Centerra Gold Inc. has entered into a binding Share Purchase Agreement with Stratex International Plc. to acquire Stratex’s 30% interest in the Öksüt Gold Project located in Turkey. 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.
Centerra and Stratex are parties to a joint venture arrangement, formed in 2009, to explore the Öksüt Gold Project. Centerra earned an initial indirect 50% interest in the project by advancing $3 million to the joint venture through October 2011 and acquired an additional 20% interest in the project with an additional contribution of $3 million, which it completed in October of this year. Through November, Centerra has advanced $6.8 million for exploration work on the Öksüt Gold Project. Centerra’s initial resource estimate is expected to be released in early 2013.
The full text of news release is available on the Centerra Gold’s website at
