TORONTO, ONTARIO, Apr. 8, 2010 (Marketwire) -- Centerra Gold Inc. (TSX:CG) today announces that its REN joint venture project partner, Homestake Mining Company of California (a subsidiary of Barrick Gold Corporation) has elected to exercise its pre-emptive right to acquire Centerra Gold U.S. Inc.'s 64% interest in the REN joint venture for US$35.2 million. Closing is expected within 90 days.
As previously disclosed Centerra had entered into a purchase agreement with Rye Patch Gold Corp. and its U.S. subsidiary, Rye Patch Gold US Inc. (collectively "Rye Patch") for the sale of Centerra Gold (U.S.) Inc.'s interest in the REN project in Nevada, which was conditional on its the joint venture project partner, Homestake Mining Company of California (a subsidiary of Barrick Gold Corporation) waiving its pre-emptive right to acquire Centerra Gold (U.S.) Inc.'s interest. With Homestake electing to exercise its right to acquire Centerra's interest in the REN joint venture, the agreement with Rye Patch will be terminated.
Centerra is a growth-oriented, 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 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 based in Toronto, Canada.
Additional information on Centerra is available on the Company's website at www.centerragold.com and on SEDAR at www.sedar.com.