Kyrgyzaltyn JSC announces the closing of arrangements relating to the Kumtor Project

    BISHKEK, Kyrgyz Republic, June 12 /CNW/ - Kyrgyzaltyn JSC ("Kyrgyzaltyn")
is pleased to announce the closing of the transactions contemplated by the
agreement that it entered into on April 24, 2009 (the "Agreement") with the
Government of the Kyrgyz Republic acting on behalf of the Kyrgyz Republic,
Cameco Corporation ("Cameco"), Centerra Gold Inc. ("Centerra"), Kumtor Gold
Company CJSC ("KGC") and Kumtor Operating Company CJSC ("KOC") which defines
the understandings reached among the parties to the Agreement with respect to
the exploration for and development of gold and silver mineral resources and
the production and sale of gold and silver from the Kumtor mine owned and
operated by Centerra (acting through its Kyrgyz subsidiaries KGC and KOC) in
the Kyrgyz Republic.
    In connection with transactions completed on the closing, (a) Cameco (out
of its existing holding of Centerra common shares (the "Centerra Shares"))
deposited in escrow, for the benefit of and on behalf of Kyrgyzaltyn and/or
Cameco, 25,300,000 Centerra Shares (the "Cameco Contributed Shares"), and (b)
Centerra issued 18,232,615 Centerra Shares to Kyrgyzaltyn (the "Treasury
Shares"). The release of the Cameco Contributed Shares to Kyrgyzaltyn is
subject to certain conditions set forth in the Agreement and the number of
such shares to be released to Kyrgyzaltyn is subject to potential adjustment
pursuant to the Agreement. Following the issuance of the Treasury Shares to
Kyrgyzaltyn, Kyrgyzaltyn holds 52,101,766 Centerra Shares, representing 22.2%
of the issued and outstanding Centerra Shares. Effective upon the satisfaction
of the conditions for the release of all of the Cameco Contributed Shares to
Kyrgyzaltyn, and assuming that the number of shares to be released is not
adjusted, Kyrgyzaltyn will hold 77,401,766 Centerra Shares, representing 33%
of the issued and outstanding Centerra Shares.
    The Treasury Shares were issued to Kyrgyzaltyn and the Cameco Contributed
Shares are being transferred to Kyrgyzaltyn in consideration of the various
undertakings and rights being given by Kyrgyzaltyn and the Government of the
Kyrgyz Republic under the Agreement.
    Subject to the terms of the Agreement, Kyrgyzaltyn may, from time to
time, acquire additional Centerra Shares, dispose of some or all of the
existing or additional Centerra Shares, or may continue to hold the Centerra
    The acquisition of the Cameco Contributed Shares will be made by
Kyrgyzaltyn in reliance upon an exemption provided under Canadian Multilateral
Instrument 62-104 - Take-over Bids and Issuer Bids.

For further information:

For further information: Kyrgyzaltyn JSC, Ulitsa Abdumomunova, dom 195,
Bishkek, 720040, Kyrgyz Republic, Attention: Alexey Eliseev, Tel no.: +996 555
978 555

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