Centerra Gold excludes Boroo heap leach, Gatsuurt from 2012 guidance

Centerra Gold has forecast 2012 consolidated gold production ranging from 635,000 to 685,000 ounces, compared to 2011 consolidated gold production of 642,380 ounces including 583,156 ounces of gold from the Kumtor mine and 59,224 ounces from the Boroo mine. Kumtor is expected to produce between 575,000 to 625,000 ounces of gold this year while gold production at Boroo is predicted to be 60,000 ounces.

“Our 2012 gold production guidance does not include any production from the heap leach facility at Boroo or the adjacent Gatsuurt project,” said Centerra CEO Steve Lang. “The continued delays in receiving the final permits and approvals including the regulatory commissioning of the Gatsuurt project, pending the discussion of the Water and Forest Law amendment in the Mongolia Parliament, makes it difficult to predict the timing of the start of production.

” Centerra has planned exploration expenses of $45 million this year, up 13% from last year.  In Mongolia, $8 million will be allocated for exploration and work will continue along the Onon trend in Mongolia and to follow up on results on the Altan Tsagaan Ovoo project.