Northisle Copper and Gold Inc V.NCX

Centerra (Mt. Milligan, Kemess in BC) another contender

[phoenix_trader]

PR today suggests Kumtor solution at hand, likely now looking at new opportunities in BC.


 TORONTO, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) today confirmed that it is engaged in negotiations with representatives of the Kyrgyz Republic to resolve their disputes related to Centerra’s Kumtor Mine and the seizure of control of the mine by the Kyrgyz government in May 2021.

Further to statements in the Kyrgyz media regarding the potential negotiated transfer of the Kumtor Mine to the Kyrgyz Republic, Centerra expects that the framework for any resolution would involve the following principal terms:

• Centerra receiving the approximately 26.1% in Centerra common shares held by Kyrgyzaltyn JSC (an instrumentality of the Kyrgyz Republic). Upon receipt, Centerra would cancel the shares surrendered by Kyrgyzaltyn JSC.
   
• The Kyrgyz Republic receiving, and assuming all responsibility for, the Company’s two Kyrgyz subsidiaries and the Kumtor Mine.
   
• Payment by Centerra of a cash amount equal to the net amount of the three dividends paid by Centerra in 2021 that Kyrgyzaltyn JSC did not receive as a result of the seizure of the mine and certain other financial consideration associated with the settlement of inter-company balances between Centerra and its two Kyrgyz subsidiaries.
   
• The resignation from Centerra’s Board of Directors of Kyrgyzaltyn JSC’s two nominees.
   
• Full and final releases of all claims of the parties and termination of all legal proceedings involving the parties in all jurisdictions with no admissions of liability.

[phoenix_trader]

Centerra has enough cash, cash flow, (zero debt) to develop Kemess and Northisle properties.  Kemess mill in place, payback under three years,  from the 2016 FS.   Pre-commercial production capital costs (including 12.5% contingency) of C$450M (US$337M) plus an additional C$153M (US$115M) in capitalized operating costs (net of revenue); Capital expenditures are back-end

[TELEMARKER]

pure speculation that CG eould be interested in NCX imo NWST deposits are near Kemess, Milligan and Endako