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CAMAR Targets Gold Boost

Tuesday 22 November 2011

CAMAR (PLUS:CMRP), the gold production and exploration company focused in Tajikistan, today announces an operational update from its licence areas in Northern Tajikistan. Since re-admission to PLUS in April of this year CAMAR has continued to focus on the development and exploration at its Aprelevka gold projects.

CAMAR is currently operating at four licence areas in Tajikistan with further applications currently pending at 2 highly prospective areas. The primary producing mill at Kansai is being fed ore from the Aprelevka, Ikkijelon, Kizil Cheku and Burgunda pits, with the latter also supplying the Burgunda heapleach pad. The Company is currently producing 1,000oz of gold per month with the aim of doubling to 2,000oz by optimising the mill operations with the mid-term intention of proving up a delineated JORC Resource to internationally recognised standards.

Kansai Mill

  •  Operational upgrades required to achieve 100% increase in production are:
    • Cone crusher to be improved to reduce grind size and increase mill throughput
    • Metallurgical test work underway to determine improved separation processes
    • Elusion circuit revised
    • Additional electrowinning baths to be added
    • Increased gold production results expected H1 2012 and recovery of silver credits

Aprelevka

  • Initial scoping completed:
    • Awaiting results of grab-sample and blast-hole-sample results
  • Reviewing metallurgical ore characterisation
  • Underground test-milling at Aprelevka East

Burgunda

  • Initial scoping completed:
    • Awaiting results of grab-sample and blast-hole-sample results
    • 2 holes assayed for low-grade bulk tonnage
  •  Reconnaissance assessment of nearby prospects under way and initial data available

Ikkijelon

  • Satellite image analysis and sampling underway:
    • Reprocessing Soviet data digitized and modelled in 2001 by Gulf International Minerals
    • Limited at more reasonable lower gold and silver cut-off grades

Kizil Cheku

  • Initial scoping well underway
    • Awaiting grab sample results

David Russell, Director of CAMAR, said:

Since re-admission to the PLUS market, CAMAR has implemented a series of measures to optimise gold production in the near term and also extract a silver credit from existing operations. We are also working to bring our significant gold resources into an internationally recognised standard with our first stage objective to define one million ounces of gold resource. Work is going to schedule and we expect to release a series of results from our test work in the near future.

Having raised £4.4 million in shares and warrants at 65p in August, CAMAR has seen its shares slip from a year’s high of 103.5p on PLUS to 61.5p, with a 7p spread, valuing the company at £10.3 million. They are speculative.

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