MONGOLIA – The board of CENTERRA GOLD has approved the preparation of a feasibility study for the 100%-owned Gatsuurt project in Mongolia. Toronto-based Centerra was the first foreign company to develop a gold mine in that country when it opened the Boroo mine last year (see CMJ Net News, April 6, 2005.)
The feasibility study beginning this month will be completed by year-end. Production could begin in late 2007 from the deposit 35 km southeast of the Boroo mine.
“The Gatsuurt deposit continues to show excellent promise,” said Len Homeniuk, president and CEO. “We are confident that the feasibility study will confirm our belief that this deposit can support another stand-alone operation similar in size to our Boroo mine. If so, the mine could be developed quickly as it would benefit from the existing Boroo infrastructure and our knowledge of the area.”
An updated estimate of the indicated resources stands at 11.3 million tonnes averaging 3.5 g/t Au. Inferred resources are estimated at 2.2 million tonnes at 3.0 g/t Au. The technical report on the Gatsuurt gold deposit was prepared by Roscoe Postle Associates and is posted on www.sedar.com.