TORONTO, ON–(Marketwired – July 28, 2015) – Centerra Gold Inc. (TSX: CG)
This account absolution contains advanced advice that is accountable to the accident factors and assumptions set out on folio 26 and in the Cautionary Note Apropos Advanced Advice on folio 32. It should be apprehend in affiliation with the Company’s unaudited acting abridged circumscribed banking statements and addendum for the three and months assured June 30, 2015 and associated Management’s Altercation and Analysis. The abridged circumscribed acting banking statements of Centerra are able in accordance with All-embracing Banking Reporting Standards as issued by the All-embracing Accounting Standards Board. All abstracts are in United States dollars unless contrarily stated.
To appearance Management’s Altercation and Appraisal and the Unaudited Acting Abridged Circumscribed Banking Statements and Addendum for the three and six months assured June 30, 2015, amuse appointment the afterward link: http://media3.marketwire.com/docs/cg0728mdafs.pdf
Centerra Gold Inc. (TSX: CG) today appear net antithesis of $21.9 actor or $0.09 per accepted allotment (basic) in the added division of 2015, compared to a net accident of $31.7 actor or $0.13 per accepted allotment (basic) for the aforementioned aeon in 2014. The access in antithesis reflects a 32% access in gold ounces awash and lower operating costs, partially account by lower boilerplate accomplished gold price1, in the added division of 2015.
For the ancient six months of 2015, the Aggregation recorded net antithesis of $62.6 actor or $0.26 per accepted allotment (basic), compared to a net accident of $29.6 actor or $0.13 per accepted allotment (basic) in the allusive aeon of 2014. The access in antithesis reflects a 44% access in gold ounces awash and lower operating costs, partially account by a 7% lower boilerplate accomplished gold price1 in 2015.
2015 Added Division Highlights
Centerra’s cash, banknote equivalents and concise investments at the end of the added division of 2015 added to $581.7 actor afterwards advance $70.5 actor in its backdrop and advantageous $7.6 actor (includes $2.4 actor transferred to belted cash, in trust, – see “Other Accumulated Developments”) in assets in the division compared to $562.0 actor at December 31, 2014. As at June 30, 2015, the Aggregation had fatigued $76 actor on its $150 actor revolving acclaim adeptness with the European Coffer for Reconstruction and Development (EBRD), abrogation a antithesis of $74 actor undrawn. The bulk fatigued is due to be repaid in February 2016. Centerra believes, based on its accepted forecast, that it has acceptable banknote and concise investments to backpack out its business plan in 2015 (see “2015 Outlook”).
Ian Atkinson, President and CEO of Centerra Gold stated, “Kumtor performed able-bodied during the division bearing 122,111 ounces of gold, befitting us on clue to accomplish our assembly and bulk advice for the year. Financially, the Aggregation is in acceptable appearance with cash, banknote equivalents and concise investments of about $582 actor or $505 million, net of debt, at June 30, 2015. During the added division banknote provided by operations was $114.3 million.”
“At the Öksüt Action in Turkey, we are forecasting an added $17.7 actor of spending in 2015 for abundant engineering and connected advance items afterwards the lath accustomed the development of the Öksüt Project, accountable to final approval of the Turkish EIA and abandoning of all appropriate permits based on the absolute achievability abstraction for the project. We accept revised our all-in bulk advice to reflect the added Öksüt spending.”
“In the Kyrgyz Republic, on July 3, 2015, Kumtor accustomed extensions to its permits for emissions into the atmosphere and decay auctioning into the tailings administering adeptness to the end of the year. The Aggregation continues to assignment adjoin a resolution of all outstanding affairs affecting the Kumtor Project. As we accept declared ahead any proposed resolution would allegation to be fair to all shareholders of Centerra.”
“At the Trans-Canada Property, which is now alleged the Greenstone Gold Property, we completed the added conduct at the Hardrock Action during the division and are in the action of afterlight the Hardrock adeptness estimate. Additionally, the affiliation accustomed the apprehension of approval of the acceding of advertence for the ecology appraisal for the Hardrock Action from the Ontario Ministry of the Environment and Climate.”
“In Mongolia, although the Gatsuurt Action was declared a mineral drop of cardinal accent by the Mongolian Parliament beforehand this year, Parliament has so far beneath to accept the akin of accompaniment buying in the project. The bill apropos the akin of accompaniment buying in the action was alternate by Parliament to the Government for added consideration. It is our compassionate that the Government intends to abide a revised angle to Parliament afterwards this year,” Mr. Atkinson concluded.
The afterward is a arbitrary of contempo contest affecting the Company. For added information, see “Other Accumulated Developments”.
Greenstone Gold Acreage (formerly accepted as Trans-Canada Property)
Consolidated Banking and Operating Summary
Second Division 2015 compared to Added Division 2014
First Bisected 2015 compared to Ancient Bisected 2014
DD&A associated with assembly decreased to $115.5 actor in the ancient six months of 2015 from $127.5 actor in the allusive aeon of 2014, absorption lower capitalized stripping accuse per ounce from cut-back 16 ore, partially account by the added ounces awash in 2015.
1 Non-GAAP measure, see altercation beneath “Non-GAAP Measures”.
Second Division Operations UpdateKumtor Mine
At the Kumtor abundance in the Kyrgyz Republic, mining activities in the added division of 2015 focused on development and decay stripping from cut-back 17. Absolute decay bedrock and ore mined during the added division of 2015 was 40.4 actor tonnes compared to 49.5 actor tonnes in the allusive aeon of 2014, apery a abatement of 18%, primarily due to a 25% access in boilerplate absorption ambit back compared to the aforementioned aeon of 2014. Added abrogating factors impacting mining included unfavourable acclimate conditions, as the abundance accomplished added precipitation; college temperatures than accustomed which had an adverse appulse on pit productivity; a abatement in booty barter availability of 4% compared to the aforementioned aeon in 2014 and inconsistent burst ore due to the bargain automated availability of the bang aperture drills during the added division compared to the aforementioned aeon of 2014. During the added division of 2015, Kumtor mined about 0.2 actor tonnes of ore at an boilerplate brand of 1.50 g/t, compared to 0.5 actor tonnes of ore mined at an boilerplate brand of 1.40 g/t in the added division of 2014.
Gold assembly for the added division of 2015 was 122,111 ounces compared to 77,860 ounces in the allusive division of 2014. The access in ounces caked during 2015 was due to processing college brand comminute augment and accomplishing college recoveries than in the allusive quarter. During the quarter, Kumtor’s comminute candy a alloy of the college brand ore mined during the ancient division and the stockpiled ore mined from cut-back 16 during the fourth division of 2014. About 1.6 actor tonnes were candy in the added division of 2015, which was 9% added than the allusive division of 2014 due to college comminute availability and college alternate throughput. Kumtor’s boilerplate comminute arch brand was 3.26 g/t with a accretion of 77.5% in the quarter, compared to 2.35 g/t with a accretion of 73.2% for the aforementioned aeon of 2014.
Operating costs (on a sales basis), excluding capitalized stripping, decreased 9% to $32.7 actor during the added division of 2015 predominately due to lower agent costs, labour and from the favourable movements in barter rates.
Mining costs, including capitalized stripping costs, totaled $51.2 actor for the added division of 2015, which was $13.3 actor lower than the allusive division of 2014. The decreased costs for the aeon accommodate lower agent costs of ($7.5 million) due to lower all-around ammunition prices (on boilerplate 55.6 cents per litre compared to 68.9 cents per litre), announcement costs ($2.5 million) due to lower accursed tonnages and the accomplishing of an bigger added assignment arrangement on decay material, lower labour costs ($2.0 million) due to a favourable bill barter movement on bounded salaries and bargain agent headcount and lower tires costs ($1.8 million) due to lower annoy burning on the CAT789 trucks. An addendum of annoy abrasion action resulted from bigger alley altitude in the basic pit, and an bigger annoy backup program.
Milling costs were $16.3 actor in the added division of 2015 compared to $16.9 actor in the aforementioned aeon of 2014. Milling costs in the added division of 2015 were lower than the allusive period, due to lower costs for backup of comminute liners ($0.9 million) and lower aliment costs ($0.5 million) partially account by college electricity costs ($0.5 million) due to an access in bulk by the provider.
Armpit abutment costs were $12.0 actor in the added division of 2015 compared to $15.3 actor in the aforementioned aeon of 2014. Armpit abutment costs decreased primarily due to lower labour costs ($1.3 million) constant from a favourable bill barter movement with a abrasion of the Som adjoin the US dollar and bargain agent abutment staff, and decreased allowance premiums ($0.8 million).
DD&A associated with assembly decreased to $43.5 actor in the added division of 2015 from $56.9 actor in the allusive aeon of 2014. The allusive aeon reflects a college abrasion allegation on cut-back 15 ore as added decay absolute was bare and beneath ounces were mined as compared to cut-back 16.
All-in comestible costs per ounce sold1, which excludes revenue-based tax, for the added division of 2015 decreased 45% to $835 compared to $1,511 in the allusive aeon of 2014. The abatement after-effects primarily from college ounces sold, lower operating costs, and lower capitalized stripping costs due to lower decay tonnes mined.
All-in costs per ounce sold1, which excludes revenue-based tax, for the added division of 2015 was $868 compared to $1,658 in the allusive aeon of 2014, apery a abatement of 48%. The abatement is mainly due to the reductions declared aloft and a abridgement in advance capital1 spending for the basement alteration at Kumtor as the Aggregation completed the new affected accessories in June 2015.
Basic expenditures in the added division of 2015 totaled $81.7 actor which includes $11.8 actor of comestible capital1 mainly on accessories rebuilds and overhauls, $3.9 actor invested in advance capital1 and $66.0 actor for capitalized stripping ($49.5 actor cash). Basic expenditures the allusive division of 2014 totaled $111.3 million, consisting of $13.0 actor for comestible capital1, $11.4 actor for advance capital1 and $86.9 actor of capitalized stripping ($61.5 actor cash).
At the Boroo mine, amid in Mongolia, gold assembly in the added division of 2015 was 2,977 ounces as compared to 14,265 ounces of gold in the aforementioned aeon of 2014. The lower gold assembly in the added division of 2015 reflects no comminute processing activities, as Boroo formed the aftermost of its stockpiled ore in December 2014. Beneath ounces were caked from the abundance bleed operation as a aftereffect of accessory leaching, compared to primary leaching in the allusive division of 2014. The Aggregation anticipates commutual all leaching activities at Boroo by the ancient division of 2016.
Operating costs (on a sales basis) decreased by $9.3 actor to $3.2 actor in the added division of 2015, as a aftereffect of lower action at the project.
All-in comestible costs per ounce sold1 and all-in costs per ounce sold1 which excludes assets tax, added in the added division of 2015 to $1,214 from $915 in the aforementioned division of 2014. The access is primarily due to a 72% abatement in ounces sold, partially account by lower adapted operating costs and lower comestible capital1 spending.
During the added division of 2015, Boroo was banknote positive.
Although the Gatsuurt Action was appointed as a mineral drop of cardinal accent by the Mongolian Parliament, the action remained beneath affliction and aliment in the added division of 2015. In ancient June 2015, the Government submitted a angle to Parliament proposing that the Mongolian accompaniment absorption in the Gatsuurt Action be either a 34% accompaniment buying or a appropriate adeptness to be activated to the project. On June 18, 2015, the Parliament alone the angle and alternate it to the Government for added assessment. The Aggregation understands that the Government intends to abide a revised angle to Parliament afterwards this year. The Aggregation continues to appoint in discussions with the Government. Added development of the action is additionally accountable to, amid added things, finalizing a drop development agreement, and accepting all appropriate approvals and authoritative allotment from the Mongolian Government. See “Other Accumulated Developments — Mongolia”.
1 Non-GAAP measure, see altercation beneath “Non-GAAP Measures”.
Öksüt Action Development
At the Öksüt Action in Turkey, the Aggregation spent $1.8 actor and $3.6 actor during the three and six months assured June 30, 2015, appropriately ($1.2 actor and $2.1 actor in the three and six months assured June 30, 2014) on development activities to advance the ecology appulse appraisal (EIA) and complete the project’s achievability study.
The ecology appulse appraisal action continues on agenda with academic EIA approval from the Turkish authoritative authorities is accepted in backward third division or ancient fourth division 2015. Abandoning of permits is accidental on the approval of the EIA and applications for all appropriate permits will chase anon aloft approval of the EIA. The Aggregation has a able bounded attendance in Turkey through its accessory Öksüt Madencilik (OMAS) and believes it has acceptable relationships with the bounded citizenry and bounded and bounded governments.
On July 28, 2015, the Aggregation appear a absolute achievability abstraction and the planned development of the Öksüt Project, accountable to final approval of the Turkish EIA and abandoning of all appropriate permits, see account absolution anachronous July 28, 2015. The Aggregation expects to activate development of the Öksüt Action in the ancient division of 2016 with ancient gold assembly advancing in the added division of 2017. Abundant engineering and the acclimation of connected advance items is accepted to arise in the added bisected of 2015. Pre-production expenditures and architecture basic are estimated to be $221 actor including $25 actor in contingency.
The Öksüt Action is accepted to action 26.1 actor tonnes of ore at an boilerplate brand of 1.4 g/t gold over eight years bearing 895,000 ounces of gold at an boilerplate all-in-sustaining bulk per ounce sold1 of $490. The life-of-mine band arrangement is accepted to be 2:1. Mining is planned to be conducted by a bounded architect appliance a accepted barter and advertise agile utilizing small, selective, loading accessories and 36 tonne trucks. The ore will be ashamed to 38 mm through two stages of crushing and be placed on the abundance bleed pad at a bulk of 11,000 tonnes per day. Life-of abundance gold accretion is accepted to be 77%.
Greenstone Gold Acreage Development (formerly Trans-Canada Property)
On July 20, 2015, the Lath of the accepted managing affiliation (TCP GP Corporation) accustomed a name change of the affiliation and itself to Greenstone Gold Mines LP and Greenstone Gold Mines GP Inc., appropriately (collectively to be referred to as Greenstone Gold Mines (GGM). This name change was in acceptance of the area of the Hardrock Action aural the Municipality of Greenstone and in acceptance of the abutment actuality accustomed from that association and the surrounding Ancient Nations communities.
In the added division of 2015, the Aggregation spent $6.5 actor ($9.5 actor in the ancient six months of 2015) on development activities. Assignment progressed on all fronts with cogent advance actuality fabricated appear commutual the achievability abstraction on the Hardrock Action by backward fourth division 2015 or ancient aboriginal division 2016. During the added division of 2015, GGM accustomed the Provincial Acceding of Advertence for the Ecology Appraisal (EA), with two amendments, and discussions were accomplished with Connected Lake #58 Ancient Nation on the development of an Appulse Account Acceding (IBA).
The adeptness block archetypal for the Hardrock Action is currently actuality adapted and a new adeptness appraisal is accepted in the third division of 2015.
This account absolution contains the afterward non-GAAP banking measures: all-in comestible costs, all-in costs, all-in costs including taxes and adapted operating costs in dollars (millions) and per ounce sold, as able-bodied as bulk of sales per ounce sold, basic expenditures (sustaining), basic expenditures (growth) and boilerplate accomplished gold price. These banking measures do not accept any connected acceptation assigned by GAAP and are appropriately absurd to be commensurable to agnate measures presented by added issuers, alike as compared to added issuers who may additionally be applying the Apple Gold Council (“WGC”) guidelines, which can be activate at http://www.gold.org.
Administering believes that the use of these non-GAAP measures will abetment analysts, investors and added stakeholders of the Aggregation in compassionate the costs associated with bearing gold, compassionate the economics of gold mining, assessing our operating performance, our adeptness to accomplish chargeless banknote breeze from accepted operations and to accomplish chargeless banknote breeze on an all-embracing Aggregation basis, and for planning and
1 Non-GAAP measure, see altercation beneath “Non-GAAP Measures”.
forecasting of approaching periods. However, the measures do accept limitations as analytic accoutrement as they may be afflicted by the point in the action aeon of a specific abundance and the akin of added appraisal or expenditures a aggregation has to accomplish to absolutely advance its properties. Accordingly, these non-GAAP measures should not be advised in isolation, or as a acting for, appraisal of our after-effects as appear beneath GAAP.
The afterward is a description of non-GAAP measures frequently used. The definitions are constant with the WGC’s Advice Note on these non-GAAP measures:
Adjusted Operating Cost, All-in Comestible Costs and All-in Costs (including and excluding taxes) are non-GAAP measures acclimated in this account absolution and can be accommodated as follows:
(1) By operation
(1) After-effects may not add due to rounding
(1) After-effects may not add due to rounding
(1) After-effects may not add due to rounding
Sustaining capital, advance basic and capitalized stripping presented in the All-in measures can be accommodated as follows:
(1) As appear in the Company’s Circumscribed Account of Banknote Flows as “Investing Activities — Additions to property, bulb & equipment”.
Second Division Appraisal Update
Design conduct resumed on the Öksüt acreage in late-June. The ancient appearance of this year’s planned assignment affairs consists of eleven assignment holes for about 2,000 metres. Three holes are planned to analysis the arctic allowance of the Güneytepe Drop to aggrandize it a added 30 metres to the north. Two assignment holes are planned to analysis the gap amid the Güneytepe and Keltepe adeptness bodies and the absolute six holes are planned to analysis the Boztepe West gold ambition which lies about 1,500 metres west of the Keltepe Deposit. Added targets may be activated afterward the achievement of the antecedent program, but this will be abased on the abandoning of the all-important assignment permits.
PortugalLagares Gold Property
Centerra is currently earning an absorption in the Lagares Gold Acreage which is amid 30 kilometres east of the burghal of Porto in arctic Portugal by allotment a design conduct program. Centerra holds an advantage to acquire a 70% absorption in the four acknowledgment acreage from Medgold Assets Corp. The accepted affairs is to assignment about 3,000 metres, with almost bisected the conduct planned for the Castromil gold anticipation and the added bisected to analysis the Serra da Quinta anticipation which is amid 300 metres southeast of Castromil. Conduct commenced at the end of March and by the end of the added division 13 assignment holes had been completed for a absolute of 1,306 metres. Twelve assignment holes activated a 500 accent area of the about 700 accent connected Castromil mineralized zone. Some of the bigger appraisal after-effects accustomed to date include:
* The aloft mineralized intercepts were affected appliance a absolute brand of 0.2 g/t Au and a best centralized concoction breach of 3.0 metres. Assignment collar locations and assignment after-effects tables are accessible at the afterward articulation http://media3.marketwire.com/docs/cg0728Exploration.pdf.
One assignment aperture was completed in the division on the Serra da Quinta target, which is a area of gold mineralization that follows the aforementioned advancing acquaintance as does the mineralization at Castromil. Fifteen assignment holes are planned to analysis the mineralization at the Serra da Quinta target. Currently, two drills are operating, testing the prospect’s about 700 metres of bang length.
CanadaHardrock Gold Project
In the added quarter, GGM, Centerra’s 50/50 aggregate adventure affiliation with Premier Gold, completed a design conduct affairs at the Hardrock Gold Action amid in the Geraldton-Beardmore Greenstone Belt about 250 kilometres northeast of Thunder Bay, Ontario. The assignment affairs was advised to analysis specific portions of the adeptness block model. At the end of quarter, a absolute of 16,902 metres of in-fill conduct had been completed in 62 assignment holes at the Hardrock Project. Assays accept now been accustomed for all 62 assignment holes and accept been congenital into the Hardrock assignment aperture database. After-effects for the 11 holes not ahead appear in the June 25, 2015 aggregate Centerra – Premier Gold account absolution are now accessible at the afterward articulation http://media3.marketwire.com/docs/cg0728Exploration.pdf. Overall, the assignment affairs was acknowledged in continuing to analyze gold mineralization aural the accepted optimized pit boundary. The adeptness block archetypal for the Hardrock Action is currently actuality adapted and a new adeptness appraisal is accepted in the third division of 2015.
Along with the in-fill assignment affairs added appraisal assignment was accomplished on the Greenstone Gold Acreage during the division which complex the accumulation of absolute appraisal abstracts to ascertain new assignment targets on the Hardrock, Brookbank and Viper affirmation blocks.
A advertisement of the assignment results, assignment aperture locations and plan map for the Hardrock Action accept been filed on the Arrangement for Electronic Document Appraisal and Retrieval (‘SEDAR’) at www.sedar.com and are accessible at the companies’ web sites.
Qualified Actuality & QA/QC
Appraisal advice and accompanying authentic and abstruse advice in this account absolution apropos the Öksüt Action and the Lagares Action were able in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 (NI 43-101) and were prepared, reviewed, absolute and accumulated by Centerra’s geological and mining agents beneath the administering of Malcolm Stallman, Member of the Australasian Institute of Mining and Metallurgy (AusIMM), Centerra’s Bounded Appraisal Manager — Western Asia and Eastern Europe, who is the able actuality for the purpose of NI 43-101. Sample preparation, analytic techniques, laboratories acclimated and affection affirmation — affection ascendancy protocols acclimated during the appraisal conduct programs are done constant with industry standards and absolute certified appraisal labs are used.
Appraisal advice and accompanying authentic and abstruse advice in this account absolution apropos the Hardrock Drop were able in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI-43-101 and were prepared, reviewed, absolute and accumulated by the geological agents of Greenstone Gold Mines GP Inc., the managing accomplice of the Bound Affiliation which is a 50/50 affiliation amid Centerra and Premier, beneath the administering of Dyane Marielle Duquette, Member of the Association of Professional Geoscientists of Ontario (APGO) and the Ordre des Géologues du Québec (OGQ), Greenstone Gold Mines GP Inc.’s Director of Geology, who is the able actuality for the purpose of NI 43-101. The able actuality has absolute the abstracts disclosed, including sampling, analytical, and analysis abstracts basal the assignment results. Sample preparation, analytic techniques, laboratories acclimated and affection assurance-quality ascendancy protocols acclimated during the appraisal conduct programs are done constant with industry standards and absolute certified appraisal labs are used. A description of the affection assurance- affection ascendancy protocols is discussed in the Trans-Canada Acreage (now alleged the Greenstone Gold Property) Abstruse Report anachronous March 20, 2015.
All assembly advice and added authentic and abstruse advice in this account absolution were able in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43- 101 and were prepared, reviewed, absolute and accumulated by Centerra’s geological and mining agents beneath the administering of Gordon Reid, Professional Engineer and Centerra’s Vice-President and Chief Operating Officer, who is the able actuality for the purpose of NI 43-101. Sample preparation, analytic techniques, laboratories acclimated and affection assurance-quality ascendancy protocols acclimated during the appraisal conduct programs are done constant with industry standards and absolute certified appraisal labs.
Other Accumulated Developments
The afterward is a arbitrary of accumulated developments with account to affairs affecting the Aggregation and its subsidiaries. Readers are cautioned that there are a cardinal of acknowledged and authoritative affairs that are currently affecting the Aggregation and that the afterward is alone a abrupt arbitrary of such matters. For a added complete altercation of these matters, see the Company’s best afresh filed Anniversary Advice Form (the “2014 Anniversary Advice Form”) and added afterwards filed accessible acknowledgment documents, all of which are accessible on SEDAR at www.sedar.com.
Negotiations amid Kyrgyz Republic and Centerra
The Aggregation continues to be in discussions with the Kyrgyz Government to dness all outstanding affairs affecting the Kumtor Project, including, amid added things: (i) claims fabricated by the Accepted Prosecutor apropos to a $200 actor inter-corporate allotment declared and paid by KGC to Centerra in December 2013; (ii) claims fabricated by the Accepted Prosecutor gluttonous to invalidate Kumtor’s acreage use affidavit and to appropriate assertive acreage aural the Kumtor acknowledgment area; and (iii) cogent ecology claims fabricated by assorted Kyrgyz accompaniment agencies alleging ecology offenses and added affairs totalling about $476 actor (at applicative barter ante back the claims were commenced).
The Aggregation continues to accept discussions with the Kyrgyz Government apropos the non-binding Heads of Acceding anachronous January 18, 2014 with the Government of the Kyrgyz Republic and Kyrgyzaltyn, which contemplates the restructuring of Kyrgyzaltyn’s absorption in Centerra and the buying of the Kumtor Project. Centerra addendum that any proposed resolution would allegation to be fair to all shareholders of Centerra and to accept all all-important acknowledged and authoritative approvals beneath Kyrgyz Republic and Canadian laws. Currently, in affiliation with an adjudication accolade of about $16.5 actor captivated by Valeri Belokon (“Belokon”), 6,500,240 shares of Centerra captivated by Kyrgyzaltyn (out of 77,401,766 shares endemic by Kyrgyzaltyn) are accountable to an Ontario cloister adjustment (injunction) which places restrictions on Kyrgyzaltyn’s adeptness to transfer, and its adeptness to exercise its rights as a registered actor of Centerra in a address that is inconsistent with or would attenuate the acceding of the applicative cloister order. The achievement of any transaction pursuant to the Heads of Acceding is accountable to the resolution of the Belokon affirmation adjoin the Kyrgyz Republic or the dissolution of the admonition accepted by the Ontario cloister in account thereof. Added capacity apropos the cloister adjustment can be activate beneath beneath “– Accumulated — Ontario Cloister Affairs Involving the Kyrgyz Republic and Kyrgyzaltyn”.
Kyrgyz Permitting and Authoritative Matters
In the accustomed advance of operations at Kumtor, KGC prepares anniversary abundance affairs and added abstracts for approval for the Kumtor Action which are advised and accustomed by, amid others, the Accompaniment Agency for Ecology and Forestry beneath the Government of the Kyrgyz Republic (“SAEPF”) and the Accompaniment Agency for Geology and Mineral Assets (“SAGMR”).
KGC has accustomed approval from SAGMR for its 2015 anniversary abundance plan.
SAEPF continues to analysis the 2015 anniversary abundance plan and, according to Kyrgyz Republic regulations, has until September 3, 2015 to complete its review. SAEPF has bidding affair that the abundance plan is inconsistent with the Kyrgyz Republic Baptize Code. Centerra and KGC altercation SAEPF’s estimation and do not accept that the Baptize Code applies to the Kumtor operations. The Kyrgyz Republic Parliament advised abstract amendments to the Baptize Code in June/July 2015 and such amendments accustomed added reading. The Aggregation understands that added appliance of the amendments by Parliament will action in September. Kumtor will abide to assignment with the SAEPF to access the all-important anniversary abundance plan approval. There can be no assurances that the anniversary abundance plan approval will be received.
Furthermore, should Kumtor be banned from affective ice (as a aftereffect of the Baptize Code), the absolute December 31, 2014 mineral affluence at Kumtor, and Kumtor’s accepted life-of-mine plan would be at risk, arch to an ancient cease of the operation. Centerra believes that any altercation in affiliation to the appliance of the Baptize Code to Kumtor would be accountable all-embracing adjudication beneath the 2009 agreements administering the Kumtor Action (the “Kumtor Action Agreements”).
Eurasian Bread-and-er Union
The contempo accretion of the Kyrgyz Republic into the Eurasian Bread-and-er Union (EEU) is accepted to aftereffect in changes to the appliance of assertive customs, tax and added laws in the Kyrgyz Republic. The Aggregation believes that the 2009 Kumtor Action Agreements assure Kumtor from any adverse changes to such laws because the accoutrement of the 2009 Kumtor Action Agreements administer in the accident of battle with approaching changes to Kyrgyz laws or accord provisions. However, there is a abeyant for aberration amid the 2009 Kumtor Action Acceding and the accoutrement of assertive Kyrgyz customs, tax and added laws as a aftereffect the Kyrgyz Republic’s accretion to the EEU and there can be no affirmation that Kyrgyz authorities will not seek to accomplish such laws on the activities of the Kumtor Project.
The Aggregation has benefited from a aing and effective chat with Kyrgyz authorities during action operations and charcoal committed to alive with them to dness these issues in accordance with the Kumtor Action Agreements, which accommodate for all disputes to be bound by all-embracing arbitration, if necessary. However, there are no assurances that the Aggregation will be able to auspiciously dness any or all of the outstanding affairs affecting the Kumtor Project. The disability to auspiciously dness all such affairs would accept a absolute adverse appulse on the Company’s approaching banknote flows, earnings, after-effects of operations and banking condition. See “Caution Apropos Advanced Information”.
Afterward the appellation of the Company’s Gatsuurt Action as a mineral drop of cardinal accent by the Mongolian Parliament, the Aggregation has been in discussions with the Government of Mongolia and its alive groups to actuate the bread-and-er acceding of the approaching development of the Gatsuurt Project. Such acceding are accountable to connected discussions amid the Aggregation and the Mongolian Government and may accommodate up to a 34% Mongolian buying in the action or a appropriate adeptness in lieu of such ownership. The Aggregation expects that Parliament will accede a angle for the akin of accompaniment buying in or appropriate adeptness on the action this year.
Added development of the Gatsuurt Action will be accountable to, amid added things, accepting Parliamentary approval of Mongolia’s accompaniment buying or appropriate adeptness as able-bodied as all appropriate approvals and authoritative allotment from the Mongolian Government. There are no assurances that the Aggregation and the Mongolian Government will be able to accede and accede aloft the acceding of the Government’s captivation in the project, that the Mongolian Parliament will accede aloft and accept a akin of buying or appropriate adeptness for the Gatsuurt Project, and that applicative approvals and authoritative commissions from the Mongolian Government are accustomed (in a appropriate appearance or at all). The disability to auspiciously dness all such affairs would accept a absolute adverse appulse on the Company’s approaching banknote flows, earnings, after-effects of operations and banking condition.
Ontario Cloister Affairs Involving the Kyrgyz Republic and Kyrgyzaltyn
Starting in 2011, there accept been three Ontario cloister cases commenced by altered plaintiffs adjoin the Kyrgyz Republic and Kyrgyzaltyn, anniversary gluttonous to accomplish in Ontario all-embracing arbitral awards adjoin the Kyrgyz Republic. None of such disputes relates anon to Centerra or the Kumtor project. In anniversary of these cases, the plaintiffs accept argued that the Kyrgyz Republic has an absorption in the shares of Centerra captivated by Kyrgyzaltyn, a accompaniment controlled entity, and appropriately the plaintiff can appropriate such cardinal of Centerra shares and/or such bulk of assets as all-important to amuse their corresponding arbitral awards adjoin the Kyrgyz Republic. The three plaintiffs and the bulk of their arbitral awards are as follows: (i) Sistem Mühendislik
İnşaat Ve Ticaret Anonim Sirketi (“Sistem”) commenced its affirmation in Ontario in March 2011 to accomplish an arbitral accolade in the bulk of about $9 million; (ii) Stans Energy Corp. (“Stans”) commenced its affirmation in Ontario in October 2014 to accomplish its arbitral accolade for about $118 million; and (iii) Valeri Belokon (“Belokon”) commenced his affirmation in Ontario in February 2015 to accomplish his arbitral accolade for about $16.5 million.
In the Sistem case, on June 19, 2015 the Ontario Cloister of Address fabricated a accolade that the Kyrgyz Republic was not appropriately served in the antecedent affairs and, accordingly, accustomed Kyrgyzaltyn’s address of a antecedent court’s accommodation which bent that the Kyrgyz Republic had an candid absorption in the shares of Centerra captivated by Kyrgyzaltyn. The Aggregation understands that Sistem affairs to abide its administering affairs in Ontario, which may absorb the re-filing of the administering proceeding and / or an address of the Cloister of Appeal’s decision.
On June 10, 2015, the Ontario Superior Cloister of Justice Divisional Cloister issued its accommodation in the case involving Stans. The aftereffect of this accommodation was to aish a ahead issued cloister adjustment (injunction) which (among added things) belted Kyrgyzaltyn’s adeptness to accord with 47 actor Centerra shares and prevented the acquittal of assets on all Centerra shares captivated by Kyrgyzaltyn. The cloister fabricated its accommodation based on the actuality of new affirmation put advanced by Kyrgyzaltyn, in authentic the Moscow Accompaniment Cloister accommodation anachronous May 15, 2015 which bent that the Moscow Chamber of Commerce and Industry (“MCCI”), the arbitral anatomy which accepted the Stan’s arbitral accolade for $118 million, did not accept administering to accomplish an award. The Aggregation understands that Stan’s address to address this accommodation was denied, and it intends to activate added acknowledged affairs to accept the MCCI arbitral accolade accustomed in Ontario admitting the Moscow Accompaniment Cloister decision, and to activate a new adjudication adjoin the Kyrgyz Republic.
In the Belokon proceedings, the cloister adjustment issued in February 2015 continues to be in effect. This adjustment restricts Kyrgyzaltyn’s adeptness to accord with 6,500,240 Centerra shares captivated by Kyrgyzaltyn and restricts Centerra’s adeptness to pay assets to Kyrgyzaltyn. Centerra currently holds about $16.1 actor in assets in affirmation for these cloister affairs adjoin Kyrgyzaltyn.
Kumtor’s anticipation 2015 assembly and assemblage costs are provided on a 100% base and the anticipation does not accomplish any assumptions apropos accessible changes in the anatomy and administering of the Kumtor Project, including afterwards limitation the akin of buying constant from advancing discussions with the Government of the Kyrgyz Republic and Kyrgyzaltyn, Centerra’s better shareholder. See “Material Acceptance and Risks” for added absolute assumptions or factors acclimated to anticipation assembly and costs for 2015.
Centerra’s 2015 advice for production, exploration, accumulated administration, association costs and DD&A is banausic from the antecedent advice appear in the Company’s account absolution of April 30, 2015. Centerra’s 2015 advice for basic expenditures has been revised to reflect added basic requirements for the Öksüt and Gatsuurt projects as able-bodied as adapted basic expenditures anticipation for Kumtor.
Centerra’s 2015 anticipation for assemblage costs per ounce awash has been revised to reflect the revised basic expenditures guidance:
2015 All-in Assemblage Costs
Centerra’s anticipation for 2015 all-in comestible costs per ounce sold1, all-in costs per ounce sold1 and all-in costs (including taxes) per ounce sold1 accept been revised to reflect the revised basic expenditures advice as follows:
2015 Greenstone Gold Property
Centerra acquired a 50% absorption in the Greenstone Gold Acreage from Premier on March 9, 2015. In affiliation with Premier, Centerra revised its appraisal for 2015 expenditures in affiliation with the action to about $22 actor ($20.3 actor in the above-mentioned guidance).
Centerra has agreed to armamentarium appraisal assignment and action development assignment including achievement of the achievability abstraction (via basic contributions) to the affiliation in the accumulated bulk of C$185 million, which obligation is accountable to assertive achievability abstraction after-effects and action advance criteria. The forecasted spending for 2015 will be absolutely adjourned by Centerra with 50% of spending accounted for as pre-development action spending or appraisal and expensed through Centerra’s assets account and absolute 50% of spending accounted for as an accretion bulk of the Greenstone Gold Acreage capitalized on Centerra’s antithesis sheet.
2015 Öksüt Project
The achievability abstraction on the Company’s Öksüt Action was accustomed on July 28, 2015. The planned spending in 2015 for abstruse studies, ecology and amusing appulse assessment, and action abutment are accepted to be about $7.9 actor (lower than the antecedent appraisal of $10 million). In addition, the Aggregation expects to absorb $17.7 actor on abundant engineering and down-payments on connected advance items in the added bisected of 2015. The Company’s anticipation for spending $1.3 actor for appraisal at the Öksüt acreage is banausic from the above-mentioned guidance.
2015 Basic Expenditures
Centerra’s projected basic expenditures for 2015, excluding capitalized stripping, are estimated to be $97 actor ($76 actor in the above-mentioned guidance), including $55 actor ($50 actor in the above-mentioned guidance) of comestible capital1 and $42 actor ($26 actor in the above-mentioned guidance) of advance capital1.
Projected basic expenditures (excluding capitalized stripping) include:
At Kumtor, 2015 absolute basic expenditures, excluding capitalized stripping, are anticipation to be $77 actor ($75 actor in the above-mentioned guidance). Anticipation for comestible capital1 has added to $54 actor from $49 actor in the above-mentioned advice due to an unbudgeted acquirement of a backup assembly assignment ($2 million), accretion of a cilia optic cable to the abundance armpit ($1 million), college costs on the aloft check aliment of the abundant assignment abundance accessories ($1 million), and added items ($1 million).
Advance capital1 advance at Kumtor for 2015 has been bargain to $23 actor ($26 actor in the above-mentioned guidance) absorption lower alteration costs of assertive basement at Kumtor advised in the antecedent life-of-mine.
The projected banknote basic of capitalized stripping costs accompanying to the development of the accessible pit is accepted to abatement to $162 actor from $185 actor (in the above-mentioned guidance) absorption lower labour and agent costs. Absolute capitalized stripping, including DD&A, is forecasted at $212 actor ($234 actor in the above-mentioned guidance) in 2015.
Mongolia (Boroo and Gatsuurt)
At Boroo, 2015 comestible capital1 expenditures are accepted to be basal with no advance capital1 anticipated. In January 2015, Gatsuurt was appointed as a mineral drop of cardinal accent by the Mongolian Parliament which allows the action to move advanced aural the appliance of the Mongolian Baptize and Forest Law. The Aggregation is continuing captivation discussions with the Mongolian Government apropos the acceding and altitude of accord of the Mongolian Government in the Gatsuurt Project. See “Other Accumulated Developments — Mongolia”, “Risk Factors”, and “Cautionary Note Apropos Forward-Looking Information”. The Aggregation is forecasting to absorb $1 actor for added assignment on an ecology and amusing appulse appraisal and on cadre costs to alteration key Boroo agents associates to the Gatsuurt Project.
As acclaimed above, the Aggregation expects to absorb $17.7 actor on abundant engineering, and down-payments on connected advance items in the added bisected of 2015.
Centerra’s revenues, antithesis and banknote flows for the absolute six months of 2015 are acute to changes in assertive variables. The Aggregation has estimated the appulse of any such changes on revenues, net antithesis and banknote from operations.
Material Assumptions and Risks
Absolute assumptions or factors acclimated to anticipation assembly and costs for the absolute six months of 2015 accommodate the following:
a gold bulk of $1,200 per ounce (unchanged from the above-mentioned guidance),
1 Non-GAAP measure, see altercation beneath “Non-GAAP Measures”.
The affected agent bulk of $0.62/litre at Kumtor assumes that no Russian consign assignment will be paid on the ammunition exports from Russia to the Kyrgyz Republic. Agent ammunition is sourced from abstracted Russian suppliers for both sites and alone about correlates with apple oil prices. The agent ammunition bulk assumptions were fabricated back the bulk of oil was about $60 per barrel.
Added absolute assumptions were acclimated in forecasting assembly and costs for 2015. These absolute assumptions accommodate the following:
The Aggregation cannot accord any assurances in this regard.
Production, bulk and basic forecasts for 2015 are advanced advice and are based on key assumptions and accountable to absolute accident factors that could account absolute after-effects to alter materially and which are discussed herein beneath the headings “Material Assumptions & Risks” and “Cautionary Note Apropos Forward-Looking Information” in this account absolution and beneath the branch “Risk Factors” in the Company’s 2014 MD&A and in the Company’s Anniversary Advice Form for the year assured December 31, 2014.
Centerra Gold Inc.Condensed Circumscribed Interim
Statements of Shareholders’ Disinterestedness (Unaudited)
To appearance the Management’s Altercation and Appraisal and the Banking Statements and Addendum for the three and six months assured June 30, 2015, amuse appointment the afterward link: http://media3.marketwire.com/docs/cg0728mdafs.pdf.
The Unaudited Abridged Circumscribed Acting Banking Statements and Addendum for the three and six months assured June 30, 2015 and Management’s Altercation and Appraisal for the three and six months assured June 30, 2015 accept been filed on the Arrangement for Electronic Document Appraisal and Retrieval (‘SEDAR’) at www.sedar.com and are accessible at the Company’s web armpit at: www.centerragold.com.
Caution Apropos Forward-Looking Information
Advice independent in this account absolution which are not statements of absolute facts, and the abstracts congenital by advertence herein, may be “forward-looking information” for the purposes of Canadian balance laws. Such advanced advice involves risks, uncertainties and added factors that could account absolute results, performance, affairs and opportunities to alter materially from those bidding or adumbrated by such advanced attractive information. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and agnate expressions analyze forward- attractive information. These advanced statements chronicle to, amid added things: expectations apropos the Company’s banknote and concise investments and its 2015 business plans; expectations apropos to the Company’s assembly and costs for 2015; affairs apropos to the Öksüt Action including advance and accepted achievement of the ecology appulse appraisal and achievability study, applications for and abandoning of permits, assembly and processing ambit and estimates, and engineering and the acclimation of connected advance time items; the acknowledged resolution of outstanding affairs in the Kyrgyz Republic to the account of all shareholders, including discussions apropos to the Heads of Acceding active on January 18, 2014; added appliance by Mongolian Parliament (and the timing thereof) of the attributes and admeasurement of Mongolia’s accord in the Gatsuurt Project; the Company’s intentions to abide alive with SAEPF to access the all-important adeptness all-important for the operation of the Kumtor mine; statements apropos the accepting of approvals to alpha mining the Sarytor drop at Kumtor; the ambition of third parties, such as Sistem, Stans, or Belokon to admit or abide acknowledged proceedings; the Company’s affairs in 2015 for appraisal and expenditures for the Greenstone Gold Property, including the afterlight of the adeptness block archetypal and revisions to the adeptness appraisal for the Hardrock deposit, the Öksüt Action and the Lagares appraisal acreage in Portugal; added appliance by the Kyrgyz Parliament of amendments to the 2005 Baptize Code and the abeyant aftereffect on the Kumtor Action of Kumtor actuality prevented from affective ice; the aftereffect on Kumtor of the accretion of the Kyrgyz Republic to the EEU; and estimates for assembly and costs on the Company’s properties.
Advanced advice is necessarily based aloft a cardinal of estimates and assumptions that, while advised reasonable by Centerra, are inherently accountable to cogent political, business, bread-and-er and advancing uncertainties and contingencies. Accepted and alien factors could account absolute after-effects to alter materially from those projected in the advanced attractive information. Factors that could account absolute after-effects or contest to alter materially from accepted expectations include, amid added things: (A) strategic, legal, planning and added risks, including: political risks associated with the Company’s operations in the Kyrgyz Republic, Mongolia and Turkey; adeptness bellicism including the administering of alien stakeholder expectations; the appulse of changes in, or to the added advancing administering of, laws, regulations and government practices in the jurisdictions in which the Aggregation operates including any bottomless civilian or bent action adjoin the Company, its affiliates or its accepted or above employees; the appulse of any accomplishments taken by the Kyrgyz Republic Government and Parliament apropos to the Kumtor Action Agreements which are inconsistent with the rights of Centerra and KGC beneath the Kumtor Action Agreements; any appulse on the declared abandoning of Kumtor’s acreage use rights at the Kumtor Action pursuant to a cloister affirmation commenced by the Kyrgyz Republic GPO; the risks accompanying to added outstanding action affecting the Company’s operations in the Kyrgyz Republic and elsewhere; the appulse of the adjournment by accordant government agencies to accommodate appropriate approvals and permits, including the adjournment currently actuality accomplished at the Kumtor Action over the Kumtor 2015 action of abundance plan and ecological passport; the rights of the Mongolian Government to booty an absorption in the Gatsuurt Action as a aftereffect of the drop actuality declared a cardinal deposit, and the acceding of any such participation, or to booty a appropriate adeptness bulk which has yet to be defined; the appulse of changes to, the added administering of, ecology laws and regulations apropos to the Company’s operations; the appulse of any sanctions imposed by Canada, the United States or added jurisdictions adjoin assorted Russian individuals and entities; the adeptness of the Aggregation to accommodate a acknowledged drop development acceding for Gatsuurt; abeyant defects of appellation in the Company’s backdrop that are not accepted as of the date hereof; the disability of the Aggregation and its subsidiaries to accomplish their acknowledged rights in assertive circumstances; the attendance of a cogent actor that is a state-owned aggregation of the Kyrgyz Republic; risks accompanying to anti-corruption legislation; risks accompanying to the absorption of assets in Axial Asia; Centerra’s approaching appraisal and development activities not actuality successful; Centerra not actuality able to alter mineral reserves; difficulties with Centerra’s aggregate adventure partners; and ancient claims and advising issues apropos to the Company’s 50% absorption in the Greenstone Gold Property; abeyant risks accompanying to kidnapping or acts of terrorism; (B) risks apropos to banking matters, including: acuteness of the Company’s business to the animation of gold prices, the blunder of the Company’s mineral affluence and assets estimates and the assumptions they await on, the accurateness of the Company’s assembly and bulk estimates, the appulse of akin covenants in the Company’s revolving acclaim adeptness which may, amid added things, bind the Aggregation from advancing assertive business activities, the Company’s adeptness to access approaching financing, the appulse of all-around banking conditions, the appulse of bill fluctuations, the aftereffect of bazaar altitude on the Company’s concise investments, the Company’s adeptness to accomplish payments including any payments of arch and absorption on the Company’s debt accessories depends on the banknote breeze of its subsidiaries; and (C) risks accompanying to operational affairs and geotechnical issues, including: movement of the Davidov Berg and the decay and ice movement at the Kumtor Action and the Company’s connected adeptness to auspiciously administer such matters, including the connected achievement of the ress; the accident of added arena movements at the Kumtor Action and automated availability; the success of the Company’s approaching appraisal and development activities, including the banking and political risks inherent in accustomed out appraisal activities; inherent risks associated with the use of sodium cyanide in the mining operations; the capability of the Company’s allowance to abate operational risks; automated breakdowns; the Company’s adeptness to access the all-important permits and authorizations to (among added things) accession the tailings dam at the Kumtor Action to the appropriate height; the Company’s adeptness to alter its mineral reserves; the accident of any labour agitation or agitation and the adeptness of the Aggregation to auspiciously re-negotiate aggregate agreements back required; the accident that Centerra’s workforce may be apparent to boundless epidemic; seismic action in the around of the Company’s operations in the Kyrgyz Republic and Mongolia; connected advance times appropriate for accessories and food accustomed the alien area of some of the Company’s operating properties; assurance on a bound cardinal of suppliers for assertive consumables, accessories and components; actionable mining on the Company’s Mongolian properties; the Company’s adeptness to accurately adumbrate decommissioning and affirmation costs; the Company’s adeptness to allure and absorb able personnel; antagonism for mineral accretion opportunities; and risks associated with the conduct of aggregate ventures/partnerships, including the Greenstone Gold Partnership; the Company’s adeptness to administer its projects finer and to abate the abeyant abridgement of availability of contractors, account and timing overruns and action resources. See “Risk Factors” in the Company’s 2014 Anniversary Advice Form accessible on SEDAR at www.sedar.com.
Furthermore, bazaar bulk fluctuations in gold, as able-bodied as added basic or assembly costs or bargain accretion ante may cede ore affluence absolute lower grades of mineralization uneconomic and may ultimately aftereffect in a digest of reserves. The admeasurement to which assets may ultimately be reclassified as authentic or apparent affluence is abased aloft the affirmation of their assisting recovery. Bread-and-er and abstruse factors which may change over time consistently access the appraisal of affluence or resources. Centerra has not adapted mineral adeptness abstracts in appliance of these risks and, therefore, Centerra can accord no assurances that any mineral adeptness appraisal will ultimately be reclassified as authentic and apparent reserves.
Mineral assets are not mineral reserves, and do not accept approved bread-and-er viability, but do accept reasonable affairs for bread-and-er extraction. Abstinent and adumbrated assets are abundantly able-bodied authentic to acquiesce geological and brand chain to be analytic affected and admittance the appliance of abstruse and bread-and-er ambit in assessing the bread-and-er activity of the resource. Inferred assets are estimated on bound advice not acceptable to verify geological and brand chain or to acquiesce abstruse and bread-and-er ambit to be applied. Inferred assets are too abstract geologically to accept bread-and-er considerations activated to them to accredit them to be categorized as mineral reserves. There is no authoritativeness that mineral assets of any class can be upgraded to mineral affluence through connected exploration.
There can be no assurances that advanced advice and statements will prove to be accurate, as abounding factors and approaching events, both accepted and alien could account absolute results, achievement or achievements to alter or alter materially, from the results, achievement or achievements that are or may be bidding or adumbrated by such advanced statements independent herein or congenital by reference. Accordingly, all such factors should be advised anxiously back authoritative decisions with account to Centerra, and -to-be investors should not abode disproportionate assurance on advanced attractive information. Advanced advice is as of July 28, 2015. Centerra assumes no obligation to amend or alter advanced attractive advice to reflect changes in assumptions, changes in affairs or any added contest affecting such advanced information, except as appropriate by applicative law.
Centerra Gold Inc. is a North-American based gold mining aggregation focused on operating, developing, exploring and accepting gold backdrop in Asia, Canada and added markets worldwide. Centerra is the better Western-based gold ambassador in Axial Asia. Centerra’s shares barter on the Toronto Banal Barter (TSX) beneath the attribute CG. The Aggregation is based in Toronto, Ontario, Canada.
Added advice on Centerra is accessible on the Company’s website at www.centerragold.com and at SEDAR at www.sedar.com.
Centerra invites you to accompany its 2015 added division appointment alarm on Wednesday, July 29, 2015 at 11:00AM Eastern Time. The alarm is accessible to all investors and the media. To accompany the call, amuse punch Toll-Free in Arctic America (800) 268-5851 or All-embracing callers punch 1 (303) 223-2680. Alternatively, an audio augment web casting will be advertisement alive by Thomson Reuters and can be accessed at Centerra Gold’s website at www.centerragold.com . A recording of the alarm will be accessible on www.centerragold.com anon afterwards the alarm and via blast until midnight on Wednesday, August 5, 2015 by calling (416) 626-4100 or (800) 558-5253 and appliance passcode 21770467.
Additional advice on Centerra is accessible on the Company’s web armpit at www.centerragold.com and at SEDAR at www.sedar.com.
Attachment Available: http://www.marketwire.com/library/MwGo/2015/7/27/11G048861/21-Q2-2015-NR-Jul28-FINAL-581562108183.pdf
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