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Centerra Gold Announces 2020 Year-End Mineral Reserves and Resources, Kumtor Technical Report and Fourth Quarter Exploration Update
This news release contains forward-looking information that is subject to risk factors and assumptions set out in the Cautionary Note Regarding Forward-looking
About this update from Centerra Gold Inc.
[{"type":"text","content":" This news release contains forward-looking information that is subject to risk factors and assumptions set out in the Cautionary Note Regarding Forward-looking Information on page 22. All figures are in United States dollars unless otherwise stated. TORONTO, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra”) (TSX: CG) today announced its 2020 year-end estimates for mineral reserves and mineral resources, including significant new mineral reserves at the Kumtor Mine, and a new NI 43-101 technical report for the Kumtor Mine. 2020 year-end mineral reserves have been estimated based on a gold price of $1,350 per ounce for the Kumtor Mine and based on an estimated gold price of $1,250 per ounce and a copper price of $3.00 per pound for the Mount Milligan Mine and Öksüt Mine. Kumtor Technical Report Highlights: Proven and probable gold mineral reserves increased by 3.1 million contained ounces to 6.3 million contained ounces (73.3 million tonnes (Mt) at 2.66 g/t gold), as of July 1, 2020. Mine life was extended five years, extending open pit mining to 2028 and milling operations to 2031. From 2022 to 2026, annual gold production is expected to average 590,000 ounces per year. Life of mine gold production of 5.6 million ounces at an all-in sustaining cost on a by-product basis1 of $828 per ounce. Life of mine all-in cost on a by-product basis1 of $1,044 per ounce. Significant near surface and underground exploration potential exists to further extend mine life including oxide gold mineralization discovered in broad zones along the Kumtor trend. Net cash flow over the life of mine is estimated at $1.96 billion using a gold price of $1,350 per ounce. Kumtor’s after-tax net present value (NPV) is estimated at $1.6 billion at a 5% discount rate using a gold price of $1,350 per ounce. (1) Non-GAAP measure see description of “Non-GAAP Measures” in the Company’s News Release and Management Discussion & Analysis dated February 24, 2021. Centerra Mineral Reserves and Resources Highlights as of December 31, 2020: Centerra’s overall proven and probable gold mineral reserves total 11.2 million ounces of contained gold (375 Mt at 0.93 g/t gold), an increase of 79,000 ounces of contained gold. The increase is primarily the result of the Kumtor mineral resource and reserves update (Kumtor NI 43-101 Technical Report publishe...