Centerra Gold Issues Update on Operations at its Kumtor Mine.
The action is related to the 1998 cyanide incident which Centerra settled with the Government of the Kyrgyz Republic in 1999. The settlement agreement was submitted to international arbitration which reviewed and confirmed the settlement as fair and reasonable.
The company is in discussions with the national and local government to expeditiously resolve the situation.
The operations continue normally, however the Company continues to closely monitor and evaluate the situation. The Company will issue further updates as warranted.
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 800,000 ounces in 2005 at a total cash cost of about $232 per ounce. This ranks Centerra as a leading North American 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 (TSX) under the symbol CG. The Company is based in Toronto, Canada.
Additional information on Centerra is available on SEDAR at www.sedar.com and the Company's website at www.centerragold.com.
Centerra Gold Inc. (TSX:CG)
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|Date:||Nov 14, 2005|
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