Kyrgyz Parliament Approves Kumtor Agreement
(All
figures are in United States dollars)
TORONTO, ONTARIO --
April 30, 2009 - Centerra Gold Inc. (TSX: CG) announced today that the Kyrgyz Parliament has
ratified the Agreement on New Terms between Centerra, the Government of the
Kyrgyz Republic and Cameco Corporation, details of which were disclosed in the
Company's April 24, 2009 news release. Parliament has also enacted legislation
authorizing implementation of the Agreement on New Terms including the new tax
regime. The President of the Kyrgyz Republic is expected to sign the
legislation in the near future.
As previously announced, the Agreement on New Terms resolves all outstanding
issues with respect to the Kumtor Project and provides additional certainty for
continuing operations and future development of the Kumtor Project. This is the
first time the Kumtor arrangements have been voted on or approved by Parliament.
Closing of the transactions under the Agreement on New Terms is subject to
certain conditions, including that all proceedings before the Kyrgyz courts
with respect to the Kumtor Project and all adverse rulings in such proceeding
shall have been terminated or vacated and the receipt of any necessary
regulatory or other approvals, including TSX approval. The parties have agreed
to apply reasonable efforts to close the transaction on or before May 25, 2009.
Cautionary Note Regarding
Forward-looking Information
This news release contains forward-looking
information. This forward-looking information includes statements as to
management's expectations with respect to, among other things the satisfaction
of all other conditions precedent to the implementation of the provisions of
the Agreement on New Terms. Such forward-looking information involves numerous
assumptions, risks, uncertainties and other factors that could cause actual
results and performance 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 proje cted
in the forward-looking information.
Risk factors affecting Centerra and the
Kumtor project are discussed under the heading "Cautionary Note Regarding
Forward-looking Information and "Risk Factors" in the Company's most
recently filed Annual Information Form and Annual Report and Management's
Discussion and Analysis for the financial year ended December 31, 2008,
available on SEDAR at www.sedar.com.
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 growth-oriented, gold Company focused on acquiring, exploring,
developing and operating gold properties primarily in Asia, the former Soviet
Union and other emerging markets worldwide. Centerra is a leading North
American-based gold producer and the largest Western-based gold producer in
Central Asia and the former Soviet Union. Centerra's shares trade on the
Toronto Stock Exchange under the symbol CG. The Company is based 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
INFORMATION:
Centerra Gold Inc.
John W. Pearson
Vice President, Investor Relations
416-204-1241
www.centerragold.com