Centerra Gold Announces Receipt of Tax Assessments from Scheduled Inspections.TORONTO -- (All figures are in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. dollars) Centerra Gold Centerra Gold Inc. (TSX: CG) is the gold mining company headquartered in Toronto, Canada. The company was formed and went public in 2004 when Saskatoon, SK-based Cameco Corp. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CG) today announced that it has received, from Kyrgyz tax authorities, the assessments from the scheduled tax and customs inspections. The inspections have been conducted routinely since the start of operations eight years ago. The assessments, as submitted, would result in an obligation of cash taxes of approximately $5 million and the denial of operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carry-forwards with a tax effect of $12 million spread over the three-year period 2005 to 2007. The tax inspection relates to the 2003 year, with the exception of the profit tax return, which covers the years 1997 to 2003, while the customs inspection relates to the years 2000 to 2004. The assessments are based upon interpretations of Kyrgyz law and will be negotiated accordingly as assessments have been in past years. Kumtor intends to file normal-course objections to the assessments within the 30-day period provided by Kyrgyz regulations. Management believes that it has strong legal arguments to support these objections and does not expect the final result to be a material amount to the Company. About Centerra Centerra is a growth-oriented, pure-play gold company focused on acquiring, exploring, developing and operating gold properties primarily in Central Asia, the former Soviet Union and other emerging markets. The two gold mines operated by the Company are expected to produce 790,000 ounces in 2005 at a total cash cost of about $229 per ounce. This ranks Centerra as a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. 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 Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSX) under the symbol CG. The Company is based in Toronto, Canada. Forward Looking Statements Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things: volatility and sensitivity to market prices for gold; replacement of reserves; equipment failure; unexpected geological or hydrological hy·drol·o·gy n. The scientific study of the properties, distribution, and effects of water on the earth's surface, in the soil and underlying rocks, and in the atmosphere. conditions; political risks arising from operating in certain developing countries; imprecision im·pre·cise adj. Not precise. im  pre·cise ly adv. in reserve
estimates; success of future exploration and development initiatives;
competition; operating performance of the facilities; environmental and
safetyrisks including increased regulatory burdens; seismic activity,
weather and other natural phenomena; failure to obtain necessary
permits and approvals from government authorities; changes in
government regulations and policies; including trade laws and policies;
ability to maintain and further improve positive labour relations labour relations (US), labor relations npl → relations fpl dans l'entrepriselabour relations labour npl → Beziehungen pl ; and other development and operating risks. Although Centerra believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. Centerra disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additional information on Centerra is available on the Company's web site at www.centerragold.com and at SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review at www.sedar.com. Centerra Gold Inc. (TSX:CG) |
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