Centerra Gold Reports 2021 Gold Production and Issues 2022 Guidance
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NEWS RELEASE
Centerra Gold Reports 2021 Gold Production and Issues 2022 Guidance
All figures are in United States dollars and all production figures are on a 100% basis and continuing operations basis, unless
otherwise stated. This news release contains forward-looking information regarding Centerra Gold’s business and operations. See
“Caution Regarding Forward-Looking Information”. All references in this document denoted with “NG” indicate a non-GAAP
term which is discussed under “Non-GAAP Measures” and reconciled to the most directly comparable GAAP measure.
Toronto, Canada, January 18, 2022 : Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and
NYSE: CGAU) reports 2021 fourth quarter and full-year production and 2022 production and cost guidance.
2021 Fourth Quarter and Annual Highlights
Gold production in the fourth quarter was 91,197 ounces including 59,529 ounces of gold produced
by the Mount Milligan Mine and 31,668 ounces of gold produced by the Öksüt Mine.
Full year 2021 gold production was 308,141 ounces, at the upper end of guidance, including 196,438
ounces of gold produced by the Mount Milligan Mine and 111,703 ounces produced by the Öksüt Mine.
Copper production was 17.0 million pounds in the fourth quarter and 73.3 million pounds for the
full year 2021, within the guidance range.
2021 Gold production costs per ounce is expected to be at the lower end of the guidance range of
$600 to $650.
2021 All-in sustaining costs on a by-product basis per ounce NG (“AISC”) is expected to be below
the lower end of guidance range of $700 to $750.
2021 All-in costs on a by-product basis per ounceNG (“AIC”) is expected to be below the lower end
of guidance range of $850 to $900.
2021 Cash provided by operating activities is expected to be at the upper end of the guidance range
of $200 to $250 million.
2021 Free cash flowNG is expected to be at the upper end of the guidance range of $125 to $175 million.
2021 Öksüt related income tax guidance has been revised to an expected current tax expense range
of $35 to $45 million.
2022 Guidance Highlights
Gold production of 400,000 to 450,000 ounces, inc luding 190,000 to 210,000 ounc es at the Mount
Milligan Mine and 210,000 to 240,000 ounces at the Öksüt Mine.
Copper production of 70 to 80 million pounds, reduced from previous guidance (90 to 100 million
pounds) due to planned mine sequence changes at the Mount Milligan Mine.
Gold production costs per ounce - $500 to $550, AISC on a by-product basis per ounce NG - $600
to $650, AIC on a by-product basis per ounceNG - $700 to $750.
Total capital spending of $95 to $105 million.
Cash provided by operating activities of $300 to $350 million.
Free cash flowNG of $200 to $250 million.
Exploration expenditures of $35 to $45 million including exploration at our Mount Millig an ($12
million) and Öksüt Mines ($5 million).
New Mount Milligan technical report expected in the second quarter.
Updated 3 Year Outlook targeted to be issued in the second quarter. The previously iss ued 2023
guidance is currently under review pending the release of the new Mount Milligan technical report.
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Scott Perry, President and Chief Executive Officer of Centerra, said: “Our Mount Milligan and Öksüt Mines
paved the way for our strong operating performance in 2021, ena bling us to achieve the upper end of our gold
production guidance. At the same time, our gold production costs per ounce and all-in sustaining costs on a by-
product basis per ounceNG are expected to be at the lower end and below their respective 2021 guidance ranges.
In the year ahead, we expect to see continued strong operationa l performance at Mount Milligan and Öksüt,
with increased gold production levels and significant generatio n of cash provided by operating activities and
free cash flowNG.”
2022 Guidance
Units 2022 2022 2022 2022
Mount
Milligan(1)
Öksüt
Consolidated(2) Previous
Guidance(3)
Production
Unstreamed gold production 123-136 210-240 333-376 320-363
Streamed gold production 67-74 - 67-74 60-67
Total gold production(4) (Koz) 190-210 210-240 400-450 380-430
Unstreamed copper production 57-65 - 57-65 73-81
Streamed copper production 13-15 - 13-15 17-19
Copper production(4) (Mlb) 70-80 - 70-80 90-100
Costs
Gold production costs ($/oz) 675-725 300-350 500-550 550-600
AISC on a by-product basis per
ounceNG ($/oz) 575-625 425-475 600-650 450-500
AIC on a by-product basis per ounceNG ($/oz) 600-650 450-500 700-750 550-600
AISC on a co-product basis per ounce
of goldNG ($/oz) 900-950 425-475 750-800 725-775
Copper production costs ($/lb) 1.70-1.85 - 1.70-1.85 1.70-1.85
AISC on a co-product basis per pound
of copperNG ($/lb) 2.40-2.55 - 2.40-2.55 2.15-2.30
Capital Expenditures
Sustaining capital expenditures(5) ($M) 65-70 20-25 90-100 80-90
Non-sustaining capital expenditures(6) ($M) 5 - 5 5
Total Capital Expenditures ($M) 70-75 20-25 95-105 85-95
(1) The Mount Milligan Streaming Arrangement entitles Royal Gold to 35% and 18.75% of gold and copper sales, respectively, and req uires Royal Gold to
pay $435 per ounce of gold and 15% of the spot price per metric tonne of copper delivered. Assuming a market gold price of $1,700 per ounce and market
copper price of $4.00 per pound, Mount Milligan’s average realized gold and copper price would be $1,257 per ounce and $3.36 per pound, respectively.
(2) Unit costs and consolidated unit costs include a credit for for ecasted copper sales treated as by-product for all-in sustainin g costs. Production for copper
and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions, subject to metal content, levied by smelters.
(3) As disclosed in the Company’s news release and MD&A dated August 10, 2021.
(4) Gold and copper production at Mount Milligan assumes recoveries of 69% and 81%, respectively, and 72% (project-to-date) gold recovery at Öksüt. 2022
gold ounces and copper pounds sold are expected to be consistent with production.
(5) Sustaining capital expenditures include cash and non-cash components of capitalized stripping. Consolidated sustaining capital includes $5 million related
to other operations.
(6) Non-sustaining capital expenditures are distinct projects designed to have a significant increase the net present value of the mine.
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Centerra’s 2022 gold production is expected to be between 400,0 00 to 450,000 ounces, compared to the
previous 2022 guidance of 380,000 to 430,000 ounces disclosed in the Company’s news release for the second
quarter of 2021.
Mount Milligan’s 2022 gold production is expected to be in the range of 190,000 to 210,000 ounces compared
to the previously issued guidance of 170,000 to 190,000 ounces. Copper production is expected to be in the
range of 70 to 80 million pounds c ompared to the previous guida nce of 90 to 100 million pounds. Gold and
copper production are expected to be back-end weighted in 2022, with the first half of the year representing
40% of the 2022 annual metal production total while the second half of the year will represent up to 60% of the
2022 annual metal production total. The changes to expected gold and copper production at the Mount Milligan
Mine are due to planned mine sequence changes.
At Öksüt, 2022 gold production is expected to be in the range of 210,000 to 240,000 ounces, which is unchanged
from the previously issued guidance. Gold production is expecte d to be back-end weighted in 2022, with the
first half of the year representing 40% or more of the 2022 ann ual gold production total while the second half
of the year will represent up to 60% of the 2022 annual gold production total. The average grade of ore stacked
to the heap leach pad in 2022 is expected to be approximately 2 .30 g/t Au. Gold production guidance assumes
that mining will continue at the Keltepe pit and the Güneytepe pit and assumes the receipt of permits from local
authorities mid-year.
Gold production costs are forecasted to be $500 to $550 per oun ce, a reduction from the previously issued
guidance of $550 to $600, primarily driven by lower than expect ed operating expenses at the Öksüt Mine.
Consolidated AISC on a by-product basis per ounceNG is expected to be in the range of $600 to $650 an increase
from previously issued guidance of $450 to $500 per ounce, prim arily due to a decrease in copper credits and
an increase in estimated sustaining capital expenditures at the Mount Milligan Mine.
Consolidated cash provided by operating activities and free cash flowNG are expected to be in the range of $300
to $350 million and the range of $200 to $250 million, respectively.
2022 Molybdenum Business Unit
In 2022, care and maintenance expenses related to the Molybdenu m Business Unit, including reclamation
expenditures, are currently estimated to be between $20 and $25 million. These costs are expected to be partially
offset by the cash generated from molybdenum roasting, with tot al net cash required to maintain the
Molybdenum Business Unit expected to be in the range of $15 to $20 million. The Company’s assumed
molybdenum price for 2022 is $17.00 per pound.
2022 Taxes
Income tax in relation to Öksüt is estimated to be between $80 to $90 million, reflecting a 23% income tax rate,
as well as withholding tax on expected repatriation of earnings. The higher 2022 tax expense at the Öksüt Mine
also reflects the full utilization of the Investment Incentive Certificate by the end of 2021. The Mount Milligan
Mine is subject to British Columbia mineral tax which is forecast to be between $5 and $10 million.
2022 Material Assumptions
Material assumptions or factors used to forecast production and costs for 2022, after giving effect to the hedges
in place as at December 31, 2021, include the following:
a market gold price of $1,700 per ounce and an average realized gold price at the Mount Milligan Mine
of $1,257 per ounce after reflec ting the streaming arrangement with Royal Gold (35% of the Mount
Milligan Mine’s gold at $435 per ounce).
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a market copper price of $4.00 per pound and an average realize d copper price at the Mount Milligan
Mine of $3.36 per pound after re flecting the streaming arrangem ent with Royal Gold (18.75% of the
Mount Milligan Mine’s copper at 15% of the spot price per metric tonne).
a molybdenum price of $17.00 per pound.
exchange rates: $1USD:$1.26 Canadian dollar; $1USD:13.0 Turkish lira; with a Turkish inflation
assumption of 36%.
diesel fuel price assumption: $0.72/litre (CAD$0.91/litre) at the Mount Milligan Mine.
Mount Milligan Streaming Arrangement
The Mount Milligan Mine is an open pit mine located in north ce ntral British Columbia, Canada producing a
gold and copper concentrate. Production at the Mount Milligan Mine is subject to an arrangement with RGLD
Gold AG and Royal Gold, Inc. (together, “Royal Gold”) pursuant to which Royal Gold is entitled to purchase
35% of the gold produced and 18.75% of the copper production at the Mount Milligan Mine for $435 per ounce
of gold delivered and 15% of the spot price per metric tonne of copper delivered (the “Mount Milligan
Streaming Arrangement”). To satis fy its obligations under the M ount Milligan Streaming Arrangement, the
Company purchases refined gold and copper warrants and arranges for delivery to Royal Gold. The difference
between the cost of the purchases of refined gold and copper warrants, and the corresponding amounts payable
to the Company under the Mount M illigan Streaming Arrangement i s recorded as a reduction of revenue and
not a cost of operating the mine.
Other Material Assumptions
Other material assumptions used in forecasting production and c osts for 2022 can be found under the heading
“Caution Regarding Forward-Looki ng Information” in this documen t. Production, cost, and capital forecasts
for 2022 are forward-looking information and are based on key assumptions and subject to material risk factors
that could cause actual results to differ materially, and which are discussed under the heading “Risks That Can
Affect Our Business” in the Company’s most recent Annual Information Form. The costs and cashflow impact
associated with continued litigation and/or potential settlemen t of the Kumtor Mine dispute has not be
incorporated into the 2022 guidance.
2022 Sensitivities
Centerra’s revenues, earnings, and cash flows for 2022 are sens itive to changes in certain key inputs or
currencies. The Company has estimated the impact of any such changes.
Impact on
($ millions)
Impact on
($ per ounce sold)
Production
Costs & Taxes
Capital
Costs Revenues Cash flows Net Earnings
(after tax)
AISC on a by-product
basis per ounceNG
Gold price $50/oz 1.5 - 4.0 - 16.5 – 19.0 12.5 – 17.5 12.5 – 17.5 4.0 – 5.0
Copper price(1) 10% 0.2 - 0.4 - 4.4 - 6.7 4.2 - 6.5 4.2 - 6.5 14.5 - 16.5
Diesel fuel(1) 10% 1.5 - 1.6 0.3 - 0.5 - 1.8 - 2.1 1.5 - 1.6 4.5 – 5.5
Canadian dollar(1)(2) 10 cents 11.5 – 13.5 1.5 – 2.0 - 13.0 – 15.5 11.5 – 13.5 34.5 – 39.0
Turkish lira(2)(3) 1 lira 1.5 – 2.5 0.5 – 1.0 - 2.0 – 3.5 2.0 – 3.5 5.0 – 7.0
(1) Includes the effect of the Company’s copper sales, diesel fuel and Canadian dollars hedging programs, with current 2022 exposure coverage approximately 70%,
65% and 65%, respectively.
(2) Appreciation of currency against the U.S. dollar will result in higher costs and lower cash flow and earnings, depreciation of currency against the U.S. dollar
results in decreased costs and increased cash flow and earnings.
(3) Assumes an increase in the Turkish Lira will be partially offset by inflation.
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Mount Milligan Technical Report and Three-Year Outlook / 2023 Guidance Update
The Company expects to conclude its ongoing life of mine planning work and issue a new National Instrument
43-101 Standards of Disclosure for Mineral Projects (“NI 43-101 ”) technical report for the Mount Milligan
Mine in the second quarter of 2022. Accordingly, the Company is reviewing its consolidated three-year outlook,
including 2023 guidance (which is likely to change and should no longer be relied upon). The Company expects
to release an updated three-year outlook during the second quarter.
Qualified Person & QA/QC – Production Information
The production information and other scientific and technical information presented in this document, including
the production estimates were prepared in accordance with the s tandards of the Canadian Institute of Mining,
Metallurgy and Petroleum and NI 43-101 and were prepared, revie wed, verified, and compiled by Centerra’s
geological and mining staff under the supervision of Slobodan ( Bob) Jankovic, Professional Geoscientist,
member of the Association of Pro fessional Geoscientists of Onta rio (APGO) and Centerra’s Senior Director,
Technical Services, who is a qualified person for the purpose o f NI 43-101. Unless otherwise noted below,
sample preparation, analytical techniques, laboratories used an d quality assurance-quality control protocols
used during the exploration drilling programs are done consiste nt with industry standards and independent
certified assay labs are used.
The Mount Milligan deposit is described in a NI 43-101 technica l report dated March 26, 2020 and filed on
SEDAR at www.sedar.com. The technical report describes the exp loration history, geology, and style of gold
mineralization at the Mount Milligan deposit. Sample preparation, analytical techniques, laboratories used, and
quality assurance-quality control protocols used during the exp loration drilling program s are done consistent
with industry standards and independent certified assay labs are used.
The Öksüt deposit is described in a NI 43-101 technical report dated September 3, 2015 and filed on SEDAR
at www.sedar.com. The technical report describes the exploratio n history, geology, and style of gold
mineralization at the Öksüt de posit. Sample preparation, analy tical techniques, laboratories used, and quality
assurance-quality control protocols used during the exploration drilling programs are done consistent with
industry standards and independent certified assay labs are used.
Non-GAAP Measures
The Company elected to present the World Gold Council’s (“WGC”) financial measure AIC, which
incorporates non-sustaining capital expenditures and certain development and overhead costs in addition to the
sustaining costs that are included in the AISC on a by-product basis metric. Management believes the AIC
metric will assist stakeholders in understanding the costs asso ciated with producing gold over the entire
lifecycle of the mine.
This document contains the following non-GAAP financial measure s: all-in sustaining costs on a by-product
basis per ounce, all-in sustaining costs on a co-product basis per ounce of gold or per pound of copper, all-in
costs on a by-product basis per ounce and free cash flow.
Management believes that the use of these non-GAAP measures ass ists analysts, investors and other
stakeholders of the Company in understanding the costs associat ed with producing gold, understanding the
economics of gold mining, assessing operating performance, the Company’s ability to generate free cash flow
from current operations and on an overall Company basis, and fo r planning and forecasting of future periods.
However, the measures have limitations as analytical tools as t hey may be influenced by the point in the life
cycle of a specific mine and the level of additional exploration or expenditures a company has to make to fully
develop its properties. These financial measures do not have an y standardized meaning prescribed by GAAP
and may not be comparable to similar measures presented by othe r issuers, even as compared to other issuers
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who may be applying the WGC guidelines. Accordingly, these non-GAAP measures should not be considered
in isolation, or as a substitute for, analysis of the Company’s recognized measures presented in accordance with
IFRS.
Definitions
The following is a description of the non-GAAP measures used in this news release:
All-in sustaining costs on a by-product basis per ounce are calculated as the aggregate of production
costs as recorded in the conden sed consolidated interim stateme nts of earnings (loss), refining and
transport costs, cash component of capitalized stripping and su staining capital expenditures, lease
payments related to sustaining assets, corporate general and ad ministrative expenses, accretion
expenses, asset retirement depletion expenses, copper and silver revenue and the associated impact of
hedging by-product sales revenue. When calculating all-in susta ining costs on a by-product basis, all
revenue received from the sale of copper from the Mount Milliga n Mine, as reduced by the effect of
the copper stream, is treated as a reduction of costs incurred.
All-in sustaining costs on a co-product basis per ounce of gold or per pound of copper are based on an
allocation of production costs between copper and gold based on the conversion of copper production
to equivalent ounces of gold. For 2022, based on the assumed co pper price of $4.00 per pound and
assumed gold price of $1,700 per ounce, 425 pounds of copper was equivalent to one ounce of gold.
All-in costs on a by-product basis per ounce includes all-in sustaining costs on a by-product basis,
exploration and study costs, non-sustaining capital expenditure s, care and maintenance and pre-
development costs.
Free cash flow is calculated as cash provided by operating activities less add itions to property, plant
and equipment.
Caution Regarding Forward-Looking Information
Information contained in this news release which is not a statement of historical fact, and the documents incorporated by
reference herein, may be “forward-looking information” for the purposes of Canadian securities laws and within the
meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information involves
risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ
materially from those expressed or implied by such fo rward-looking information. Th e words “believe”, “expect”,
“anticipate”, “contemplate”, “plan”, “intends”, “conti nue”, “budget”, “estimate”, “may”, “will”, “schedule”,
“understand” and similar expressions identify forward-looking information. These forward-looking statements relate to,
among other things: the Company’s expectations regarding 2021 and future gold and copper production; gold production
costs per ounce, all-in sustaining costs on a by-product basis NG; consolidated cash provided by operating activities,
consolidated free cash flow NG, and other statements made under the headings “2022 Guidance” and “2023 Guidance”
including expectations regarding accessing the higher grade ore at Öksüt’s Güneytepe pit for part of 2022 and its impact
on gold production at Öksüt; timing and receipt of the perm its at Öksüt; 2022 capital expenditures; 2022 exploration
expenditures; 2022 corporate administration expenses; 2022 depreciation, depletion and amortization expenses; 2022 tax
expenses; and expectations for the Molybdenum Business Unit.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered
reasonable by Centerra, are inherently subject to signific ant technical, political, business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those
projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ
materially from current expectations include, among other things: (A) strategic, legal, planning and other risks, including:
political risks associated with the Co mpany’s operations in Tu rkey and Canada; resource nationalism including the
management of external stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of,
laws, regulations and government practices, including unjus tified civil or criminal action against the Company, its
affiliates, or its current or former employees; risks that community activism may result in increased contributory demands
or business interruptions; the risks related to outstanding litigation affecting the Company; the impact of constitutional
changes in Turkey; the impact of any sanctions imposed by Canada, the United States or other jurisdictions against various
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Russian and Turkish individuals and entities; potential defects of title in the Company’s properties that are not known as
of the date hereof; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances;
the presence of a significant shareholder that is a state-owned company of the Kyrgyz Republic; risks related to anti-
corruption legislation; Centerra not being able to replace mineral reserves; Indigenous claims and consultative issues
relating to the Company’s properties which are in proximity to Indigenous communities; and, potential risks related to
kidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to
the volatility of gold, copper and other mineral prices; the us e of provisionally-priced sales contracts for production at
the Mount Milligan Mine; reliance on a few key customers for the gold-copper concentrate at the Mount Milligan Mine;
use of commodity derivatives; the imprecision of the Company’s mineral reserves and resources estimates and the
assumptions they rely on; the accuracy of the Company’s production and cost estimates; the impact of restrictive covenants
in the Company’s credit facilities which may, among other thin gs, restrict the Company from pursuing certain business
activities or making distributions from its subsidiaries; the Company’s ability to obtain future financing; the impact of
global financial conditions; the impact of currency fluctuations; the effect of market conditions on the Company’s short-
term investments; and, the fact that the Co mpany’s ability to make payments, including any payments of principal and
interest on the Company’s debt facilities, depends on the cash flow of its subsidiaries; and, (C) risks related to operational
matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including the
stability of the pit walls at the Company’s operations; the risk of having sufficient water to continue operations at the
Mount Milligan Mine and achieve expect ed mill throughput; the success of the Company’ s future exploration and
development activities, including the financial and political risks inherent in carrying out exploration activities; inherent
risks associated with the use of sodium cyanide in mining operations; the adequacy of the Company’s insurance to mitigate
operational risks; mechanical breakdowns; the occurrence of any labour unrest or disturbance and the ability of the
Company to successfully renegotiate collective agreements wh en required; the risk that Centerra’s workforce and
operations may be exposed to widespread epidemic including, but not limited to, the COVID-19 pandemic; seismic activity;
long lead-times required fo r equipment and supplies given the remote location of some of the Company’s operating
properties; reliance on a limited number of suppliers for cer tain consumables, equipment and components; the ability of
the Company to address physical and transition risks from climate change and sufficiently manage stakeholder
expectations on climate-related issues; the Company’s ability to accurately predict decommissioning and reclamation
costs; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisition opportunities;
risks associated with the conduct of joint ventures/partnerships; and the Company’s ability to manage its projects
effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns and project
resources. For additional risk factors, please see section titled “Risk Factors” in the Company’s most recently filed Annual
Information Form available on SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.
There can be no assurances that forward-looking information and statements will prove to be accurate as many factors
and future events, both known and unknown, could cause actu al results, performance, or achievements to vary or differ
materially from the results, performance, or achievements that are or may be expressed or implied by such forward-looking
statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully
when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward-
looking information. Forward-looking information is as of January 18, 2022. Centerra assumes no obligation to update
or revise forward-looking information to reflect changes in assumptions, changes in circumstances, or any other events
affecting such forward-looking information, except as required by applicable law.
About Centerra Gold
Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and
acquiring gold properties in North America, Turkey, and other m arkets worldwide. Centerra operates two
mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Turkey. While the
Company still owns the Kumtor Mi ne in the Kyrgyz Republic, it i s currently no longer under the Company’s
control. The Company also owns the pre-development stage Kemess Underground Project in British Columbia,
Canada and owns and operates the Molybdenum Business Unit in the United States. Centerra's shares trade on
the Toronto Stock Exchange (“TSX”) under the symbol CG and on t he New York Stock Exchange (“NYSE”)
under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.
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For more information:
Toby Caron
Treasurer and Director, Investor Relations
Centerra Gold Inc.
(416) 204-1694
Additional information on Centerra Gold is available on the Company’s website at
www.centerragold.com and on SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.
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