Chaarat Gold Holdings has been awarded a mining permit for its Tulkubash licence in the Kyrgyz Republic.

The company said it has secured financing for the construction of the Tulkubash Project in March 2011 while negotiations are also underway with the Kyrgyz Government for a potential long term agreement.

Chaarat Gold Holdings CEO Dekel Golan said, "We are delighted to report on the award of the mining permit for the Tulkubash Project, which marks the achievement of another significant milestone in our progress towards production in 2013."

The Tulkubash project forms first part of the Chaarat Project which is situated within the Middle Tien Shan Mountains.

An earlier JORC compliant mineral resource estimate at the Chaarat Gold Project delineated 5.59 million ounces at a grade of 4.08g/t gold.

Chaarat targets increased combined annual gold production of over 200,000 ounces initially when the project comes in service.