Canada’s Centerra Gold said 1.3 million ounces of gold reserves have been added at the Kumtor mine in the Issyk Kul Province of Kyrgyzstan.
Proven and probable mineral reserves at the mine totalled 4.9 million ounces of contained gold as of 31 October 2009.
The estimated additional reserves will extend the Kumtor open pit mine-life to 2017.
An estimated $483m total life-of-mine capital expenditure, including $179m of sustaining capital, will be required to develop the reserves for the Kumtor mine.
Remedial measures to manage the ice and waste movement in the south-east highwall of the Kumtor pit are included in Kumtor’s revised life-of-mine plan.
Centerra Gold president and CEO Steve Lang said the company is on track to meet its most recent gold production guidance for 2009.
“During 2010 our exploration programme at Kumtor will continue as we expect to increase our expenditure level to $12.6m, which does not include $7m of planned underground infill and delineation drilling, which will be capitalised,” Lang said.
“Exploration at Kumtor in 2010 will be focused on extending the underground SB Zone along strike and down dip and to infill drill the inferred resource area, as well as, commence the infill drilling on the Stockwork Zone and continue to extend it down dip and along strike.”