Mount Milligan Rail Service Update
December 21 2021 - 7:00AM
Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE:
CGAU) reported today that it does not expect any material impact on
the Mount Milligan Mine’s planned production or sales for the
fourth quarter of 2021 resulting from recent rail and other
logistic service disruptions in British Columbia. The Company today
completed its third gold and copper concentrate sale in the fourth
quarter and has produced sufficient concentrate and expects to
recognize its fourth and final shipment as planned in 2021.
The Company’s 2021 guidance for the Mount
Milligan remains unchanged from figures already reported in
the Outlook section in our MD&A filed on November 5,
2021 and available on SEDAR at www.sedar.com:
- Gold production: 180,000 to 200,000
ounces.
- Copper production: 70 to 80 million
pounds.
- Gold production costs per ounce:
$650 to $700 per ounce.
- All-in sustaining costs on
by-product basisNG per ounce: $530 to $580 per ounce.
Scott Perry, President and Chief Executive
Officer of Centerra stated, “We recognize and greatly appreciate
the effort made by the Mount Milligan team, our First Nations
partners and our local service providers to ensure we remain on
track to safely deliver our 2021 guidance, especially in very
difficult circumstances caused by the severe flooding events in
British Columbia.”
NG - All-in sustaining costs on a by-product
basis per ounce is a non-GAAP measure which is defined in the
“Non-GAAP Measures” section in the Company’s news release and
MD&A dated November 5, 2021.
Caution Regarding Forward-Looking
Information
Information contained in this news release which
is not a statement of historical fact may be “forward-looking
information” for the purposes of Canadian securities laws and
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. 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 “believe”, “expect”, “anticipate”,
“contemplate”, “plan”, “intends”, “continue”, “budget”, “estimate”,
“may”, “will”, “schedule”, “understand” and similar expressions
identify forward-looking information. These forward-looking
statements relate to, among other things: statements regarding
Mount Milligan’s fourth quarter production and sales, rail service
disruptions and 2021 guidance.
Forward-looking information is necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by Centerra, are inherently subject to significant
technical, 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. Factors and assumptions that could
cause actual results or events to differ materially from current
expectations include, among other things: the inaccuracy of the
Company’s production and cost estimates; unavailability of
materials and equipment, government action, the effects of COVID-19
mitigation protocols, further transportation disruptions, the
inability to use provisionally-priced sales contracts for
production at the Mount Milligan Mine; and reliance on a few key
customers for the gold-copper concentrate at the Mount Milligan
Mine. For additional risk factors, please see section titled “Risk
Factors” in the Company’s most recently filed 2020 Annual
Information Form available on SEDAR at www.sedar.com and EDGAR at
www.sec.gov/edgar.
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 December 21, 2021. 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 GoldCenterra
Gold Inc. is a Canadian-based gold mining company focused on
operating, developing, exploring and acquiring gold properties in
North America, Turkey and other markets worldwide. Centerra
operates two mines: the Mount Milligan Mine in British Columbia,
Canada, and the Öksüt Mine in Turkey. While the Company still owns
the Kumtor Mine in the Kyrgyz Republic, it is currently no longer
under the Company’s control. The Company also owns the
pre-development stage Kemess Underground Project in British
Columbia, Canada and owns and operates the Molybdenum Business Unit
in the United States. Centerra's shares trade on the Toronto Stock
Exchange (“TSX”) under the symbol CG and on the New York Stock
Exchange (“NYSE”) under the symbol CGAU. The Company is based in
Toronto, Ontario, Canada.
For more information:John W. PearsonVice
President, Investor Relations(416)
204-1953john.pearson@centerragold.com
Toby CaronTreasurer and Director, Investor Relations(416)
204-1694toby.caron@centerragold.com
Additional information on Centerra is available on the
Company’s web site at www.centerragold.com and at
SEDAR at www.sedar.com and EDGAR at
www.sec.gov/edgar.
A PDF accompanying this announcement is available at
http://ml.globenewswire.com/Resource/Download/3b38bab4-ba90-42fc-817d-459d537d1e18
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