Centerra Gold released the results of its technical and financial study regarding expanding the Central open-pit at the Kumtor mine in the Kyrgyz Republic. Proven and probable reserves have increased by 58% or 3.6 million contained ounces of gold, total open-pit reserves of 9.7 million contained ounces of gold will extend mine life by five years The life-of-mine plan for the KS-13 open-pit extends open-pit mining to 2023 and milling operations to 2026.

“The new KS-13 open-pit significantly increases the NPV of the Kumtor project, adds significantly to the open-pit reserves, and has extended Kumtor’s mine life,” said Ian Atkinson, president and CEO, Centerra Gold. “The study optimized the mine plan to maximize the value at a lower risk profile. The increase in the open-pit reserves is entirely within the Central Pit and is a result of the successful exploration drilling of the SB Zone over the last three years, which has doubled the strike length of the SB Zone and extended the SB Zone resource down dip, resulting in an expansion of resources. This expansion of the resources, in conjunction with the decision made in March of this year to unload the ice above the Southeast highwall of the Central Pit, has created the opportunity to expand the Central Pit with the resulting significant increase in reserves, extension of the mine life and increase in the project NPV.”