News Summary: Centerra ups estimate of gold field

AP News
Posted: Nov 08, 2012 12:37 PM

PAVED: The Centerra Gold mining company said that reserves at the major gold field it is developing in Kyrgyzstan are 58 percent larger than previously believed.

WIN-WIN: The announcement by the Canadian miner comes as a much-needed boost for the Central Asian nation, whose tiny economy has floundered in recent years. Kumtor goldmine accounts for about 12 percent of the economy.

BOTTOM LINE: Centerra says the end-date for open-pit mining will be extended five years, to 2023. Kumtor's probable mineral reserves are now estimated at a total 9.7 million ounces of gold.