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Chaarat Gold director Mac DeGuire resigns

Last updated: 05:40 30 Dec 2014 EST, First published: 06:40 30 Dec 2014 EST

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Kyrgyz Republic-focused gold mine developer Chaarat (LON:CGH) said director Mac DeGuire has resigned from the board with effect from tomorrow (Dec 31).

He had been appointed in May last year, the firm said, and subsequently taken responsibility for managing the team of consultants appointed in March to prepare the definitive feasibility study (DFS).

However, in September this year NERIN/NFC were appointed as the contractors to complete the DFS and the contracts with the previous team were discontinued, Chaarat said.

"Mac has recently completed his contribution in respect of the assessment of the metallurgical options to process the Chaarat ore, the results of which will be included in the DFS.

"Hence he decided that the time was right to pursue other consultancy opportunities and has decided to resign from the board of Chaarat," the firm added.

Chairman Christopher Palmer-Tomkinson said: "My fellow directors and I thank Mac for his contribution to the DFS and join me in wishing him well for the future."

Shares nudged up around 1% to 12.5p.

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