Centerra Gold's Kumtor Mine Suspends Operations
TORONTO, ONTARIO -- (Marketwired) -- 05/30/13 -- Centerra Gold Inc. (TSX: CG) today reported that the national grid power supply to the Kumtor mine has been disrupted by local protestors. The road leading to the mine also continues to be blocked by illegal protests. The mine has begun an orderly shutdown of the milling facility using back-up diesel-generated power. The camp and other facilities at site are also currently operating on back-up power. Mining operations have also been suspended other than continuing operations to manage the ice and waste in the high movement area of the open pit.
The Company continues to cooperate closely with the Government and local authorities with a view to a peaceful resolution of the situation. If grid power and road access is not restored in a timely manner the Company expects that there will be a material negative impact on the Company's operations, including its gold production and financial results. The Company expects to provide further information, including the potential impact on production as events warrant.
Cautionary Note Regarding Forward-looking Information
This news release and the documents referred to herein contain statements which are not statements of current or historical facts and are "forward-looking information" within the meaning of applicable 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. Wherever possible, words such as "believe", "expect", "plan", "continue", "may", "will", "could", and other similar expressions have been used to identify forward-looking information.
These forward-looking statements relate to, among other things, the Company's ability to resolve the current issues concerning grid power and removing the previously disclosed road block (see Company's news release of May 28, 2013) and recommence movement of supplies and personnel to and from the mine site. Although the forward-looking information in this news release reflects Centerra's current beliefs as of the date of this news release based on information currently available to management and based upon what management believes to be reasonable assumptions, Centerra cannot be certain that actual results, performance, achievements, prospects and opportunities, either expressed or implied will be consistent with such forward-looking information. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. 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.
About Centerra
Centerra is a gold mining company focused on operating, developing, exploring and acquiring gold properties primarily in Asia, the former Soviet Union and other emerging 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.
Additional information on Centerra is available on the Company's web site at www.centerragold.com and at SEDAR at www.sedar.com.
Contacts:
Centerra Gold Inc.
John W. Pearson
Vice President, Investor Relations
(416) 204-1241
john.pearson@centerragold.com
www.centerragold.com
