Centerra Gold Reports 2012 Gold Production of 387,076 ounces and Provides 2013 Guidance
This news release contains forward-looking information that is subject to the risk factors and assumptions set out on page 5 and in our Cautionary Note Regarding Forward-looking Information on page 7. All figures are in United States dollars.
Toronto, Canada, January 14, 2013: Centerra Gold Inc. (TSX: CG) announced today that its 2012 consolidated gold production totalled 387,076 ounces, which includes 315,238 ounces of gold from the Kumtor mine, located in the Kyrgyz Republic and 71,838 ounces of gold from the Boroo mine, located in Mongolia.
During the fourth quarter of 2012, consolidated gold production was 219,316 ounces, including 189,438 ounces of gold produced by the Kumtor mine and 29,878 ounces of gold produced by the Boroo mine.
Ian Atkinson, President and CEO of Centerra stated, �At Kumtor, we finished 2012 at a disappointing 315,238 ounces. The year proved to be a challenging one beginning with the
unexpected acceleration of ice and waste into the Central Pit which resulted in a reduction of our production forecast for the year. As a result of the accelerated ice and waste into the Central Pit, we shifted our ore mining activities to the strike extension of southwest end of the SB Zone, discovered in 2011, that had no historical mining production. In November, when we reported our third quarter results, we announced a further reduction in the Kumtor production due to the mine encountering an irregular till/bedrock contact while transitioning from waste to ore. This situation is not expected to occur again in the current mine plan (KS-13). Final production results at Kumtor for the year were impacted by lower than expected mill through put and recovery, as well as, lower than expected mill head grades encountered in the fourth quarter when mining the newly discovered portion of the orebody. However, as outlined in the December 2012 Kumtor technical report, the KS-13 model has proven to be a reliable indicator of mineral reserves relative to gold production and we expect that trend to continue. In 2013, we expect approximately 75% of our production to come from the SB Zone which has had a number of years of historical production.�
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Centerra Gold Inc
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PRODUCER |
CODE : CG.TO |
ISIN : CA1520061021 |
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Centerra Gold is a gold and copper producing company based in Canada. Centerra Gold holds various exploration projects in Russia. Its main assets in production are KUMTOR in Kyrgyzstan and BOROO in Mongolia, its main asset in development is GATSUURT in Mongolia and its main exploration properties are AKARCA in Turkey and REN and KARA BELDYR in Russia. Centerra Gold is listed in Canada and in Germany. Its market capitalisation is CA$ 2.7 billions as of today (US$ 2.0 billions, € 1.9 billions). Its stock quote reached its lowest recent point on October 24, 2008 at CA$ 0.79, and its highest recent level on April 21, 2023 at CA$ 9.99. Centerra Gold has 291 280 000 shares outstanding. |