TORONTO, ONTARIO--(Marketwired - Jun 11, 2014) - Centerra Gold Inc. (CG.TO) announces that it is aware of media reports in the Kyrgyz Republic indicating that the Kyrgyz Republic State Agency of Geology and Mineral Resources (SAGMR) has granted approval of the 2014 Kumtor mine plan.
The Company continues to work constructively with the relevant government agencies; however, at this time, the Company has not received official approval of the 2014 mine plan. Additionally, Centerra notes that the 2014 mine plan requires approval of not only SAGMR but also the Kyrgyz Republic State Agency for Environmental Protection and Forestry.
There can be no assurance that all necessary approvals and permits will be issued by the close of business on June 13, 2014. The Company reiterates the statements from its press release of June 2, 2014 that absent the receipt of such approvals by the close of business on June 13, 2014, it intends to begin an orderly shutdown of operations at the Kumtor project. KGC would retain sufficient staff to provide essential environmental and safety monitoring, security and essential maintenance of the mill and mine equipment.
Cautionary Note Regarding Forward-looking Information
Information contained in this news release which is not a statement of historical facts, may be "forward-looking information" for the purposes of Canadian securities laws. Such forward-looking information involves 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 information. The words "expects", "continue", "may", "will", and similar expressions identify forward-looking information. This forward-looking information includes statements as to management's expectations with respect to, among other things the possible shutdown of mining operations at the Kumtor project, the receipt of approvals for the 2014 Kumtor annual mine plan, the Company continuing to work with relevant Kyrgyz Republic government agencies, retention of sufficient staff for essential environmental and safety monitoring, security and essential maintenance of the mill and mine equipment. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the political and regulatory risks associated with the Company's operations in the Kyrgyz Republic, the impact of the failure of relevant Kyrgyz Government agencies to provide approvals of annual mine plans and other required permits and authorizations, risks related to environmental, safety and technical matters generally and in particular relating to a possible shutdown of Kumtor operations, the impact of the significant environmental claims made in December 2012 and February 2013 relating to the Kumtor Project, and the Company's ability to enforce its legal rights. There may be other factors that cause results, assumptions, performance, achievements, prospects or opportunities in future periods not to be as anticipated, estimated or intended. See "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2013 available on SEDAR at www.sedar.com.
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially, from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward-looking information. Forward-looking information is as of June 11, 2014. Centerra assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.
Centerra is a gold mining company focused on operating, developing, exploring and acquiring gold properties primarily in Asia, the former Soviet Union and other markets worldwide. Centerra is a leading North American-based gold producer and is the largest Western-based gold producer in Central Asia. Centerra's shares trade on the Toronto Stock Exchange (TSX) under the symbol CG. The Company is headquartered in Toronto, Ontario, Canada.
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