100% of the shares in Kumtor Operating Company have been transferred to Kumtor Gold Company

100% of the shares in the closed joint-stock company “Kumtor Operating Company” have been transferred to the closed joint-stock company “Kumtor Gold Company.”

This decision was made to enable Kumtor Gold Company to make operational decisions regarding Kumtor Operating Company, which is currently developing the Togolok gold deposit and conducting geological exploration in the Dzhangart area.

Previously, the sole shareholder of the closed joint-stock company “Kumtor Operating Company” was the open joint-stock company “Kyrgyzaltyn.”

It should be noted that the Togolok gold deposit, discovered back in 1978, is located in a remote high-mountainous area in the Jeti-Oguz District of the Issyk-Kul Region. The settlements closest to the Togolok deposit are Uch-Koshkon and Ak-Shiyrak. The distance from the city of Bishkek to the Togolok deposit is 560 km.

Full-scale mining operations began at the Togolok deposit this year. The first ore is expected to be extracted this year. At the same time, drilling totaling more than 16,000 meters is underway at the promising Jangart area.

The development of the Togolok deposit, projected to last 10–15 years, will proceed in two phases. According to the protocol, 19.9 tons of gold have been added to the balance sheet of the State Commission on Mineral Reserves of the Republic.