Chaarat Gold posts an operating loss of $1.97m for the six months to the end of June - down from $2.2m last time.
The group also announced a refreshed strategic focus to achieve production and that its largest shareholder, Martin Andersson, who holds his shares through Labro Investments, has agreed to join as non-executive chairman.
- Development of Tulkubash Heap Leach Project (the "Tulkubash Project") confirmed
- Tulkubash Project expected to process approximately 8,000 tonnes of ore per day to produce approximately 60-70,000 ounces of gold per annum
- GBM and WAI contracted and working on preparation of Bankable Feasibility Study for Tulkubash Project
- Metallurgical and geotechnical drilling underway on site and due for completion by the end of the 2016 season
Chief executive Dekel Golan CEO said: "I am delighted to welcome our new chairman and director to the Board at this pivotal time in the Chaarat story and look forward to working with them.
"The whole Board is hugely appreciative of the patience and support shown by our loyal shareholders. I know it may have seemed to them that nothing was happening at the Chaarat Project but, as we have now demonstrated, we have implemented concrete plans to achieve production in the near future.
"I am also very grateful for the wise counsel of Christopher, our outgoing Chairman, which I am sure, will still be available to me and the rest of the Board."
At 9:39am: (LON:CGH) Chaarat Gold Holdings Ltd share price was -1.31p at 6p