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Tuesday 28 June 2011

Kentor Gold in pre-open pending Andash gold copper project announcement


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Kentor Gold has been granted a trading halt by the ASX pending an announcement on the Andash gold copper project located in the Kyrgyz Republic, with the company’s shares placed in pre-open. Kentor has not yet elaborated on what the announcement will refer to.

The Andash project continues to progress towards production, with earlier in the year Kentor entering into a $50 million debt facility with Macquarie Group to assist with the construction of the project. This funding facility completed the major funding required, providing another major step towards annual production in early 2012 of 70,000 ounces of gold and 7,400 tonnes of copper, for an initial six years.

Andash has an exceptionally low forecast gold cash cost of US$29 an ounce after copper credits and royalties.

Kentor Gold (ASX: KGL) is an Australian-based, emerging mid-tier gold producer which is developing the very low cost Andash Gold-Copper Project in the Kyrgyz Republic.

Formed in 1998 and listed on the ASX in 2005, the Company engages in exploration and development of gold, geothermal energy and base metals in Central Asia where it has highly regarded, long established, locally based management.

Kentor’s 80% owned Andash Project is targeted to produce 70,000 oz gold and 7,400 tonnes copper pa for an initial six years, with high potential for expansion.

Kentor Gold is uniquely positioned in central Asia, having been in the Kyrgyz Republic since 1998 with a long established, experienced, Russian speaking team. Kentor Gold is also engaged in gold exploration and the pursuit of acquisitions in the region, as well as geothermal energy opportunities

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