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NEWS RELEASE TRANSMITTED BY Marketwire
FOR: CENTERRA GOLD INC.
Centerra Gold Kumtor Mine Work StoppageFEB 6, 2012 - 21:26 ET
TORONTO, CANADA--(Marketwire - Feb. 6, 2012) - Centerra Gold Inc. (TSX:CG) announced that the unionized employees of its Kumtor operation in the Kyrgyz Republic have begun an illegal strike. Production at the operation has been suspended. The trade union is demanding that Kumtor pay the mandatory employee contribution to the Kyrgyz Republic social fund in addition to the mandatory employer contribution paid by Kumtor. Recent regulatory changes now require that social fund contributions be deducted from wages including premium payments for work at high altitude.
The Company believes this work stoppage is illegal as there is a collective agreement in place which expires on December 31, 2012. The Company is in discussions with the union to resolve the strike.
Centerra Gold Inc. 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, Ontario, Canada.
FOR FURTHER INFORMATION PLEASE CONTACT:
Centerra Gold Inc.
John W. Pearson
Vice President, Investor Relations