity for at least 3km. Full permitting received for Tulkubash Copper cathode production at Central Asia Metals' Kounrad project in Ka- zakhstan. CAM extends reach to Shuak prospect

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