All figures are in United States dollars.
Central Asia Gold AB and Centerra Gold Inc. announced today that Centerra Gold
completed $2.5 million in exploration expenditures on the Kara Beldyr property,
located in the Tyva Republic, Russia in the third quarter of 2010. Centerra
Gold has now earned a 50% interest in the joint venture with its joint venture
partner Central Asia Gold AB. As a result of the encouraging results from the
exploration work completed to-date, Centerra has elected to exercise its option
to increase its interest in the joint venture to 70% by spending a further $4
million on exploration on the property over a two-year period.
Centerra Gold Inc. entered in to a joint venture agreement with Central Asia
Gold AB in September 2008 covering the Kara Beldyr property. Starting in the
fourth quarter of 2008, Centerra carried out a program of geological mapping,
geochemical sampling and a ground magnetic survey over the entire property.
Trenching and IP surveys have been completed over the three primary prospects,
the Gord, Ezen and Camp prospects.
A program of shallow drilling was completed in 2008 and early 2009 followed by
diamond drilling of the three primary prospects in 2009 and 2010. To-date 31
diamond drill holes totalling 5,120 metres have been completed on the property.
Of this drilling 15 drill holes totalling 2,431 metres have been completed on
the Gord prospect. This drilling on 100 metres sections has outlined a zone of
sulphide hosted gold mineralization over a strike length of 750 metres to a
depth of greater than 250 metres with an average width of 25 metres and the
mineralization is open to depth.
Detailed drilling of the Gord zone at 50 metre centers is in progress.
A complete listing of the drill results and supporting maps (drill plan and
cross sections) for the Gord prospect on the Kara Beldyr property can be
accessed through the following link:
http://media3.marketwire.com/docs/Q3-Kara-Beldyr-datasections1.pdf and have
been filed on the System for Electronic Document Analysis and Retrieval
('SEDAR') at www.sedar.com. Additionally, they are available at the Centerra
Gold's web site at: www.centerragold.com.
Qualified Person
The new drilling results in this news release and on Centerra's website and the
other scientific and technical information in this news release were prepared
in accordance with the standards of the Canadian Institute of Mining,
Metallurgy and Petroleum and National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") and were reviewed, verified and
compiled by Centerra's geological and mining staff under the supervision of Ian
Atkinson, Certified Professional Geologist, Centerra's Senior Vice-President,
Global Exploration, who is the qualified person for the purpose of NI 43-101.
For more information, please contact:
Lars Guldstrand, Chairman of the Board of Central Asia Gold AB, phone +46 70
528 8181
E-mail: lars.guldstrand@centralasiagold.se
Preston Haskell, CEO of Central Asia Gold AB, phone +46 76 890 5549
E-mail: preston.haskell@centralasiagold.se
John W.Pearson, Vice President of Centerra Gold Inc., phone +1 416 204 12 41
E-mail: john.pearson@centerragold.com
About Central Asia Gold AB
Short name: CAG
ISIN-code: SE0001337213
Website: www.centralasiagold.se, Postal and visiting address: Engelbrektsplan
2, 4tr
SE-114 34 Stockholm
Central Asia Gold AB is a Swedish mining company focused on gold production and
exploration in Russia in the central parts of Asia. The gold production was
initiated in late January 2005 and the assets were as at end of 2008 estimated
to encompass some 800,000 oz of C1/ C2 Russian gold reserves.
Since July 19, 2010, CAG´s shares are traded on First North Premier at the
NASDAQ OMX Nordic Exchange under the short name CAG. For more information
please visit www.centralasiagold.se. Mangold Fondkommission is Certified
Adviser to CAG, for more information please call +46 8 503 015 50 or visit
www.mangold.se.
About Centerra Gold Inc
Centerra is a gold mining company focused on operating, developing, exploring
and acquiring gold properties primarily in Asia, the former Soviet Union and
other emerging markets worldwide. Centerra is a leading North American-based
gold producer and is the largest Western-based gold producer in Central Asia.
Centerra's shares trade on the Toronto Stock Exchange (TSX) under the symbol
CG. The Company is headquartered in Toronto, Canada.
Additional information
Additional information on Centerra is available on SEDAR at www.sedar.com and
the Company's website at www.centerragold.com.
Cautionary Statement: Statements and assumptions made in this report with
respect to Central Asia Gold AB's (“CAG”) current plans, estimates, strategies
and beliefs, and other statements that are not historical facts, are
forward-looking statements about the future performance of CAG. Forward-looking
statements include, but are not limited to, those using words such as "may",
"might", "seeks", "expects", "anticipates", "estimates", "believes",
"projects", "plans", strategy", "forecast" and similar expressions. These
statements reflect management's expectations and assumptions in light of
currently available information. They are subject to a number of risks and
uncertainties, including, but not limited to, (i) changes in the economic,
regulatory and political environments in the countries where CAG operates; (ii)
changes relating to the geological information available in respect of the
various projects undertaken; (iii) CAG's continued ability to secure enough
financing to carry on its operations as a going concern; (iv) the success of
its potential joint ventures and alliances, if any; (v) exchange rates,
particularly between the Russian rouble and the U.S. dollar. In the light of
the many risks and uncertainties surrounding any gold production and
exploration company at an early stage of its development, the actual results
could differ materially from those presented and forecast in this report. CAG
assumes no unconditional obligation to immediately update any such statements
and/or forecasts
This press release shall not, directly or indirectly, be released, published or
distributed in or to the United States, Australia Japan, Canada, New Zealand,
Hong Kong, South Africa or other country where such action as a whole or in
part is subject to legal restrictions. Nothing in this press release should be
considered as an offer to invest or otherwise trade in shares of Central Asia
Gold AB (publ). The proposed issue will not be directed at residents or those
living in the United States, Australia, Japan, Canada, New Zealand, Hong Kong,
South Africa or other country where such action would require further
prospectus, other offering documentation, registration or other measures beyond
those required by Swedish law. No securities will be registered under the
United States Securities Act of 1933, a similar law in any state in the United
States, or under any provincial law in Canada, nor under the applicable law of
another country.
