10/30/2012 01:31 EDT | Updated 12/30/2012 05:12 EST

Centerra Gold agrees to return half ownership in Turkish property to Eurasian

VANCOUVER - Eurasian Minerals Inc. (TSXV:EMX) says it will regain full ownership of a gold-silver in property in Turkey that it had partially transferred to Centerra Gold Inc. (TSX:CG) under an option agreement.

Centerra had earned an initial 50 per cent stake in the Akarca property by spending $5 million in drilling and other work, and potentially could have increased its holding to 70 per cent under the original agreement.

However, Vancouver-based Eurasian says it has negotiated a new deal that will allow it to regain 100 per cent ownership of the property. In return, Centerra will be relieved of further exploration and payment obligations.

Eurasian has a market value of about $164 million based on the Monday closing stock price of $2.28 at the TSX Venture Exchange.