Centerra Gold Acquires Stratex’s 30-percent Share in Öksüt Gold Project

Centerra Gold Inc. (TSX:CG) announced that it has acquired the remaining 30-percent interest in the Öksüt gold project in Turkey from Stratex International plc (LSE:STI).

As quoted in the press release:

Upon completion of the transaction, Centerra will own 100% of the Öksüt Gold Project. Consideration for Stratex’s interest in the project consists of a $20 million cash payment at closing and a 1% Net Smelter Return royalty on the project, subject to a $20 million cap. The closing of the transaction is conditional on the conversion of six exploration licences to two operation licences, which are currently under application and are expected to be issued before the end of the first quarter of 2013, and other customary conditions.

Centerra’s president and CEO, Ian Atkinson, said:

This transaction consolidates our interest in the Öksüt Gold Project as we expect to transition the project from exploration to development. Our immediate objective is to define the limits of the Ortaçam North deposit and complete enough drilling to calculate a resource estimate by the end of the year as we continue metallurgical and environmental baseline work.

To view the whole press release, click here.