UPDATE 1-Centerra shares drop 2 pct after output target lowered

Thu Nov 8, 2012 11:56am EST
 
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* Revenue falls 75 percent to $68.8 million

* Kumtor open put reserves up 58 pct, mine life extended

* FY 2012 output target lowered to 415,000-425,000 ounces

* Shares down 2.3 percent to C$10.56 on TSX

Nov 8 (Reuters) - Shares of Centerra Gold Inc fell more than 2 percent on Thursday, a day after the Canadian gold miner reported a quarterly loss and again lowered its full year output target.

Centerra now expects to produce some 415,000 to 425,000 ounces of gold in 2012, down from a previous estimate of 450,000 to 470,000 ounces.

Earlier this year, Toronto-based Centerra was forced to substantially cut its 2012 production outlook, as output at its Kumtor mine in Kyrgyzstan was hit by ice movement in the pit. Kumtor is Centerra's largest gold mine.

Centerra, which has developed a new mine plan for the high-altitude mine, increased its proven and probable reserves in the central open pit by 58 percent to 9.7 million ounces, extending Kumtor's mine life by five years.

The company now expects to produce some 600,000 ounces at Kumtor in 2013 and 660,000 ounces in 2014.   Continued...