Update Feb 5 Centerra Gold, 2013 Year-End Reserve and Resource Update
TORONTO, ONTARIO--(Marketwired - Feb. 5, 2014) - Centerra Gold Inc. (TSX:CG) -
This news release contains forward-looking information that is subject to the risk factors and assumptions set out on page 7 and in our Cautionary Note Regarding Forward-looking Information on page 9. All figures are in United States dollars.
Centerra Gold Inc. today issued its 2013 year-end estimates for reserves and resources and a fourth quarter 2013 exploration update. The estimates of reserves and resources are based on the Company's 2013 exploration programs and, with respect to the Kumtor project, on the KS-13 open pit mine plan (announced November 7, 2012). The Company has used a gold price of $1,300 per ounce as the basis for its estimates, compared to gold price of $1,350 used for 2012 year-end estimates.
Highlights:
- At Centerra's 100% owned Öksüt project in Turkey, 2013 in-fill drilling on the Keltepe deposit (formerly the Ortaçam North deposit) has increased the indicated resources to 1.1 million contained ounces of gold, an increase of 406,000 ounces of contained gold. The smaller Guneytepe deposit (formerly the Ortaçam deposit) is estimated to have 134,000 ounces of contained gold in the inferred resource category. For both deposits, the identified resources are oxide or transition ore that would be amenable to heap leach processing.
- At the Gatsuurt project in Mongolia, gold mineral reserves in the probable category have increased by 114,000 contained ounces as a result of an updated block model and a re-design of the open pit.
Ian Atkinson, President and CEO of Centerra Gold said: "In 2013 at the Öksüt project we successfully converted the majority of the inferred resources to indicated resources and through our in-fill drilling during the year we continued to expand the resource, which now totals 1.1 million contained ounces of gold in the indicated category with an average grade of 1.2 g/t. The Company expects to complete a preliminary economic assessment in the first quarter of 2014 and if such assessment is positive, we expect to commence a feasibility study later in the year. Centerra's reserves and resources are estimated to be 15.7 million contained ounces of gold, which does not include the 3.7 million contained ounces of gold in the inferred category."
Year-end Reserves and Resources
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