Centerra boosts gold reserves, provides 2010 output guidance

By: Liezel Hill
8th December 2009
TORONTO (miningweekly.com) – TSX-listed Centerra Gold expects to produce 660 000 to 680 000 oz of gold in 2010 from its mines in Kyrgyzstan and Mongolia, the company reported on Tuesday.

The Kumtor mine is expected to produce about 540 000 oz, with almost half of the annual production (43%) scheduled in the fourth quarter.

The mill is expected to shut down temporarily during the second quarter, when the ball mill ring gear will be changed and the mill liners replaced, Centerra said.

The company also expects to produce between 120 000 oz and 140 000 oz from its Mongolian operations, the Boroo mine and Gatsuurt project.

The forecast assumes that Centerra receives the final operating permit for the heap leach facility at Boroo, and that it starts processing oxide ore from Gatsuurt in the second half of the year.

Later on Tuesday, Centerra and 48,5% shareholder Cameco announced that Cameco will sell all its shares in the gold-miner in a bought-deal offering. The sale has been anticipated for a while.

RESERVE UPDATE

Centerra also announced on Tuesday that it has revised the reserve estimates at both Kumtor and Boroo and updated the life-of-mine operating plans.

At Kumtor, the company has added about 1,3-million ounces of gold reserves since the reserve calculation.

After accounting for processing of some 409 000 oz of contained gold up to October 31, Kumtor's proven and probable mineral reserves stood at 4,9-million ounces of contained gold at the end of October.

The additional reserves will extend the Kumtor openpit mine life to 2017, Centerra said.

The company has also updated the mine plan to include remedial measures to manage ice and waste movement in the southeast highwall of the Kumtor pit.

At the Boroo mine, reserves increased by 25 000 oz of contained gold before accounting for processing of approximately 188 000 oz of gold up to October 31 in the Boroo mill and heap leach pad.

The company calculated the new reserve and resource estimates with a gold price of $825/oz, compared with the $675/oz used a year ago.

Centerra shares slid 8% on Tuesday, to C$11,59 each by 14:30 in Toronto. The stock was halted shortly afterwards for the Cameco announcement.

Edited by: Liezel Hill

Source:www.miningweekly.com
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