Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE:
CGAU) reports 2021 fourth quarter and full-year production and 2022
production and cost guidance.
2021 Fourth Quarter and Annual
Highlights
- Gold production in the
fourth quarter was 91,197 ounces
including 59,529 ounces of gold produced by the Mount Milligan Mine
and 31,668 ounces of gold produced by the Öksüt Mine.
- Full year 2021 gold
production was 308,141 ounces, at the
upper end of guidance, including 196,438 ounces of gold produced by
the Mount Milligan Mine and 111,703 ounces produced by the Öksüt
Mine.
- Copper production was 17.0
million pounds in the fourth quarter and 73.3 million pounds for
the full year 2021, within the guidance range.
- 2021 Gold production costs
per ounce is expected to be at the lower end of the
guidance range of $600 to $650.
- 2021 All-in sustaining
costs on a by-product basis per ounceNG
(“AISC”) is expected to be below the lower end of
guidance range of $700 to $750.
- 2021 All-in costs on a
by-product basis per ounceNG
(“AIC”) is expected to be below the lower end of
guidance range of $850 to $900.
- 2021 Cash provided by
operating activities is expected to be at the upper end of
the guidance range of $200 to $250 million.
- 2021 Free cash
flowNG is expected to be at the upper end
of the guidance range of $125 to $175 million.
- 2021 Öksüt related income
tax guidance has been revised to an expected current tax
expense range of $35 to $45 million.
2022 Guidance Highlights
- Gold production of
400,000 to 450,000 ounces, including 190,000 to 210,000 ounces at
the Mount Milligan Mine and 210,000 to 240,000 ounces at the Öksüt
Mine.
- Copper production
of 70 to 80 million pounds, reduced from previous guidance (90 to
100 million pounds) due to planned mine sequence changes at the
Mount Milligan Mine.
- Gold production costs per
ounce - $500 to $550, AISC on a by-product basis
per ounceNG - $600 to $650, AIC
on a by-product basis per ounceNG - $700
to $750.
- Total capital
spending of $95 to $105 million.
- Cash provided by operating
activities of $300 to $350 million.
- Free cash
flowNG of $200 to $250 million.
- Exploration
expenditures of $35 to $45 million including exploration
at our Mount Milligan ($12 million) and Öksüt Mines ($5
million).
- New Mount Milligan
technical report expected in the second
quarter.
- Updated 3 Year
Outlook targeted to be issued in the second quarter. The
previously issued 2023 guidance is currently under review pending
the release of the new Mount Milligan technical report.
Scott Perry, President and Chief Executive
Officer of Centerra, said: “Our Mount Milligan and Öksüt Mines
paved the way for our strong operating performance in 2021,
enabling us to achieve the upper end of our gold production
guidance. At the same time, our gold production costs per ounce and
all-in sustaining costs on a by-product basis per
ounceNG are expected to be at the lower end and
below their respective 2021 guidance ranges. In the year ahead, we
expect to see continued strong operational performance at Mount
Milligan and Öksüt, with increased gold production levels and
significant generation of cash provided by operating activities and
free cash flowNG.”
2022 Guidance
|
Units |
2022 |
2022 |
2022 |
|
2022 |
|
|
MountMilligan(1) |
Öksüt |
Consolidated(2) |
|
PreviousGuidance(3) |
Production |
|
|
|
|
|
|
Unstreamed gold production |
|
123-136 |
210-240 |
333-376 |
|
320-363 |
Streamed gold production |
|
67-74 |
- |
67-74 |
|
60-67 |
Total gold production(4) |
(Koz) |
190-210 |
210-240 |
400-450 |
|
380-430 |
Unstreamed copper production |
|
57-65 |
- |
57-65 |
|
73-81 |
Streamed copper production |
|
13-15 |
- |
13-15 |
|
17-19 |
Copper production(4) |
(Mlb) |
70-80 |
- |
70-80 |
|
90-100 |
Costs |
|
|
|
|
|
|
Gold
production costs |
($/oz) |
675-725 |
300-350 |
500-550 |
|
550-600 |
AISC on a
by-product basis per ounceNG |
($/oz) |
575-625 |
425-475 |
600-650 |
|
450-500 |
AIC on a
by-product basis per ounceNG |
($/oz) |
600-650 |
450-500 |
700-750 |
|
550-600 |
AISC on a
co-product basis per ounce of goldNG |
($/oz) |
900-950 |
425-475 |
750-800 |
|
725-775 |
Copper
production costs |
($/lb) |
1.70-1.85 |
- |
1.70-1.85 |
|
1.70-1.85 |
AISC on a
co-product basis per pound of copperNG |
($/lb) |
2.40-2.55 |
- |
2.40-2.55 |
|
2.15-2.30 |
Capital Expenditures |
|
|
|
|
|
|
Sustaining capital expenditures(5) |
($M) |
65-70 |
20-25 |
90-100 |
|
80-90 |
Non-sustaining capital expenditures(6) |
($M) |
5 |
- |
5 |
|
5 |
Total Capital Expenditures |
($M) |
70-75 |
20-25 |
95-105 |
|
85-95 |
(1) The Mount
Milligan Streaming Arrangement entitles Royal Gold to 35% and
18.75% of gold and copper sales, respectively, and requires Royal
Gold to pay $435 per ounce of gold and 15% of the spot price per
metric tonne of copper delivered. Assuming a market gold price of
$1,700 per ounce and market copper price of $4.00 per pound, Mount
Milligan’s average realized gold and copper price would be $1,257
per ounce and $3.36 per pound,
respectively.(2) Unit costs and
consolidated unit costs include a credit for forecasted copper
sales treated as by-product for all-in sustaining costs. Production
for copper and gold reflects estimated metallurgical losses
resulting from handling of the concentrate and metal deductions,
subject to metal content, levied by
smelters.(3) As disclosed in the
Company’s news release and MD&A dated August 10,
2021.(4) Gold and copper
production at Mount Milligan assumes recoveries of 69% and 81%,
respectively, and 72% (project-to-date) gold recovery at Öksüt.
2022 gold ounces and copper pounds sold are expected to be
consistent with
production.(5) Sustaining capital
expenditures include cash and non-cash components of capitalized
stripping. Consolidated sustaining capital includes $5 million
related to other
operations.(6) Non-sustaining
capital expenditures are distinct projects designed to have a
significant increase the net present value of the mine.
Centerra’s 2022 gold production is expected to be
between 400,000 to 450,000 ounces, compared to the previous 2022
guidance of 380,000 to 430,000 ounces disclosed in the Company’s
news release for the second quarter of 2021.
Mount Milligan’s 2022 gold production is
expected to be in the range of 190,000 to 210,000 ounces compared
to the previously issued guidance of 170,000 to 190,000 ounces.
Copper production is expected to be in the range of 70 to 80
million pounds compared to the previous guidance of 90 to 100
million pounds. Gold and copper production are expected to be
back-end weighted in 2022, with the first half of the year
representing 40% of the 2022 annual metal production total while
the second half of the year will represent up to 60% of the 2022
annual metal production total. The changes to expected gold and
copper production at the Mount Milligan Mine are due to planned
mine sequence changes.
At Öksüt, 2022 gold production is expected to be
in the range of 210,000 to 240,000 ounces, which is unchanged from
the previously issued guidance. Gold production is expected to be
back-end weighted in 2022, with the first half of the year
representing 40% or more of the 2022 annual gold production total
while the second half of the year will represent up to 60% of the
2022 annual gold production total. The average grade of ore stacked
to the heap leach pad in 2022 is expected to be approximately 2.30
g/t Au. Gold production guidance assumes that mining will continue
at the Keltepe pit and the Güneytepe pit and assumes the receipt of
permits from local authorities mid-year.
Gold production costs are forecasted to be $500
to $550 per ounce, a reduction from the previously issued guidance
of $550 to $600, primarily driven by lower than expected operating
expenses at the Öksüt Mine. Consolidated AISC on a by-product basis
per ounceNG is expected to be in the range of $600 to $650 an
increase from previously issued guidance of $450 to $500 per ounce,
primarily due to a decrease in copper credits and an increase in
estimated sustaining capital expenditures at the Mount Milligan
Mine.
Consolidated cash provided by operating
activities and free cash flowNG are expected to be in the range of
$300 to $350 million and the range of $200 to $250 million,
respectively.
2022 Molybdenum Business Unit
In 2022, care and maintenance expenses related to the Molybdenum
Business Unit, including reclamation expenditures, are currently
estimated to be between $20 and $25 million. These costs are
expected to be partially offset by the cash generated from
molybdenum roasting, with total net cash required to maintain the
Molybdenum Business Unit expected to be in the range of $15 to $20
million. The Company’s assumed molybdenum price for 2022 is $17.00
per pound.
2022 TaxesIncome tax in
relation to Öksüt is estimated to be between $80 to $90 million,
reflecting a 23% income tax rate, as well as withholding tax on
expected repatriation of earnings. The higher 2022 tax expense at
the Öksüt Mine also reflects the full utilization of the Investment
Incentive Certificate by the end of 2021. The Mount Milligan Mine
is subject to British Columbia mineral tax which is forecast to be
between $5 and $10 million.
2022 Material Assumptions
Material assumptions or factors used to forecast
production and costs for 2022, after giving effect to the hedges in
place as at December 31, 2021, include the following:
- a market gold price of $1,700 per
ounce and an average realized gold price at the Mount Milligan Mine
of $1,257 per ounce after reflecting the streaming arrangement with
Royal Gold (35% of the Mount Milligan Mine’s gold at $435 per
ounce).
- a market copper price of $4.00 per
pound and an average realized copper price at the Mount Milligan
Mine of $3.36 per pound after reflecting the streaming arrangement
with Royal Gold (18.75% of the Mount Milligan Mine’s copper at 15%
of the spot price per metric tonne).
- a molybdenum price of $17.00 per
pound.
- exchange rates: $1USD:$1.26
Canadian dollar; $1USD:13.0 Turkish lira; with a Turkish inflation
assumption of 36%.
- diesel fuel price assumption:
$0.72/litre (CAD$0.91/litre) at the Mount Milligan Mine.
Mount Milligan Streaming
ArrangementThe Mount Milligan Mine is an open pit mine
located in north central British Columbia, Canada producing a gold
and copper concentrate. Production at the Mount Milligan Mine is
subject to an arrangement with RGLD Gold AG and Royal Gold, Inc.
(together, “Royal Gold”) pursuant to which Royal Gold is entitled
to purchase 35% of the gold produced and 18.75% of the copper
production at the Mount Milligan Mine for $435 per ounce of gold
delivered and 15% of the spot price per metric tonne of copper
delivered (the “Mount Milligan Streaming Arrangement”). To satisfy
its obligations under the Mount Milligan Streaming Arrangement, the
Company purchases refined gold and copper warrants and arranges for
delivery to Royal Gold. The difference between the cost of the
purchases of refined gold and copper warrants, and the
corresponding amounts payable to the Company under the Mount
Milligan Streaming Arrangement is recorded as a reduction of
revenue and not a cost of operating the mine.
Other Material AssumptionsOther
material assumptions used in forecasting production and costs for
2022 can be found under the heading “Caution Regarding
Forward-Looking Information” in this document. Production, cost,
and capital forecasts for 2022 are forward-looking information and
are based on key assumptions and subject to material risk factors
that could cause actual results to differ materially, and which are
discussed under the heading “Risks That Can Affect Our Business” in
the Company’s most recent Annual Information Form. The costs and
cashflow impact associated with continued litigation and/or
potential settlement of the Kumtor Mine dispute has not be
incorporated into the 2022 guidance.
2022 SensitivitiesCenterra’s
revenues, earnings, and cash flows for 2022 are sensitive to
changes in certain key inputs or currencies. The Company has
estimated the impact of any such changes.
|
|
Impact on($ millions) |
Impact on ($ per ounce sold) |
|
|
ProductionCosts & Taxes |
CapitalCosts |
Revenues |
Cash flows |
Net Earnings(after tax) |
AISC on a by-productbasis per ounceNG |
Gold price |
$50/oz |
1.5 - 4.0 |
- |
16.5 – 19.0 |
12.5 – 17.5 |
12.5 – 17.5 |
4.0 – 5.0 |
Copper price(1) |
10% |
0.2 - 0.4 |
- |
4.4 - 6.7 |
4.2 - 6.5 |
4.2 - 6.5 |
14.5 - 16.5 |
Diesel
fuel(1) |
10% |
1.5 - 1.6 |
0.3 - 0.5 |
- |
1.8 - 2.1 |
1.5 - 1.6 |
4.5 – 5.5 |
Canadian
dollar(1)(2) |
10 cents |
11.5 – 13.5 |
1.5 – 2.0 |
- |
13.0 – 15.5 |
11.5 – 13.5 |
34.5 – 39.0 |
Turkish lira(2)(3) |
1 lira |
1.5 – 2.5 |
0.5 – 1.0 |
- |
2.0 – 3.5 |
2.0 – 3.5 |
5.0 – 7.0 |
(1) Includes the effect of the
Company’s copper sales, diesel fuel and Canadian dollars hedging
programs, with current 2022 exposure coverage approximately 70%,
65% and 65%, respectively. (2) Appreciation of
currency against the U.S. dollar will result in higher costs and
lower cash flow and earnings, depreciation of currency against the
U.S. dollar results in decreased costs and increased cash flow and
earnings.(3) Assumes an increase
in the Turkish Lira will be partially offset by inflation.
Mount Milligan Technical Report and
Three-Year Outlook / 2023 Guidance UpdateThe Company
expects to conclude its ongoing life of mine planning work and
issue a new National Instrument 43-101 Standards of Disclosure for
Mineral Projects (“NI 43-101”) technical report for the Mount
Milligan Mine in the second quarter of 2022. Accordingly, the
Company is reviewing its consolidated three-year outlook, including
2023 guidance (which is likely to change and should no longer be
relied upon). The Company expects to release an updated three-year
outlook during the second quarter.
Qualified Person & QA/QC –
Production InformationThe production information and other
scientific and technical information presented in this document,
including the production estimates were prepared in accordance with
the standards of the Canadian Institute of Mining, Metallurgy and
Petroleum and NI 43-101 and were prepared, reviewed, verified, and
compiled by Centerra’s geological and mining staff under the
supervision of Slobodan (Bob) Jankovic, Professional Geoscientist,
member of the Association of Professional Geoscientists of Ontario
(APGO) and Centerra’s Senior Director, Technical Services, who is a
qualified person for the purpose of NI 43-101. Unless otherwise
noted below, sample preparation, analytical techniques,
laboratories used and quality assurance-quality control protocols
used during the exploration drilling programs are done consistent
with industry standards and independent certified assay labs are
used.
The Mount Milligan deposit is described in a NI
43-101 technical report dated March 26, 2020 and filed on SEDAR at
www.sedar.com. The technical report describes the exploration
history, geology, and style of gold mineralization at the Mount
Milligan deposit. Sample preparation, analytical techniques,
laboratories used, and quality assurance-quality control protocols
used during the exploration drilling programs are done consistent
with industry standards and independent certified assay labs are
used.
The Öksüt deposit is described in a NI 43-101
technical report dated September 3, 2015 and filed on SEDAR at
www.sedar.com. The technical report describes the exploration
history, geology, and style of gold mineralization at the Öksüt
deposit. Sample preparation, analytical techniques, laboratories
used, and quality assurance-quality control protocols used during
the exploration drilling programs are done consistent with industry
standards and independent certified assay labs are used.
Non-GAAP Measures The Company
elected to present the World Gold Council’s (“WGC”) financial
measure AIC, which incorporates non-sustaining capital expenditures
and certain development and overhead costs in addition to the
sustaining costs that are included in the AISC on a by-product
basis metric. Management believes the AIC metric will assist
stakeholders in understanding the costs associated with producing
gold over the entire lifecycle of the mine.
This document contains the following non-GAAP
financial measures: all-in sustaining costs on a by-product basis
per ounce, all-in sustaining costs on a co-product basis per ounce
of gold or per pound of copper, all-in costs on a by-product basis
per ounce and free cash flow.
Management believes that the use of these
non-GAAP measures assists analysts, investors and other
stakeholders of the Company in understanding the costs associated
with producing gold, understanding the economics of gold mining,
assessing operating performance, the Company’s ability to generate
free cash flow from current operations and on an overall Company
basis, and for planning and forecasting of future periods. However,
the measures have limitations as analytical tools as they may be
influenced by the point in the life cycle of a specific mine and
the level of additional exploration or expenditures a company has
to make to fully develop its properties. These financial measures
do not have any standardized meaning prescribed by GAAP and may not
be comparable to similar measures presented by other issuers, even
as compared to other issuers who may be applying the WGC
guidelines. Accordingly, these non-GAAP measures should not be
considered in isolation, or as a substitute for, analysis of the
Company’s recognized measures presented in accordance with
IFRS.
DefinitionsThe following is a
description of the non-GAAP measures used in this news release:
- All-in sustaining costs on a
by-product basis per ounce are calculated as the aggregate of
production costs as recorded in the condensed consolidated interim
statements of earnings (loss), refining and transport costs, cash
component of capitalized stripping and sustaining capital
expenditures, lease payments related to sustaining assets,
corporate general and administrative expenses, accretion expenses,
asset retirement depletion expenses, copper and silver revenue and
the associated impact of hedging by-product sales revenue. When
calculating all-in sustaining costs on a by-product basis, all
revenue received from the sale of copper from the Mount Milligan
Mine, as reduced by the effect of the copper stream, is treated as
a reduction of costs incurred.
- All-in sustaining costs on a
co-product basis per ounce of gold or per pound of copper are based
on an allocation of production costs between copper and gold based
on the conversion of copper production to equivalent ounces of
gold. For 2022, based on the assumed copper price of $4.00 per
pound and assumed gold price of $1,700 per ounce, 425 pounds of
copper was equivalent to one ounce of gold.
- All-in costs on a by-product basis
per ounce includes all-in sustaining costs on a by-product basis,
exploration and study costs, non-sustaining capital expenditures,
care and maintenance and pre-development costs.
- Free cash flow is calculated as
cash provided by operating activities less additions to property,
plant and equipment.
Caution Regarding Forward-Looking
InformationInformation contained in this news release
which is not a statement of historical fact, and the documents
incorporated by reference herein, 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: the Company’s
expectations regarding 2021 and future gold and copper production;
gold production costs per ounce, all-in sustaining costs on a
by-product basisNG; consolidated cash provided by operating
activities, consolidated free cash flowNG, and other statements
made under the headings “2022 Guidance” and “2023 Guidance”
including expectations regarding accessing the higher grade ore at
Öksüt’s Güneytepe pit for part of 2022 and its impact on gold
production at Öksüt; timing and receipt of the permits at Öksüt;
2022 capital expenditures; 2022 exploration expenditures; 2022
corporate administration expenses; 2022 depreciation, depletion and
amortization expenses; 2022 tax expenses; and expectations for the
Molybdenum Business Unit.
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: (A) strategic, legal,
planning and other risks, including: political risks associated
with the Company’s operations in Turkey and Canada; resource
nationalism including the management of external stakeholder
expectations; the impact of changes in, or to the more aggressive
enforcement of, laws, regulations and government practices,
including unjustified civil or criminal action against the Company,
its affiliates, or its current or former employees; risks that
community activism may result in increased contributory demands or
business interruptions; the risks related to outstanding litigation
affecting the Company; the impact of constitutional changes in
Turkey; the impact of any sanctions imposed by Canada, the United
States or other jurisdictions against various Russian and Turkish
individuals and entities; potential defects of title in the
Company’s properties that are not known as of the date hereof; the
inability of the Company and its subsidiaries to enforce their
legal rights in certain circumstances; the presence of a
significant shareholder that is a state-owned company of the Kyrgyz
Republic; risks related to anti-corruption legislation; Centerra
not being able to replace mineral reserves; Indigenous claims and
consultative issues relating to the Company’s properties which are
in proximity to Indigenous communities; and, potential risks
related to kidnapping or acts of terrorism; (B) risks relating to
financial matters, including: sensitivity of the Company’s business
to the volatility of gold, copper and other mineral prices; the use
of provisionally-priced sales contracts for production at the Mount
Milligan Mine; reliance on a few key customers for the gold-copper
concentrate at the Mount Milligan Mine; use of commodity
derivatives; the imprecision of the Company’s mineral reserves and
resources estimates and the assumptions they rely on; the accuracy
of the Company’s production and cost estimates; the impact of
restrictive covenants in the Company’s credit facilities which may,
among other things, restrict the Company from pursuing certain
business activities or making distributions from its subsidiaries;
the Company’s ability to obtain future financing; the impact of
global financial conditions; the impact of currency fluctuations;
the effect of market conditions on the Company’s short-term
investments; and, the fact that the Company’s ability to make
payments, including any payments of principal and interest on the
Company’s debt facilities, depends on the cash flow of its
subsidiaries; and, (C) risks related to operational matters and
geotechnical issues and the Company’s continued ability to
successfully manage such matters, including the stability of the
pit walls at the Company’s operations; the risk of having
sufficient water to continue operations at the Mount Milligan Mine
and achieve expected mill throughput; the success of the Company’s
future exploration and development activities, including the
financial and political risks inherent in carrying out exploration
activities; inherent risks associated with the use of sodium
cyanide in mining operations; the adequacy of the Company’s
insurance to mitigate operational risks; mechanical breakdowns; the
occurrence of any labour unrest or disturbance and the ability of
the Company to successfully renegotiate collective agreements when
required; the risk that Centerra’s workforce and operations may be
exposed to widespread epidemic including, but not limited to, the
COVID-19 pandemic; seismic activity; long lead-times required for
equipment and supplies given the remote location of some of the
Company’s operating properties; reliance on a limited number of
suppliers for certain consumables, equipment and components; the
ability of the Company to address physical and transition risks
from climate change and sufficiently manage stakeholder
expectations on climate-related issues; the Company’s ability to
accurately predict decommissioning and reclamation costs; the
Company’s ability to attract and retain qualified personnel;
competition for mineral acquisition opportunities; risks associated
with the conduct of joint ventures/partnerships; and the Company’s
ability to manage its projects effectively and to mitigate the
potential lack of availability of contractors, budget and timing
overruns and project resources. For additional risk factors, please
see section titled “Risk Factors” in the Company’s most recently
filed 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 January 18, 2022. 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:Toby
CaronTreasurer and Director, Investor RelationsCenterra Gold Inc.
(416) 204-1694toby.caron@centerragold.com
Additional information on Centerra Gold
is available on the Company’s website at
www.centerragold.com and on 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/349e4744-29f7-4d6f-adb6-f8ed1fa33931
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