Centerra Gold Inc. (TSX: CG) today announces that the Company has filed on SEDAR a Technical Report, entitled "Technical Report on the Mount Milligan Mine, North-Central, British Columbia dated March 22, 2017 with an effective date of December 31, 2016. The report was prepared in compliance with National Instrument 43-101 -- Standards for Disclosure for Mineral Projects.
The Technical Report supports the disclosure of the mineral reserves and resources for the Mount Milligan Mine contained in Centerra's news release issued on February 23, 2017. The report also provides further information on the project's mineral processing and metallurgical testing, recovery, economic analysis and an updated life-of-mine plan.
The Mount Milligan life-of-mine plan outlined in the Technical Report, using a gold price of US$1,200 per ounce, a copper price of US$2.95 per pound and a discount rate of 5%, has an estimated base case project Net Present Value (NPV5) after tax of approximately US$1.16 billion, after accounting for all operating costs and capital expenditures related to the open pit operation as well as the required tax and royalty payments and streaming arrangements.
The Technical Report was prepared for Centerra by Mr. Peter Andrews, P.Eng. and Doug Berthelsen, P.Geo (each of whom is an employee of a subsidiary of Centerra) and Mr. Ignacy (Tony) Lipiec, P.Eng. from Amec Foster Wheeler Americas Limited, who are the qualified persons for the technical report for the purposes of NI 43-101, under the supervision of Gordon Reid, Professional Engineer and Centerra's Vice President and Chief Operating Officer.