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Centerra Gold secures 70% option on Mammoth's Tenoriba precious metal property

Centerra Gold Inc. secured an option to earn up to a 70% interest in Mammoth Resources Corp.'s Tenoriba precious metal property in southwestern Chihuahua, Mexico.

The company is required to spend US$9.0 million over seven years, according to a Dec. 20 release.

It can secure an initial 51% stake by spending US$5.0 million over four years.

Centerra will act as project operator. It will receive a management fee of 5% on invoiced drilling and certain other high-cost expenditure activities and 10% on all other expenditures.

In mid-October, Centerra sold its Mongolian assets, including the Boroo gold mine and processing facility and the Gatsuurt gold project, to privately held OZD Asia Pte. Ltd. for US$35 million.