Centerra Gold Inc. (TSX:CG - News) announced today that it
completed $2.5 million in exploration expenditures on the Kara Beldyr property, located in the Tyva
Republic, Russia in the third quarter of 2010. The Company has now earned a
50% interest in the joint venture with its joint venture partner Central Asia
Gold AB, Sweden. As a result of the encouraging results from the exploration
work completed to-date, Centerra has elected to
exercise its option to increase its interest in the joint venture to 70% by
spending a further $4 million on exploration on the property over a two-year
period.
The Company entered in to a joint
venture agreement with Central Asia Gold AB in September 2008 covering the
Kara Beldyr property. Starting in the fourth
quarter of 2008, Centerra carried out a program of
geological mapping, geochemical sampling and a ground magnetic survey over
the entire property. Trenching and IP surveys have been completed over the
three primary prospects, the Gord, Ezen and Camp prospects.
A program of shallow drilling was
completed in 2008 and early 2009 followed by diamond drilling of the three
primary prospects in 2009 and 2010. To-date 31 diamond drill holes totalling 5,120 metres have
been completed on the property.
Of this drilling 15 drill holes totalling 2,431 metres have
been completed on the Gord prospect. This drilling
on 100 metres sections has outlined a zone of sulphide hosted gold mineralization over a strike length
of 750 metres to a depth of greater than 250 metres with an average width of 25 metres
and the mineralization is open to depth.
Detailed drilling of the Gord zone at 50 metre centers
is in progress.
A complete listing of the drill results
and supporting maps (drill plan and cross sections) for the Gord prospect on the Kara Beldyr
property can be accessed through the following link: http://media3.marketwire.com/docs/Q3-Kara-Beldyr-datasections1.pdf
and have been filed on the System for Electronic Document Analysis and
Retrieval ('SEDAR') at www.sedar.com.
Additionally, they are available at the Company's web site at:
www.centerragold.com.
Qualified Person
The new drilling results in this news
release and on Centerra's website and the other
scientific and technical information in this news release were prepared in
accordance with the standards of the Canadian Institute of Mining, Metallurgy
and Petroleum and National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") and were reviewed, verified and
compiled by Centerra's geological and mining staff
under the supervision of Ian Atkinson, Certified Professional Geologist, Centerra's Senior Vice-President, Global Exploration, who
is the qualified person for the purpose of NI 43-101.
Cautionary Note Regarding
Forward-looking Information
This news release contains
forward-looking information. Such forward-looking information involves
numerous assumptions, risks, uncertainties and other factors that could cause
actual events to differ materially from those expressed or implied by such
forward-looking information. All information, other than statements of
historical fact, is forward-looking information. Forward-looking information
is necessarily based upon a number of estimates and assumptions that, while
considered reasonable by us, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those projected
in the forward-looking information. Centerra
disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except to the extent required by applicable laws.
About Centerra
Centerra is a gold mining company focused on
operating, developing, exploring and acquiring gold properties primarily in
Asia, the former Soviet Union and other emerging markets worldwide. Centerra is a leading North American-based gold producer
and is the largest Western-based gold producer in Central Asia. Centerra's shares trade on the Toronto Stock Exchange
(TSX) under the symbol CG. The Company is headquartered in Toronto, Canada.
Additional information
Additional information on Centerra is available on SEDAR at www.sedar.com and the
Company's website at www.centerragold.com.
Contact:
John W. Pearson
Centerra Gold Inc.
Vice President, Investor Relations
(416) 204-1241
john.pearson@centerragold.com
www.centerragold.com |