TORONTO, ONTARIO, Dec 27, 2007 (MARKET WIRE via COMTEX) -- Centerra Gold Inc. (TSX: CG: 85.63, -0.50, -0.58%) announced today that the Government of Mongolia has accepted and officially registered the Gatsuurt ore reserves into the National Registry of Mineral Reserves. This paves the way to negotiating an Investment Agreement for the future development of the Gatsuurt deposit. As previously disclosed, the Company intends to truck Gatsuurt ore to the Boroo mine's processing facility where a new bio-oxidation circuit will be constructed to treat refractory Gatsuurt ore.
"Now that the Gatsuurt ore reserves have been approved by and registered with the appropriate Mongolian agency, I am hopeful we can negotiate an acceptable Investment Agreement, which will allow us to develop the Gatsuurt deposit in a timely manner. This project is important not only to the Company but to the local communities in the Mandal and Bayangol Soums where we operate. It will create many new, well-paying jobs, increase local revenues and substantially increase the life of the Boroo mine," said Len Homeniuk, President and the CEO of Centerra Gold Inc.
Caution regarding 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; unexpected geological or hydrological conditions; inability to enforce legal rights; defects in title; litigation or arbitration proceedings in which third parties claim title to properties or assets of the Centerra; political risks arising from operating in certain developing countries; imprecision in reserve estimates; success of future exploration and development initiatives; competition; operating performance of the facilities; environmental and safety risks 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 tax and trade laws and policies; ability to maintain and further improve positive labour relations; 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.
About Centerra
Centerra is a growth-oriented, gold Company focused on acquiring, exploring, developing and operating gold properties primarily in Central Asia, the former Soviet Union and other emerging markets. 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.
Contacts:
Centerra Gold Inc.
John W. Pearson
Director, Investor Relations
(416) 204-1241
Website: www.centerragold.com
SOURCE: Centerra Gold Inc.
From:
http://www.foxbusiness.com/markets/industries/industrials/article/centerra-gold-mongolian-government-approves-officially-registers-gatsuurt_419150_6.html&cid=1125433074&ei=CWV0R5_3Bo_sqgOp4onNDg
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