The feasibility study and life-of-mine plan are subject to a number of assumptions and risks noted in the Material Assumptions and Risks section of this news release.
Centerra Gold president and CEO Ian Atkinson said: "Development of the Öksüt Project in Turkey is another step in Centerra’s strategy of diversifying its portfolio of profitable assets. The feasibility study shows a very attractive rate of return of almost 43 percent and that the project is profitable at significantly lower gold prices. In fact, using an 8% discount rate, the project breaks even with a gold price of $767 per ounce. Centerra has a strong balance sheet with cash available for construction as well as a number of financing opportunities with lending institutions.
"We areready to move forward with the development of the Öksüt Project and are targeting mid-2016 to commence mining, pending the receipt of the final approval of the Turkish environmental impact assessment (EIA) and receipt of all required permits and other regulatory approvals.
"We have established an experienced operational management team in Turkey and we now expect first gold production early in the second quarter of 2017. There is still further upside on the property which we will continue to follow-up on through additional exploration and drilling."
