StockMarketWire.com - Chaarat Gold Holdings' [LON:CGH] shares fell after it revealed it is 'frustrated' that the definitive feasibility study for its proposed mine in the Kyrgyz Republic has still not been completed.

The group reported in June that the DFS was on track for 'delivery imminently'.

But it says the challenges of the cultural differences and different technical approaches inherent in its decision to use a Chinese engineering company were greater and more time consuming than anticipated.

But it says public hearings have been successfully completed and local communities support the project and alluvial gold production under way to sterilise the Chaarat project area,

Chaarat have been two principal challenges on the DFS. The first was the large volume of technical Chinese to Russian translation for review by local Kyrgyz institutes.

The review process, in order to ensure compliance of the project design with local regulations, is now under way following completion of the translations.

The second is the formal and thorough review process which NFC (who have overall responsibility for the DFS) and NERIN (the design institute affiliated to NFC who are carrying out the work on the DFS) have to complete to comply with Chinese regulatory standards before they can 'sign off' the DFS.

Review meetings will take place in China over the next few weeks between the senior management of Chaarat and NERIN and NFC to address the second challenge. The Board anticipates issuing a further update to the market on timing to completion of the DFS at the conclusion of these meetings.

Chief executive Dekel Golan said: "I reported in June that the DFS remained on track for delivery imminently. We understand and share the frustration of our shareholders that the DFS is not yet available. We are doing our best to complete the work as soon as possible and certainly do not take for granted the exemplary patience of our supportive shareholders."

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Green Dragon Gas [LON:GDG] posts a loss of $1.4m for the six months to the end of June - down from $69.3m a year ago.

Revenue increased 8% to $16.8m following an increase in piped natural gas and compressed natural gas sales, and in the weighted average CNG price in Greka retail stations.

Gross profit increased 121% to $11.9m.

Chairman and founder Randeep S. Grewal said: "We are pleased to announce another set of strong financial results from Green Dragon Gas, following the gradual ramp-up in our production and sales through the first six months of 2015.

"In addition, we have continued to benefit from a uniquely strong pricing position environment in the context of the on-going volatility in the sector, due to our strategic position in the high demand Chinese gas market. The increase in capital expenditure in the first half reflects the progress in our current continuing drilling campaign.

"A significant number of vertical wells were drilled during H1 and we are excited to commence our LiFaBriC drilling campaign in H2. In addition we have benefitted from investment in infrastructure allowing us to sell gas produced by existing wells, increasing production to achieve an H1 exit rate of 10.15 Bcf per year and giving us full confidence in achieving our year end exit rate target of 12 Bcf per year.

"In parallel, as reflected in our capital expenditure, we have pursued infrastructure investment and well connection together with our partners to boost our sales and production, as well as the first phase of vertical drilling at our operations, which will be followed by LiFaBriC completion in the second half of the year. With a solid cash position and a funded drilling programme, we look forward to delivering on our commitment to reach a 12 Bcf per year exit rate by the end of 2015."

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Contracting and financing for KEFI Minerals' [LON:KEFI] Tulu Kapi gold project is moving forward according to the plan agreed with the government of Ethiopia and as laid in the past out to shareholders, according to executive chairman Harry Anagnostaras-Adams.

Milestones include:

· The recently overhauled definitive feasibility study (2015 DFS) has been reviewed by the independent technical consultants to the short-listed senior secured financiers, their advice taken into account and the report signed off by KEFI Directors.

· Short-listed candidates for the Mining Contractor and for the Plant Construction Engineering, Procurement and Construction Management ("EPCM'") Contractor have submitted their bids. KEFI's contracting team is now refining and confirming the contracting terms and selecting the preferred contractors.

· Based on the 2015 DFS adjusted for contract-mining (but not yet refined for final bid terms), cash flow projections indicate All-in Sustaining Costs of $779/oz - the lowest quartile of gold producers globally. The Net Present Value of the project at the start of construction is $120 million and at the start of production in 2017 is $180 million (£80 million and £120 million respectively, assuming $1,250/oz long term gold price, mainly debt-style funding and discounting projected after tax cash flows at 8%).

· The project planning team has now moved its focus onto finalising contractor terms and also onto opportunities to further reduce peak capital requirements from the 2015 DFS estimate of $130 million. We expect to reduce it to below $120 million depending on final contracting terms agreed with preferred contractors, detailed engineering, procurement of plant and the extent, if any, of Government funding of infrastructure to be constructed within the public domain. KEFI will keep shareholders informed as material steps are concluded in finalising the capital requirements.

· KEFI's project finance advisory team is now engaging with short-listed financiers to optimise the funding mix and terms between the financiers, the contractors and the Ethiopian Government. To ensure robust planning in the short-term market environment, financing scenarios are being stress-tested at gold spot prices down to $850/oz. KEFI's confidence as regards project economics vis a vis the future gold price is also reinforced by the gold price outlook in Ethiopia Brr ("ETB"), which has increased from ETB16,800/oz five years ago to 22,600/oz at present.

· The full 2015 DFS will be uploaded to the Company's website www.kefi-minerals.com, as will a presentation summarising KEFI's options to finance the development of Tulu Kapi.

Anagnostaras-Adams said: "KEFI is moving forward according to the plan as agreed with the government of Ethiopia and as laid in the past out to our shareholders.

"We appreciate the considered and punctual responses received from short-listed project contractors, will soon make our selections thereof and then move onto optimising the financing structure with the preferred contractors, the government of Ethiopia and, of course, the short-listed financiers."

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The first phase of a soil sampling programme at La India project has been completed, Condor Gold [LON:CNR] says.

Sampling has been completed over an area of 55 sq km identified as prospective for hidden deep-seated gold mineralisation.

5,767 B-horizon soil samples have been collected on 200m by 50m grid spacing, closed up to 100m by 50m in areas of interest, and analysed for 53 elements to ultra-trace detection limits using a standard ICP-MS package offered by Acme Labs in Vancouver.

The results have enhanced the district-scale geological and epithermal gold mineralisation model and have identified several target zones within linear features for further exploration for hidden deep-seated gold deposits.

Chief executive Mark Child said: "Condor has completed soil sampling programmes on 6 areas covering 55sq km of the 313sq km La India project. The areas were chosen as they potentially contain underground gold deposits. Of particular interest is a clear linear anomaly, which has been defined and appears to be a south-east strike continuation of the Andrea Vein, extending the Andrea hydrothermal conduit from a 2km long vein to a 4 to 7km long corridor.

"The soil sampling programme is part of Condor's strategy of demonstrating the significant exploration upside of 2.4M oz gold at 4.0g/t reserve and resource at La India Project. Condor has commissioned an expert structural geologist to compile a detailed structural model aimed at producing additional exploration targets, a summary of the report will be released in the near future."