TURKEY – Centerra Gold of Toronto is going to buy out its joint venture partner, Stratex International, at the Oksut gold project in the Kayseri region in the central part of the country. The transaction will give Centerra a 100% interest in the project.
Centerra has agreed to purchase Stratex's 30% share for a $20 million cash payment and a 1% net smelter return (subject to a $20-million cap). The closing of the transaction is conditional on the conversion of six exploration licences to two operation licences, which are currently under application and are expected to be issued before the end of the first quarter of 2013, and other customary conditions.
Information about Oksut and other Centerra projects in the Kyrgyz Republic and Mongolia is available at CenterraGold.com.