Centerra Gold Reports Third Quarter Results, Net Earnings of $20 Million or $0.09 per Share

October 30, 2009 7:00 AM EDT

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2009) -

(This news release contains forward-looking information that is subject to the risk factors and assumptions set out on page 11 and in our Cautionary Note Regarding Forward-looking Information on page 16. All figures are in United States dollars).

Centerra Gold Inc. (TSX: CG) today reported third quarter net earnings of $20.2 million or $0.09 per common share based on revenues of $158.8 million compared to net earnings of $16.9 million or $0.08 per common share on revenues of $139.4 million in the same quarter of 2008.

Consolidated gold production for the third quarter of 2009 totalled 165,883 ounces at a total cash cost of $424 per ounce produced compared to 186,145 ounces at a total cash cost of $446 per ounce produced in the corresponding quarter of 2008. Revenue-based taxes have been removed from total cash costs for both periods to reflect the establishment of Kumtor's new tax regime. Cash provided by operations, net of working capital changes, was $63.4 million in the third quarter of 2009 compared to $24.4 million in the third quarter of 2008. (Total cash cost is a non-GAAP measure and is discussed under "Non-GAAP Measures" in the Company's Management's Discussion and Analysis issued in conjunction with this news release.)

Third Quarter Highlights

--  The Company generated $63.4 million in cash from operations in the
    quarter ($42 million after all capital programs)
--  Drilling has extended Kumtor's SB Zone 350 metres to the southwest of
    previous exploration drilling. This drilling will add to current
    reserves and extend the resource model
--  Highest grade mineralization intersected to date in drilling completed
    by Centerra at Kumtor. The best intercept was in hole D1352, which
    returned an uncut intercept with grades of 84.0 g/t Au over 26.4 metres,
    including 327.4 g/t Au over 6.2 metres, or with the higher grade gold
    values cut to 60 g/t Au, an intercept of 19.4 g/t Au over 26.4 metres,
    including 52.2 g/t Au over 6.2 metres
--  Operating licenses for mining and milling at the Boroo mine (excluding
    the heap leach operations) were reinstated on July 27, 2009
--  2009 production guidance for Kumtor was lowered to reflect delayed
    access to the high-grade component of the SB Zone
--  A draft Investment Agreement for the Gatsuurt Project was given to the
    Mongolian Government, while discussions continue.

Commentary

Steve Lang, President and CEO of Centerra stated, "At Kumtor the exploration drilling continues to extend the SB Zone along strike and down dip. We have successfully extended it 350 metres to the southwest and, in the quarter, we intersected some of the highest grade mineralization to date in drilling completed by Centerra at Kumtor. The best uncut intercept was 84.0 g/t Au over 26.4 metres, which included an uncut intercept of 327.4 g/t Au over 6.2 metres."

"Drilling to date in Stockwork Zone in the Central Pit area of Kumtor has outlined a high-grade underground mineralized zone over a strike length of more than 400 metres and down dip for up to 300 metres below the bottom of the planned open pit. This zone is still open along strike and down plunge to the northeast."

He continued, "Mining and milling activities at the Boroo mine have been operational since the mine's operating licenses were reinstated back at the end of July. We are continuing to work with the Mongolian authorities to obtain the final heap leach operating permit and are hopeful we will receive it in the near-term. During the quarter, we revised our production guidance at Kumtor to reflect the delayed access to the high-grade component of the SB Zone, reflecting the mine's increased focus on mining of ice and removal of waste due to the accelerated waste and ice movement. While this delays some of the ounces from being processed this year, we are encouraged by the successful exploration activity taking place at Kumtor."

Financial and Operating Summary

Revenues for the third quarter of 2009 were $158.8 million compared to $139.4 million during the same period in 2008. Third quarter 2009 revenue reflects a 2% increase in ounces sold and a 12% increase in realized gold price ($959 per ounce in the third quarter of 2009 versus $860 per ounce in the third quarter of 2008) in the period.

The Company produced a total of 165,883 ounces of gold in the third quarter of 2009, compared to 186,145 ounces of gold produced in the third quarter of 2008. Gold production was lower than the comparative period due to 38% lower production at Boroo as a result of the license suspension and no heap leach production.

Centerra's total cash cost per ounce produced was $424 in the third quarter of 2009, down from $446 in the third quarter of 2008. The decrease in unit cash costs was primarily due to lower operating costs partially offset by lower gold production at Boroo, see "Operations Update". (Total cash cost is a non-GAAP measure and is discussed under "Non-GAAP Measures" in the Company's Management's Discussion and Analysis, issued in conjunction with this news release.)

Cash provided by operations was $63.4 million for the third quarter of 2009 compared to $24.4 million for the prior year third quarter. The increase reflects the increased earnings as a result of higher gold prices and lower operating costs as well as the positive impact of reduced working capital levels.

Capital expenditures spent and accrued in the third quarter of 2009 amounted to $21.0 million of which $6.1 million was spent on sustaining capital projects and $14.9 million was invested in growth capital. The SB Zone underground decline development at Kumtor accounted for $11.1 million of the growth capital, while spending on the construction of the road to the Gatsuurt project was $2.2 million. Centerra's cash position at the end of September 2009 was $162.7 million, compared to cash and short-term investments of $167.4 million at December 31, 2008.

Exploration expenditures for the third quarter were $6.8 million dollars compared to $5.6 million in the third quarter of 2008 reflecting an increase in spending on new joint venture projects.

Other Corporate Developments

Kyrgyz Republic

In June 2009, the Company and the Kyrgyz Government signed agreements resolving all outstanding issues with respect to the Kumtor mine.

Mongolia

As disclosed on June 12, 2009, the main operating licenses at the Company's Boroo mine were suspended by the Minerals Resources Authority of Mongolia ("MRAM") following extensive inspections of the Boroo mine operation conducted by the General Department of Specialized Inspection ("SSIA"). In its report, the SSIA expressed its view that a number of deficiencies existed at the Boroo mine. After discussions by Centerra and its subsidiaries with both the MRAM and the SSIA, the suspension of the operating licenses was lifted on July 27, 2009. Despite the lifting of the suspension, several issues arising from the inspections continue to be discussed by Centerra and the Mongolian regulatory authorities.

The SSIA indicated its concern regarding the status of certain mineral reserves, including state alluvial reserves, covered by the Boroo mine licenses that are recorded in the Mongolian state reserves registry but for which there are no or incomplete records or reports of mining activity. The Company and the SSIA have conducted detailed surveys to determine the status of such reserves including whether such reserves have been mined by Boroo or a predecessor license holder or have been rendered un-mineable by the Company's operations, for example by placement of overburden on top of such reserves. The Company believes that it has properly reported all of its mining activities since it began operations in 2004. However, alluvial deposits on the Boroo licenses were subject to extensive mining activity prior to Centerra's acquisition of the licenses. On October 23, the Company received a claim for compensation from the SSIA. The Company disputes the claim. While it believes that the issues raised by the claim will be resolved through negotiation with the authorities without a material impact on the Company, there can be no assurances that this will be the case.

In addition, the SSIA inspections raised a concern about the production and sale of gold from the Boroo heap leach facility. The Company had operated its Boroo heap leach facility under a temporary permit issued by the proper authorities from June 2008 until the expiry of the temporary permit in April 2009 and paid all relevant royalties and taxes with respect to gold produced from the heap leach facility during that period. The Company believes that it had all necessary permits to carry out its heap leach activities and that any regulatory concerns are unfounded. Centerra is continuing its effort to obtain a final permit for the operation of its heap leach facility at the Boroo mine. The Company understands that this matter has been referred to the Mongolian Ministry of Finance for review but has received no official notice of any concern.

While the Company is optimistic that it will be able to resolve alleged deficiencies arising from the SSIA inspections in a satisfactory manner, there can be no assurances of this.

Under the stability agreement between the Company and the Government of Mongolia, signed July 6, 1998, as amended (the "Boroo Stability Agreement"), relating to the Boroo mine, the Company is permitted to offset any value added taxes ("VAT") that it pays on inputs against other taxes payable in respect of its Boroo mine operation. Earlier this year, the Mongolian Ministry of Finance expressed its view that despite the terms of the Boroo Stability Agreement, Centerra would not in the future be permitted to offset its VAT overpayment against corporate income tax. In response, Centerra has notified the Ministry of Finance that it expects the Mongolian Government to abide by the terms of the Boroo Stability Agreement.

In July 2009, the Mongolian Parliament enacted legislation that would prohibit mineral prospecting, exploration and mining in water basins and forest areas in the territory of Mongolia and provides for the revocation of licenses affecting such areas. Regulations under the new legislation, which will specify the affected licenses, have not been prepared or published. The Company also understands that prior to the law becoming effective the Mongolian government will undertake physical surveys and consult with local officials to determine which, if any, existing licenses will be subject to the new law. The legislation provides a specific exemption for "mineral deposits of strategic importance", and accordingly, the main Boroo mining license will be not be subject to the law. The Company's Gatsuurt licenses and its other extensive exploration license holdings in Mongolia are not so exempt. However, the Company is reasonably confident that the economic and development benefits resulting from its exploration and development activities will ultimately result in the law having a limited impact on the Company's Mongolian activities.

Gatsuurt Investment Agreement Negotiation

Centerra continued negotiations with the Government of Mongolia with respect to an investment agreement for the Gatsuurt project which would, among other things, stabilize the tax and legal regime applicable to the development of the Gatsuurt project. In August 2009, the Government of Mongolia repealed its windfall profit tax of 68% in respect of gold sales at a price in excess of $850 an ounce, with the repeal to take effect on January 1, 2011.

Operations Update

Kumtor

At the Kumtor mine, gold production was 133,459 ounces in the third quarter of 2009 compared to 133,813 ounces of gold in the third quarter of 2008. The operation experienced slightly lower ore grades and decreased recovery, mostly offset by increased tonnage through the mill. The ore grade averaged 3.52 g/t with a recovery of 73.3% in the third quarter of 2009, compared to 3.63 g/t with a recovery of 79.4% in the same quarter of 2008. Recovery was impacted by lower grade ores that were slightly more refractory than anticipated and by maintenance requirements and operational difficulties in the grinding and flotation circuits.

During the third quarter of 2009, continued movement of waste and ice from the Southeast high wall into the Kumtor open pit required an increased focus on mining of ice and removal of waste which reduced the production of ore by delaying access to the high-grade component of the SB Zone. Management is working to further stabilize this advanced creep and has expedited a plan to manage accelerated ice and waste movement.

Total cash cost per ounce, a non-GAAP measure of production efficiency, decreased 13% to $427 in the third quarter of 2009 from $488 in the third quarter of 2008. The decrease in cash cost over the third quarter of 2008 was due to the lower operating costs. For the third quarter of 2009, mining costs were $30.4 million, $9.0 million or 23% lower than the same quarter in 2008 primarily due to lower expenditures on fuel ($5.4 million), milling costs were $14.0 million, $0.2 million or 2% lower than 2008 primarily due to reduced spending on electricity ($0.5 million), partially offset by the increased cost of reagents, and site administration costs were $9.2 million, $0.8 million or 8% lower the same quarter in 2008.

Exploration costs for the third quarter 2009 were $3.3 million, $0.3 million lower than the same quarter in 2008 mainly due to lower spending on fuel ($0.2 million).

Capital expenditures in the third quarter of 2009 were $18.2 million compared to $18.4 million in the same quarter of 2008. In 2009, this consisted of $5.5 million of sustaining capital, predominantly spent on the heavy duty equipment overhaul program ($2.6 million), and the shear key and tailings dam buildup ($2.3 million). Growth capital investment totaled $12.7 million spent mainly on the SB zone underground development including expenditures for construction of the phase I decline ($5.9 million) and the purchase of mining equipment for phase II ($5.2 million).

The initial underground access drift to the SB Zone at Kumtor progressed during the third quarter of 2009. The development has completed a total of 665 metres of development. Additionally, the second access portal to the underground was initiated. Additional mobile mining equipment and the required infrastructure were purchased and the construction started. J.S. Redpath Ltd. has been contracted to manage the development and has mobilized. The second access will allow early access to the Stockwork Zone and provide a platform for exploration and delineation drilling activities to be undertaken to help define this inferred resource. The two drifts are scheduled to join up in the second quarter of 2011 in the SB Zone.

Boroo

At the Boroo mine, gold production in the third quarter of 2009 was 32,424 ounces compared to 52,332 ounces in 2008, 19,908 ounces lower due to the operational shutdown caused by the suspension of Boroo's main operating licenses, which were reinstated July 27, 2009, and the cessation of heap leach operations due to the expiry of the temporary operating permit. As disclosed on July 27, 2009, the suspension was lifted for the mining and milling operations. See "Other Corporate Developments - Mongolia". The Company estimates that it would have produced an additional 13,000 ounces from the mill and 8,000 ounces from the heap leach had it been in full production. Lower average mill head grades processed in the third quarter 2009 (2.45 g/t vs. 2.58 g/t in 2008) caused an additional reduction of 1,735 ounces. These reductions were partially offset by higher plant recovery (76% vs. 70.4% in 2008) due to a feed ratio that contained a lower share of refractory ore.

Total cash costs per ounce produced, a non-GAAP measure of production efficiency, increased to $411 in the third quarter of 2009 from $338 in the third quarter of 2008. The increase results primarily from the impact of the production shutdown. Excluding the mine standby costs of $0.7 million incurred during the shutdown period, the third quarter 2009 total cash cost per ounce produced would have been $388. The increase results from the impact of the fixed cost of operations on fewer ounces produced. Total cash cost per ounce produced is a non-GAAP measure and is discussed under "Non-GAAP Measures".

Capital expenditures at Boroo in the third quarter of 2009 amounted to $0.6 million which was spent on sustaining capital, compared to $10.6 million in the third quarter of 2008, which included $3.0 million of sustaining capital. The reduction is due to no major capital projects at Boroo during the third quarter of 2009 compared to the more significant expenditures in the third quarter of 2008 for pre-stripping costs in pit 3 ($5.0 million) and for the completion of the heap leach facility ($2.5 million).

At the Gatsuurt Project, growth capital expenditures in the third quarter of 2009 totaled $2.2 million for the construction of the road from Boroo to Gatsuurt.

Exploration expenditures in Mongolia remained unchanged at $0.9 million in the third quarters of both 2009 and 2008.

Exploration Update

Kyrgyz Republic

Kumtor Drilling

In the third quarter of 2009 the exploration drilling program continued in the Kumtor Central Pit. The drilling program continued to test the southwest extension of the SB Zone within and outside of the current planned open pit. Drilling also focused on continuing the 40 to 80 metre spaced holes to confirm the grade and extent of potential high-grade underground mineable mineralization in the Stockwork Zone below the current planned open pit. In addition, wide-spaced drill testing for strike and down dip extensions to the main mineralized horizons in the Saddle Zone and the relatively untested area to the northeast of the pit high-wall continued.

Six drill holes were completed in the third quarter of 2009 to test the southwest extension of the SB Zone within and beyond the current planned open pit. Most of the holes intersected significant widths and grades of mineralization including:

----------------------------------------------------------------------------
D1349   16.80 g/t Au over 9.0 metres, including 20.65 g/t Au over 7.0 metres
        and
        3.27 g/t Au over 29.7 metres, including 16.30 g/t Au over 3.5 metres

----------------------------------------------------------------------------
D1352   Cut to 60 g/t Au(1):
        --------------------
        19.42 g/t Au over 26.4 metres, including 52.18 g/t Au over 6.2
        metres and 14.44 g/t Au over 11.8 metres and 20.10 g/t Au over 3.6
        metres

        Uncut
        -----
        84.04 g/t Au over 26.4 metres, including 327.35 g/t Au over 6.2
        metres and 14.44 g/t Au over 11.8 metres and 26.69 g/t Au over 3.6
        metres

----------------------------------------------------------------------------
D1356   7.72 g/t Au over 35.0 metres, including 13.33 g/t Au over 7.8 metres
        and 17.23 g/t Au over 7.1 metres

----------------------------------------------------------------------------
D1359   5.58 g/t Au over 7.8 metres

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D1364   2.52 g/t Au over 17.2 metres and 2.31 g/t Au over 21.9 metres

----------------------------------------------------------------------------
D1365   3.61 g/t Au over 26.0 metres including 8.40 g/t Au over 3.0 metres

----------------------------------------------------------------------------

(1.) It is standard industry practice to reduce high assays to lower values so that they do not have a disproportionate influence on resource estimates. High assays were cut at 60 g/t Au.

The best intercept is in hole D1352, which returned an uncut intercept with grades of 84.0 g/t Au over 26.4 metres, including 327.4 g/t Au over 6.2 metres, or with the higher grade gold values cut to 60 g/t Au, an intercept of 19.4 g/t Au over 26.4 metres, including 52.2 g/t Au over 6.2 metres. This is the highest grade mineralization intersected in drilling completed by Centerra at Kumtor. It is standard industry practice to reduce high assays to lower values so that they do not have a disproportionate influence on resource estimates. High assays were cut at 60 grams per tonne gold.

This drilling, together with that completed in the second quarter of 2009, has extended the SB Zone 350 metres to the southwest of the drilling completed in 2006. The 2006 drilling defines the limits of the current resource model used for reserve estimation. These holes will extend the resource model and three of the new intercepts lie within the current planned pit design and will add to current reserves.

One additional hole was completed to test the down dip continuity and depth extensions of high grade mineralization intersected in the Stockwork Zone in the Central Pit area. Results continue to be encouraging with hole D1339 returning an intercept of 4.2 g/t Au over 33 metres, including 11.8 g/t Au over 3.5 metres. These results, along with those from previous drilling in the Stockwork Zone, have outlined a high-grade mineralized zone over a strike length of more than 400 metres and down dip for up to 300 metres from the bottom of the planned KS9 pit design. The results are confirming the excellent potential for a high-grade underground deposit that is open both along strike and down plunge to the northeast.

One drill hole was completed in the third quarter in the Saddle Zone area of the Central pit, between the SB and Stockwork Zones. The hole, D1350A, intersected a significant width of lower grade mineralization of 3.2 g/t Au over 43.7 metres.

One drill hole was completed in the third quarter to test the area to the northeast of the high-wall of the Central pit. Hole D1347 was drilled to test the down dip extension of the high grade mineralization intersected in the second quarter of 2009 in hole D1301A, which returned assays of 9.1 g/t Au over 11.0 metres, including 10.8 g/t over 8.5 metres. Hole D1347 returned disappointing results of 2.2 g/t Au over 1.7 metres. Further drilling is planned in the fourth quarter of 2009 to test for higher grade mineralization down plunge of D1301A, where the structure is more likely to intersect the more favorable conglomerate host rock.

Underground Decline Exploration

Exploration drilling to test the Kumtor structure in the footwall of the decline commenced in June and continued in the third quarter of 2009. One drill was active underground and three drill holes were completed, all of which intersected the Kumtor structure and mineralization, with hole UD1370 returning the best intercept of 7.6 g/t Au over 4.8 metres, including 12.2 g/t Au over 2.8 metres.

Regional Exploration

Regional exploration work resumed in June and continued in the third quarter of 2009. Drilling was carried out in the Northeast, Southwest and Sarytor areas.

Northeast Area

Two drills were active in the third quarter of 2009 at the Northeast prospect. The drill holes were designed to follow-up on the mineralization intersected in holes completed in late 2007 and 2008 on the lower Northeast prospect which had indicated the potential for a near surface zone of mineralization similar in grade to the Sarytor deposit. Eleven holes were completed in the third quarter of 2009 but only two holes returned any significant mineralization. Drill hole DN1355 returned intercepts of 2.5 g/t Au over 3.3metres, and3.2 g/t Au over 2.0metres, and 3.0 g/t Au over 6.0 metres and drill hole DN1363 intercepted 2.0 g/t Au over 12.3 metres. Drilling will continue to test the strike and down dip extensions of the mineralization intersected in 2007 - 2008.

Petrov Prospect

Four drill holes were completed in the Petrov area to test coincident geophysical and geochemical anomalies. All drill holes intersected structures with minor alteration but no significant gold values.

Sarytor Area

Two drills were active at the Sarytor deposit in the third quarter. Drill hole SR-09-187B was drilled to test the down dip extension of the Sarytor deposit and was stopped in mineralization due to technical difficulties with an intercept of 8.5 g/t Au over 1.8 metres. Two drill holes were completed to test for extensions of the oxide mineralization in the melange zone with drill hole SR-09-188 returning an intercept of 9.6 g/t Au over 1.2 metres.

Southwest Area

One drill was active in this area in the third quarter. Two holes were completed to test footwall structures west of the Southwest Pit with no significant results. Fourth quarter drilling will focus on testing high grade mineralization identified in Soviet era sampling of adits below the open pit.

True widths for the mineralized zones are typically from 40% to 95% of the stated intercept.

A complete listing of the drill results and supporting maps for the Kumtor pit have been filed on the System for Electronic Document Analysis and Retrieval ('SEDAR') and are available at the company's web site at: www.centerragold.com

Mongolia

Exploration work continued in the third quarter of 2009 on the Company's extensive land holdings. Work included mapping, soil sampling, geophysical surveys and trenching programs on key prospects along the Yeroogol Trend - Khuder, Khar Mod, and Gatsuurt.

Khuder

Ongoing sampling of new trenches and road cuts continues to return anomalous gold values in gently dipping structures with results from the Ridge and Valley thrust zones. Both the Ridge and Valley gold bearing thrusts are oriented northeast and dip northwest from 10 to 50 degrees and have been traced for over 2,500 metres.

Geophysical surveys and most of the planned trenching have been completed. Drilling is planned to test the two primary targets, the Valley and Ridge gold bearing thrusts, in the fourth quarter of 2009.

Khar Mod

Exploration was focused on the area, where previously completed reconnaissance soil sampling identified several gold anomalies. Follow-up detailed soil sampling identified zones with a combined width of over 150 metres and which are open in northeast and southwest directions.

Gatsuurt

An expanded IP survey was completed in the third quarter which identified several targets in the Biluut, South Slope and Bulgiin areas. Trenching is continuing to evaluate other geochemical and geophysical anomalies at Biluut, Balj and the Bulgin valley.

Russia

Illichy Gold JV

The Company entered into a new joint venture agreement on September 1, 2009 with Amur Gold covering the Illichy Gold project located in eastern Russia in the Amur Oblast. Field work including trenching and IP surveys was started in late September.

Turkey

Stratex - JV Oksut Project

An option agreement was signed with Stratex International plc in August 2009 covering their Oksut property in the Central Anatolia Platform about 250 kilometres Southeast of Ankara.

The property covers a series of structural and lithological-controlled high-sulphidation silicified zones hosted by shallowly dipping andesitic volcanics. Silicified zones and associated alteration extend over an area of at least 8 square kilometres.

Regional soil and rock geochemical sampling has revealed other large targets that warrant drill testing. Ground geophysical surveys consisting of magnetic and IP are underway. Additional trenching and diamond drilling are planned during the fourth quarter.

Outlook for 2009

Production

For the full year of 2009, Centerra expects consolidated gold production of 620,000 to 630,000 ounces, which is unchanged from the previous guidance disclosed in the Company's news release of September 24, 2009.

Gold production for the full year 2009 at the Kumtor mine in the Kyrgyz Republic is forecast to be approximately 500,000 ounces, which is unchanged from the updated guidance reported in the September 24, 2009 news release. Production from the nearby Sarytor deposit has not been included this year in Kumtor's current mine plan. The production from Sarytor has been deferred until 2012. During the fourth quarter, Kumtor's gold production is estimated to be in the range of 225,000 to 235,000 ounces and assumes access and release of higher grade ores from the SB Zone in the quarter, particularly in November and December. In addition to the produced ounces, the Kumtor pit will deliver ore to a surface stockpile in the fourth quarter. The Company is expediting a plan to manage accelerated ice and waste movement in the vicinity of the central pit southeast high wall.

Due to the unplanned shutdown to replace the SAG mill girth gear in the first quarter of 2009, the planned 2-week shutdown of the Kumtor mill to replace the ball mill ring gear and the SAG mill liner, originally scheduled for the third quarter of 2009, has been delayed to the second quarter of 2010.

At the Boroo mine in Mongolia, gold production is forecast to be 120,000 to 130,000 ounces, which is unchanged from prior guidance of September 24, 2009. The Company is working with the Mongolian authorities to have the final operating permit for the heap leach facility issued. Resumption of heap leach operations at Boroo would add approximately 3,000 ounces per month to the Company's gold production guidance.

Cash cost per ounce

The prior 2009 outlook for consolidated cash costs per ounce of $410 to $450 has been revised to $465 to $485 per ounce to reflect the reduced gold production at Kumtor. As disclosed previously, the majority of taxes at Kumtor have been replaced with a revenue-based tax which is excluded from the total cash costs. Accordingly, the outlook for total cash costs per ounce produced excludes the revenue-based tax.

Total cash cost for 2009 for Kumtor is expected to be in the range of $460 to $480 per ounce produced which is higher than the previous guidance of $390 to $430 per ounce disclosed in the second quarter of 2009. The revised cash cost guidance for Kumtor reflects the lower production resulting from the delayed access to the higher grade ores of the SB Zone.

Total cash cost for 2009 for Boroo is expected to be in the range of $495 to $535 per ounce produced which is unchanged from the previous guidance. The cash cost at Boroo will be lower if heap leach operations are resumed. (Total cash cost is a non-GAAP measure and is discussed under "Non-GAAP Measures" in the Company's Management's Discussion and Analysis issued in conjunction with this news release).

Centerra's production and unit costs are forecast as follows:

--------------------------------------------------------------------------
                     2009 Production Forecast    2009 Total Cash Cost(1)
                         (ounces of gold)            ($ per ounce)
--------------------------------------------------------------------------
Kumtor                        500,000                   460 - 480
--------------------------------------------------------------------------
Boroo                    120,000 - 130,000              495 - 535
--------------------------------------------------------------------------
Consolidated             620,000 - 630,000              465 - 485
--------------------------------------------------------------------------
(1.) Total cash cost is a non-GAAP measure. See "Non-GAAP Measures" in the
     Company's Management's Discussion and Analysis issued in conjunction
     with this news release).

Major Assumptions and Sensitivities

The following material assumptions have been updated from the prior disclosed guidance in light of current market conditions. In particular, material assumptions or factors used to forecast production and costs include the following:

--  a gold price of $975 per ounce,
--  exchange rates:
    --  $1USD:$1.12CAD
    --  $1USD:43.5 Kyrgyz Som
    --  $1USD:1,410 Mongolian Tugrik
    --  $1USD:0.70 Euro
--  diesel price assumption:
    --  $0.51/litre at Kumtor
    --  $0.72/litre at Boroo

Diesel fuel is sourced from separate Russian suppliers for both sites and only loosely correlates with world oil prices. The diesel fuel price assumptions were made when the price of oil was approximately $69 per barrel.

Centerra's revenues, earnings and cash flows for 2009 are sensitive to changes in certain variables and the Company has estimated their impact on revenues, net earnings and cash from operations.

----------------------------------------------------------------------------
                                                 Impact on
Sensitivities       Change                     ($ millions)
----------------------------------------------------------------------------
                                                            Earnings before
                                Costs  Revenues  Cash flow    income tax
----------------------------------------------------------------------------
Gold Price          $25/oz       1.0     6.6        5.6           5.8
----------------------------------------------------------------------------
Diesel Fuel         10%         $4/oz     -         1.1           1.1
----------------------------------------------------------------------------
Kyrgyz som          1 som        0.3      -         0.3           0.3
----------------------------------------------------------------------------
Mongolian tugrik    25 tugrik    0.1      -         0.1           0.1
----------------------------------------------------------------------------
Canadian dollar     10 cents     0.8      -         0.8           0.8
----------------------------------------------------------------------------

Other important assumptions that are implicit in the Company's production, cost and capital guidance are as follows:

--  grades and recoveries at Kumtor increase as expected through the fourth
    quarter to achieve the forecast gold production,
--  Kumtor is able to mitigate the continued movement of waste and ice into
    the open pit (see discussion below),
--  no further delays in or interruption of scheduled production from our
    mines, including due to natural phenomena, labour or regulatory disputes
    or other developmental and operational risks,
--  the dewatering and depressurization programs at Kumtor continue to
    produce the expected results and the water management system works as
    planned,
--  Boroo ore does not become more refractory in nature affecting mill
    recoveries,
--  no further labour disruption at the Boroo mine site,
--  no further suspension of Boroo's main mine and mill operating licenses,
--  prices for fuel oil, reagents and other consumables will remain
    consistent with Company estimates, and
--  all necessary permits, licences and approvals are received in a timely
    manner.

Production and cost forecasts for 2009 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 "Caution Regarding Forward-looking Information".

Further Creep of Waste and Ice Material at Kumtor

During the third quarter of 2009, continued movement of waste and ice from the South East wall into the Kumtor open pit required the mining of ice and removal of waste which reduced the production of ore and delayed access to the high-grade component of the SB Zone. Management is working to further stabilize this advanced creep and has expedited a plan to manage accelerated ice and waste movement. While work is planned over the balance of the 2009 year to sustain the cutback of the ice creep into the pit, there is no guarantee that these efforts will avert further negative impact on the Company's expected production, costs and earnings.

Kumtor Mill Shutdown

In March 2008, an unplanned shutdown of the ball mill at Kumtor was required to repair the ring gear which had failed late February 2008. The repair was completed in late March 2008 and the ball mill returned to full operation. The successful repair of the ring gear is considered a temporary repair which will require full replacement. This replacement has been postponed until the second quarter of 2010 to enable uninterrupted processing of higher-grade material. The Company's expectation is that the temporary repair will last until then.

Due to an unplanned shutdown to replace the SAG mill girth gear at Kumtor in the first quarter of 2009, the maintenance and change-out of the SAG mill liner which was scheduled for the third quarter of 2009 has been postponed until the second quarter of 2010. However should the current liner and/or the ring gear not last until the end of the year, an unplanned shutdown would be required which would have an adverse affect on the production, costs and earnings of the Company.

Boroo License Suspension and Production Shutdown

As disclosed on June 12, 2009, the Company received a notice from the Minerals Resources Authority of Mongolia (MRAM) suspending the Boroo Mine's main operating licenses for a period up to three months. The Company disclosed in its July 27, 2009 news release that the suspension had been lifted for mining and milling operations.

The mine stopped adding cyanide to the heap leach pad at the end of April 2009 due to the expiry of Boroo's temporary heap leach permit. The Company had been awaiting the authorization of the final heap leach operating permit when the mine's main operating licenses were suspended. See "Other Corporate Developments - Mongolia".

Exploration and Business Development

Exploration expenditures are expected to total $25 million and the business development program is forecast at $1.4 million for 2009 to support merger and acquisition initiatives of the Company for the year.

The 2009 exploration program will continue the aggressive exploration at the Kumtor mine, target generation programs at the Boroo mine and around the Gatsuurt project and on our extensive land holdings in Mongolia. Project generation programs will continue in Asia, Russia and China. Centerra will continue to fund and earn an interest in joint venture properties and projects in Russia, Turkey and the United States. The Company forecasts $25 million of spending on its program for the year. The forecast includes $12 million for exploration at Kumtor.

Capital Expenditures

The capital requirement in 2009 is estimated to be $87.8 million, including $42.2 million of sustaining capital and $45.6 million of growth capital. This represents a decrease of $19.2 million from prior guidance primarily due to the timing of expenditures in growth capital at Kumtor and Gatsuurt.

Growth capital includes:

-----------------------------------------------------------------------
Projects                     2009 Growth Capital Expenditures Forecast
                                       (millions of dollars)
-----------------------------------------------------------------------
Kumtor                                          $37.6
-----------------------------------------------------------------------
Boroo                                            $0
-----------------------------------------------------------------------
Gatsuurt                                        $8.0
-----------------------------------------------------------------------
Consolidated Total                              $45.6
-----------------------------------------------------------------------

At Kumtor the growth capital expenditures are: $21.1 million assigned to the development of the two development drifts (Phase I and II to access and drill the SB and Stockwork Zone resources), $11.3 million for the initial funds for the Phase II mining fleet and long lead items, and various other projects of $5.2 million. The Company decreased the growth capital guidance at Kumtor by $9.7 million which includes an increase in other growth capital expenditures of $1.4 million and a reduction of $11.0 million in the development costs for Phase II due to timing of the expenditures for the project.

The $8.0 million growth capital for Gatsuurt includes road construction and site infrastructure development, which is lower than the prior estimate of $14.0 million due to timing differences of the expenditures for the project. Additional capital expenditures for phase 2 of the development includes $21.0 million to initiate the basic and detail engineering and procurement requirements for the project. The third phase of the development, which includes the mobilization of the construction management and the construction of the process facilities, will only be invested if the Company is successful in obtaining an acceptable investment agreement for Gatsuurt with the Government of Mongolia. The 55 kilometre road to the Gatsuurt mine site has been designed and the 14-month construction period began in the second quarter of 2009. The road construction project is on track for a mid-2010 completion.

Administration

Annual corporate and administration expenses without unusual items are expected to amount to approximately $31 million in 2009 which is $1 million higher than the prior guidance in second quarter 2009 mainly due to higher stock-based compensation.

Corporate Taxes

Kumtor

Effective April 30, 2009 (being the date the Kyrgyz Parliament ratified the Agreement on New Terms), Kumtor became subject to a new tax regime pursuant to which income taxes and other taxes were replaced by taxes computed by reference to Kumtor's revenue. The Agreement on New Terms was superseded by the Restated Investment Agreement signed as of June 11, 2009. Under the new tax regime, a tax of 13% of gross revenue is payable monthly in addition to, effective January 1, 2009, a payment equal to 1% of gross revenue to the Issyk-Kul Oblast Development Fund. The new tax regime replaced taxes payable pursuant to the prior investment agreement, which included income taxes at 10% of taxable income, a mineral resource tax at 5% of revenue, an emergency fund tax at 1.5% of revenue, a road tax at 0.8% of revenue, withholding taxes imposed on payments to non-residents with rates ranging from 10%-30% depending on the nature of the payment, an Issyk-Kul Social Fund tax with a rate of 2% - 4% of income, all customs duties, and certain other taxes.

Boroo

The corporate income tax rate for Boroo Gold Company for 2009 and subsequent years is 25% for taxable income over 3 billion tugrik (approximately $2.1 million at the quarter end foreign exchange rate) with a tax rate of 10% for taxable income up to that amount.

Risk Factors

For a discussion of the factors that could cause actual results to differ materially, please refer to "Risk Factors" in Centerra's 2008 Annual Management's Discussion and Analysis and to Centerra's 2008 Annual Information Form ("AIF") including the section titled "Risk Factors", available on SEDAR at www.sedar.com. For information on forward-looking information see "Caution Regarding Forward-looking Information" below.

Qualified Person

The new drilling results for Kumtor in this news release and on Centerra's website and the other scientific and technical information in this news release were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and were reviewed, verified and compiled by Centerra's geological and mining staff under the supervision of Ian Atkinson, Certified Professional Geologist, Centerra's Vice-President, Exploration, who is the qualified person for the purpose of NI 43-101.

The Kumtor deposit is described in Centerra's most recently filed AIF and in a technical report dated March 28, 2008 prepared in accordance with NI 43-101. The AIF and technical report have been filed on SEDAR at www.sedar.com. The technical report describes the exploration history, geology and style of gold mineralization at the Kumtor deposit. Sample preparation, analytical techniques, laboratories used and quality assurance-quality control protocols used during the drilling programs at the Kumtor site are described in the technical report.

Cautionary Note Regarding Forward-looking Information

Statements contained in this news release including those under the heading "Outlook for 2009", and the documents incorporated by reference herein, contain statements which are not current statements or historical facts and are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute forward-looking information. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "forecasts", "projections", "anticipate" or "does not anticipate", "believe", "intent", "potential", "strategy", "schedule", "estimates" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved and other similar expressions have been used to identify forward-looking information. These forward-looking statements relate to, among other things Centerra's expectations regarding, future growth, results of operations (including, without limitation, future production and sales, and operating and capital expenditures), performance (both operational and financial), business and political environment and business prospects (including the timing and development of new deposits and the success of exploration activities) and opportunities.

Although the forward-looking information in this news release reflects Centerra's current beliefs on the date of this news release based upon information currently available to management and based upon what management believes to be reasonable assumptions, Centerra cannot be certain that actual results, performance, achievements, prospects and opportunities, either expressed or implied, will be consistent with such forward-looking information. By its very nature, forward-looking information necessarily involves significant known and unknown risks, assumptions, uncertainties and contingencies that may cause Centerra's actual results, assumptions, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, among other things, risks relating to the creep of ice and waste material into the Kumtor open pit, the resolution of the remaining outstanding issues at the Boroo mine relating to the suspension of the Boroo licenses in June 2009 as described above under the heading "Other Corporate Developments - Mongolia", the receipt of a final permit to operate the heap leach operation at the Boroo mine, fluctuations in the gold price, replacement of reserves, reduction in reserves related to geotechnical risks, ground movements, political risk, nationalization risk, changes in laws and regulations, civil unrest, labour unrest, legal compliance costs, reserve and resource estimates, production estimates, exploration and development activities, competition, operational risks, environmental, heath and safety risks, costs associated with reclamation and decommissioning, defects in title, seismic activity, cost and availability of labour, material and supplies, increases in production and capital costs, permitting and construction to raise the tailings dam height and increase the capacity of the existing Kumtor tailing dam, costs associated with movement of ice and waste at the Kumtor mine, illegal mining, enforcement of legal rights, decommissioning and reclamation cost estimates, future financing and personnel. There may be other factors that cause results, assumptions, performance, achievements, prospects or opportunities in future periods not to be as anticipated, estimated or intended. See "Risk Factors" in the Company's most recently filed AIF and Annual Management's Discussion and Analysis available on SEDAR at www.sedar.com.

If Centerra's reserve or resource estimates for its gold properties are inaccurate or are reduced in the future, this could have an adverse impact on Centerra's future cash flows, earnings, results of operations and financial condition.

Centerra estimates the future mine life of its operations. Centerra can give no assurance that mine life estimates will be achieved. Failure to achieve these estimates could have an adverse impact on Centerra's future cash flows, earnings, results of operations and financial condition.

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 actual 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 in this news release. 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 October 29, 2009. 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

Centerra is a gold mining company focused on acquiring, exploring, developing and operating gold properties primarily in Asia, the former Soviet Union and other emerging markets worldwide. Centerra is a leading North American-based gold producer and the largest Western-based gold producer in Central Asia and the former Soviet Union. Centerra's shares trade on the Toronto Stock Exchange (TSX) under the symbol CG. The Company is based in Toronto, Canada.

Conference Call

Centerra invites you to join its 2009 third quarter conference call on Friday, October 30, 2009 at 11:00 am Eastern Time. The call is open to all investors and the media. To join the call, please dial Toll-Free in North America (800) 760-5095 or International callers dial (212) 231-2900. Alternatively, an audio feed web cast will be available on www.centerragold.com. A recording of the call will be available on www.centerragold.com shortly after the call and via telephone until midnight on Friday, November 6, 2009 by calling (416) 626-4100 or (800) 558-5253 and using passcode 21438390.

Additional information on Centerra is available on the Company's web site at www.centerragold.com and at SEDAR at www.sedar.com.

MDA and Financial Statements and Notes follow

Centerra Gold Inc.

Management's Discussion and Analysis ("MD&A")

For the period ended September 30, 2009

The following discussion has been prepared as of October 29, 2009, and is intended to provide a review of the financial position and results of operations of Centerra Gold Inc. ("Centerra" or the "Company") for the three and nine month periods ended September 30, 2009 in comparison with those as at September 30, 2008. This discussion should be read in conjunction with the unaudited interim consolidated financial statements and the notes of the Company for the three and nine month periods ended September 30, 2009. This MD&A should also be read in conjunction with the Company's audited annual consolidated financial statements for the three years ended December 31, 2008, the related MD&A included in the 2008 Annual Report, and the 2008 Annual Information Form. The financial statements of Centerra are prepared in accordance with Canadian generally accepted accounting principles ("GAAP") and, unless otherwise specified, all dollar amounts are in United States dollars. The Company's 2008 Annual Report and Annual Information Form are available at www.centerragold.com and on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.

                            TABLE OF CONTENTS

Consolidated Financial Results.............................................2
Highlights.................................................................2
Three Month Period Ended September 30, 2009 compared with the Three Month
 Period Ended September 30, 2008...........................................2
Nine-Month Period Ended September 30, 2009 compared with the Nine Month
 Period Ended September 30, 2008...........................................5
Mine Operations............................................................8
Other Financial Information - Related Party Transactions..................17
Quarterly Results - Last Eight Quarters...................................18
Status of Centerra's Transition to International Financial Reporting
 Standards ("IFRS").......................................................22
Caution Regarding Forward-Looking Information.............................32

Consolidated Financial Results

Centerra's consolidated financial results for the three and nine month periods ended September 30, 2009 reflect 100% interests in the Kumtor and Boroo mines, and the Gatsuurt project.

Highlights

----------------------------------------------------------------------------
                           Three Months Ended          Nine Months Ended
                              September 30                September 30
----------------------------------------------------------------------------
Financial and
 Operating Summary      2009    2008  % Change      2009    2008   % Change
----------------------------------------------------------------------------
Revenue - $ millions   158.8   139.4        14%    361.6   394.6        (8%)
----------------------------------------------------------------------------
Cost of sales - $
 millions(1)            70.7    78.7       (10%)   221.8   218.7         1%
----------------------------------------------------------------------------
Earnings (loss)
 before unusual items
 - $ millions(2)        20.2    16.9        20%    (30.3)   54.4      (156%)
----------------------------------------------------------------------------
Unusual items - $
 millions                0.0     0.0         0%     49.3   (37.7)     (231%)
----------------------------------------------------------------------------
Net earnings (loss)
 - $ millions           20.2    16.9        20%    (79.6)   92.2      (186%)
----------------------------------------------------------------------------
Earnings (loss) per
 common share - $
 basic and diluted      0.09    0.08        15%    (0.36)   0.43      (184%)
----------------------------------------------------------------------------
Cash provided by
 operations - $
 millions               63.4    24.4       160%     57.0    63.0       (10%)
----------------------------------------------------------------------------
Weighted average
 common shares
 outstanding - basic
 (thousands)         234,857 216,318         9%  222,027 216,318         3%
----------------------------------------------------------------------------
Weighted average
 common shares
 outstanding -
 diluted
 (thousands)         234,980 216,318         9%  222,027 217,477         2%
----------------------------------------------------------------------------
Gold sold -
 ounces              165,606 162,140         2%  389,506 446,488       (13%)
----------------------------------------------------------------------------
Gold produced -
 ounces              165,883 186,145       (11%) 379,544 464,843       (18%)
----------------------------------------------------------------------------
Cost of sales -
 $/oz sold               427     486       (12%)     569     490        16%
----------------------------------------------------------------------------
Total cash
 cost - $/oz
 produced(3)(4)(5)       424     446        (5%)     602     489        23%
----------------------------------------------------------------------------
Total production
 cost - $/oz
 produced(3)(5)          563     546         3%      781     592        32%
----------------------------------------------------------------------------
Average realized
 gold price - $/oz       959     860        12%      928     884         5%
----------------------------------------------------------------------------
Average gold spot
 price - $/oz            960     872        10%      931     897         4%
----------------------------------------------------------------------------

(1)  Cost of sales for 2009 and its comparative year excludes regional
     office administration.
(2)  Net earnings before unusual items is a non-GAAP measure and is
     discussed under "Non-GAAP Measures".
(3)  Total cash cost and total production cost are non-GAAP measures and are
     discussed under "Non-GAAP Measures".
(4)  2009 includes the costs incurred during the strike and shutdown at
     Boroo of $0.7 million and $4.1 million for the quarter and nine months,
     respectively: excluding these costs, the third quarter and nine months
     cash cost per ounce produced would be $419 and $591, respectively.
(5)  As a result of Kumtor's Restated Investment Agreement, total cash cost
     and total production cost per ounce measures for both 2009 and 2008
     exclude operating and revenue-based taxes.

Three Month Period Ended September 30, 2009 compared with the Three Month Period Ended September 30, 2008

Gold Production and Revenue

Revenue in the third quarter of 2009 increased to $158.8 million from $139.4 million in the same quarter last year reflecting higher realized gold prices and higher ounces sold. Gold production for the quarter was 165,883 ounces compared to 186,145 ounces reported in the third quarter of 2008. The overall reduction in gold production results primarily from fewer mined ounces at Boroo where mining and milling operations were suspended during the month of July 2009 due to the suspension by the Mongolian government of the main operating licenses. In addition, the heap leach operation did not operate for the entire third quarter 2009 pending issuance of a final operating permit and awaits resolution with the government authorities. See "Mine Operations - Kumtor" and "Mine Operations - Boroo".

Centerra realized an average gold price of $959 per ounce for the third quarter of 2009, an increase from the $860 per ounce realized in the same quarter in 2008. Since Centerra's gold production is not hedged and gold is sold at the prevailing spot price, the average realized gold price in the quarter reflects the continued strength of the spot gold price, which averaged $960 per ounce for the third quarter of 2009 ($872 per ounce for the same period in 2008).

Cost of Sales

Cost of sales in the third quarter of 2009 was $70.7 million, compared to $78.7 million in the same quarter of 2008 resulting from quarter over quarter reductions at both Kumtor and Boroo.

Cost of sales per ounce sold decreased to $427 compared to $486 for the same period in 2008. This reflects the removal of production taxes at Kumtor and reduced operating costs at both sites, partially offset by lower production rates at Boroo.

The Company's total cash cost per ounce produced was $424, down from $446 in the third quarter of 2008. This decrease is primarily due to lower operating costs, which was partially offset by fewer ounces produced at Boroo. Excluding the mine standby costs of $0.7 million incurred during suspension of the operating licenses at Boroo, total cash cost per ounce produced in the third quarter 2009 would be $419. Total cash cost per ounce produced is a non-GAAP measure and is discussed under "Non-GAAP Measures". See "Mine Operations - Kumtor" and "Mine Operations - Boroo".

Mine Standby Costs

During the third quarter of 2009, Boroo's operations were temporarily shutdown due to the suspension of its main operating licenses by the Mongolian authorities. The operating licenses for the mine and mill were reinstated on July 27, 2009. Boroo continued to incur fixed costs of approximately $0.7 million during the operational shutdown.

Depreciation, Depletion and Amortization

Consolidated depreciation, depletion and amortization for the third quarter of 2009 increased to $26.9 million from $18.0 million in the same quarter of 2008, mainly due to the depreciation of costs associated with the new heavy duty equipment overhaul program on Kumtor's expanded fleet and amortization of pre-stripping costs associated with pit 3 at Boroo (none of which were applicable in the comparative period in 2008). On a per unit basis, depreciation, depletion and amortization for the third quarter of 2009 was $163 per ounce sold compared to $111 per ounce sold in the same quarter of 2008.

Accretion and Reclamation Expense

Accretion and reclamation expense of $0.4 million remained unchanged in the third quarter of 2009 and 2008.

Exploration

Exploration costs in the third quarter of 2009 increased to $6.8 million from $5.6 million in the same quarter of 2008 mainly reflecting increased drilling activity at the Company's joint ventures.

Capital Expenditures

Capital expenditures spent and accrued of $21.0 million in the third quarter of 2009 included $6.1 million of sustaining capital and $14.9 million invested in growth capital related mainly to the SB Zone underground development at Kumtor ($11.1 million) and spending on construction of the road to the Gatsuurt project ($2.2 million).

Corporate Administration

Corporate administration costs for the third quarter of 2009 were $8.1 million compared to $7.3 million in the same quarter of 2008. The increase is primarily due to the impact on share-based compensation of a 38% increase in the share price in the third quarter 2009 (the share price decreased by 18% in the same period of 2008).

Revenue-based Tax - Kumtor

Revenue-based taxes are payable to the Kyrgyz Government under the Restated Investment Agreement at a rate of 13% of gross revenue, with an additional contribution of 1% of gross revenue to the Issyk-Kul Oblast Development Fund. Revenue-based tax totaled $18.1 million for the third quarter of 2009.

Income Tax Expense

The Company recorded an income tax expense of $2.4 million during the three month period ended September 30, 2009 ($7.5 million three month period ended Sep

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