Centerra says expected life of Kumtor mine extended to 2017 with new reserves

TORONTO - Centerra Gold Inc. (TSX:CG) said Monday that 1.3 million ounces of gold reserves have been added at its Kumtor mine, extending the project's open-pit mine life to 2017.

The company said after accounting for the processing of approximately 409,000 ounces at the project in the Kyrgyz Republic, Kumtor's proven and probable mineral reserves total 4.9 million ounces of contained gold.

Centerra also said that reserves at its Boroo mine in Mongolia increased by 25,000 ounces of contained gold before accounting for processing of approximately 188,000 ounces of gold in the Boroo mill and heap leach pad.

A gold price of $825 per ounce was used for all of the updated Kumtor and Boroo reserve and resource estimates, compared with $675 per ounce as of Dec. 31, 2008.

No changes were made at the company's Gatsuurt project or at its REN project, which Centerra plans to sell.

Centerra has operations in Central Asia, the former Soviet Union and other emerging markets.

Source:The Canadian Press
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