Centerra Gold increases reserves by 1.7 million ounces to 8.2 million ounces
TORONTO - Centerra Gold Inc. (TSX:CG) increased its gold reserves Monday by 1.7 million ounces to 8.2 million ounces of proven and probable open pit reserves and increased the expected life of its Kumtor mine in the Kyrgyz Republic.
At Kumtor mine, the company added 1.5 million ounces of gold to reserves, before accounting for 2010 production, helping boost the life of the mine by five years to 2015.
After accounting for processing of approximately 723,000 ounces in 2010, Kumtor's proven and probable mineral reserves totalled 6.3 million ounces at the end of last year.
The 2010 year-end reserves were estimated using a gold price of US$1,000 per ounce compared with $825 per ounce at Dec. 31, 2009.
At Dec. 31, Centerra's measured and indicated resources increased by 18 per cent or 739,000 ounces to total 4.9 million ounces compared with 4.1 million at the end of 2009.
Centerra operates the Kumtor open-pit mine in the Kyrgyz Republic, a former Soviet republic, as well as Boroo mine and Gatsuurt exploration project, both in Mongolia.
At Kumtor mine, the company added 1.5 million ounces of gold to reserves, before accounting for 2010 production, helping boost the life of the mine by five years to 2015.
After accounting for processing of approximately 723,000 ounces in 2010, Kumtor's proven and probable mineral reserves totalled 6.3 million ounces at the end of last year.
The 2010 year-end reserves were estimated using a gold price of US$1,000 per ounce compared with $825 per ounce at Dec. 31, 2009.
At Dec. 31, Centerra's measured and indicated resources increased by 18 per cent or 739,000 ounces to total 4.9 million ounces compared with 4.1 million at the end of 2009.
Centerra operates the Kumtor open-pit mine in the Kyrgyz Republic, a former Soviet republic, as well as Boroo mine and Gatsuurt exploration project, both in Mongolia.
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