This news release contains forward-looking information that is subject to assumptions and risk factors set out under the headings “Material Assumptions” and “Caution Regarding Forward-looking Information”.  All production figures are on a 100% basis.  All figures are in United States dollars unless otherwise stated.

All references in this document denoted with NG, indicate a non-GAAP term which is discussed under “Non-GAAP Measures”.

TORONTO, Feb. 11, 2020 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra”) (TSX: CG) reports fourth quarter and annual production exceeding the upper end of 2019 annual gold production guidance.

The Company has planned an earnings conference call and webcast for March 26, 2020 at 10:00 am Eastern Time to discuss 2019 financial and operational results.  In late March 2020, the Company expects to issue an updated technical report for the Mount Milligan Mine, 2019 year-end mineral reserves and resources, and 2019 fourth quarter and year-end financial results.  As discussed below, we continue to expect to report a material reduction of Mount Milligan’s mineral reserves and resources with a resultant effect on the life of the mine.

2019 Fourth Quarter and Annual Highlights

• Gold production in the fourth quarter was 194,507 ounces including 148,523 ounces of gold produced by the Kumtor Mine and 45,984 ounces of gold produced by the Mount Milligan Mine.
• Full year 2019 gold production was 783,308 ounces, which exceeded the upper end of guidance, including 600,201 ounces of gold produced by the Kumtor Mine and 183,107 ounces of gold produced by the Mount Milligan Mine.
• Copper production of 18.1 million pounds in the fourth quarter and 71.1 million pounds for the full year 2019 was within guidance range.
• All-in sustaining costs on a by-product basis per ounce sold^NG (“AISC”) is expected to be below the annual guidance range of $713 to $743.
• Repaid Debt, including $27 million promissory note with Caterpillar Financial Services in the fourth quarter resulting in liquidity of approximately $615 million at the end of 2019.  On January 30, 2020, the Company repaid the $78 million drawn balance on the Öksüt project finance facility using lower cost funds from its corporate credit facility and then cancelled the $150 million facility, which resulted in the release of $25 million of restricted cash.

2020 Guidance Highlights

• Gold production guidance of 740,000 to 820,000 ounces reflecting the commencement and ramp up of gold production at the Öksüt Mine in Turkey.
• Copper production guidance of 80 to 90 million pounds reflecting expectations that Mount Milligan Mine will operate with no mill water constraints for the entire year.
• Cost of sales attributable to gold per ounce sold guidance of $450 to $500 per ounce (new guidance reporting metric).
• All-in sustaining costs on a by-product basis per ounce sold^NG guidance of $820 to $870 per ounce is up from 2019 primarily due to an increase in AISC at Kumtor as it processes lower grade material from its surface stockpiles. AISC at Mount Milligan is expected to also be higher than 2019 as a result of lower grades partially offset by the effect of higher mill availability forecast for 2020 on gold and copper production. The commencement of operations at the lower cost Öksüt operation is expected to favourably impact Company-wide AISC in 2020.
• Total capital spending of $169 million excluding capitalized stripping is down significantly from 2019 guidance due to the majority of Öksüt spending having been completed.
• Total capitalized stripping of $236 million including the cash component of $173 million at Kumtor primarily for mining cut-back 20 and $20 million at Öksüt.
• Expanded exploration budget to $50 million which is up significantly from 2019, with 70% focused on brownfield exploration at our existing operations.

As previously disclosed, the Company is completing a comprehensive technical review of the Mount Milligan Mine.  Our objective is to publish an updated NI 43-101 technical report in late March 2020. The extent of any change in mineral reserves and resources cannot be precisely determined until all of the relevant studies and modelling are completed, including studies to optimize the economics of the mine and further work to incorporate results of the Company’s exploration drilling through 2019. However, based upon the work performed to date, the Company’s expectation continues to be that Mount Milligan’s mineral reserves and resources will be materially reduced with a resultant effect on the mine life.

Scott Perry, President and Chief Executive Officer of Centerra stated, “In light of the tragic event which occurred at Kumtor in December 2019, we are more than ever committed to ever-increasing our safety efforts. In early January we held our first annual Centerra Gold Safety Week.  The entire leadership team including myself travelled to all our sites for a one-day operations stand down to focus on safety at each site.”

“In 2019, the Company exceeded its consolidated gold production guidance, delivering more than 783,000 ounces of gold. Given our actual gold production, our all-in sustaining costs per ounce sold^NG is expected to be below the lower end of our 2019 guidance range.”

“For 2020, we are estimating consolidated gold production to be in the range of 740,000 to 820,000 ounces and 80 million to 90 million pounds of payable copper production from Mount Milligan. This reflects the addition of Öksüt gold production as it ramps up during the year.  Centerra’s consolidated all-in sustaining cost on a by-product basis per ounce sold^NG for 2020 is expected to be in the range of $820 to $870 per ounce.”  

2020 Outlook
See “Material Assumptions” for material assumptions or factors used to forecast production and costs for 2020. 

2020 Gold Production Guidance
Centerra’s 2020 gold production is expected to be between 740,000 to 820,000 ounces. 

Kumtor’s gold production is expected to be in the range of 520,000 to 560,000 ounces. A comprehensive mill shutdown for the planned replacement of the SAG Mill girth gear, SAG Mill pinion and Ball Mill electrical motor occurred in December 2019 and the mill was successfully restarted in early-January. This is expected to lower production levels in the first quarter of 2020, which will ramp up quarter-over-quarter with the delivery of ore from current stockpiles on surface.    

At Mount Milligan, the Company expects to achieve an average daily throughput of approximately 55,000 tonnes per calendar day for the full year.  Crusher maintenance was completed during January.  Further mill maintenance downtime is scheduled for the first quarter (9-days) and third quarter (8-days) to complete SAG Mill relines and other maintenance work.  Mount Milligan’s total (streamed and unstreamed) payable gold production is forecast to be in the range of 140,000 to 160,000 ounces. During the first half of 2020, lower than the expected 2020 average gold and copper grades are planned to be processed resulting in lower first half production. Copper and gold grades and metal production is expected to increase over the second half of 2020.

At Öksüt, first gold pour occurred on January 31 and 2020 gold production is expected to be in the range of 80,000 to 100,000 ounces with gold production expected to ramp up over the course of the year.

2020 Copper Production
Centerra expects total (streamed and unstreamed) payable copper production from the Mount Milligan Mine to be in the range of 80 to 90 million pounds. 

Centerra’s 2020 production is currently forecast as follows:

1. The Mount Milligan Streaming Arrangement entitles Royal Gold to 35% and 18.75% of gold and copper sales, respectively, from the Mount Milligan mine.  Under the Mount Milligan Streaming Arrangement, Royal Gold will pay $435 per ounce of gold delivered and 15% of the spot price per metric tonne of copper delivered.
2. Gold production assumes recoveries of 82.4% at Kumtor, 64% at Mount Milligan and approximately 60% at Öksüt.
3. Copper production assumes 81.9% recovery for copper at Mount Milligan.

2020 All-in Sustaining Unit Costs ^NG

Centerra’s 2020 sales and all-in sustaining costs per ounce sold ^NG, calculated on a by-product basis, are forecasted as follows:

1. All-in sustaining costs per ounce sold, all-in sustaining costs per ounce sold on a by-product basis, all-in sustaining costs on a by-product basis including taxes per ounce sold and all-in sustaining costs on a co-product basis (gold and copper) on a per unit basis are non-GAAP measures and are discussed under “Non-GAAP Measures”.
2. Mount Milligan payable production and ounces sold are on a 100% basis (the Mount Milligan Streaming Arrangement entitles Royal Gold to 35% and 18.75% of gold and copper sales, respectively).  Unit costs and consolidated unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costs and all-in sustaining costs plus taxes. The copper sales are based on a copper price assumption of $2.60 per pound sold for Centerra’s 81.25% share of copper production and the remaining 18.75% of copper revenue at $0.39 per pound (15% of spot price, assuming spot at $2.60 per pound), representing the Mount Milligan Streaming Arrangement.  Payable production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and payable metal deductions, subject to metal content, levied by smelters.
3. Includes revenue-based tax at Kumtor, British Columbia mineral tax at Mount Milligan and income tax at Öksüt based on a forecast gold price assumption of $1,350 per ounce sold.
4. Results in chart may not add due to rounding. 

Cost of Sales per ounce is included as a new guidance measure and is different from the AISC measure but is considered the nearest GAAP measure.  AISC is defined in the non-GAAP section and includes the cash component of cost of sales, as well as other items that are not part of cost of sales, namely sustaining capital, capitalized stripping, corporate administration costs and various “other costs”, and for Mount Milligan, a credit for copper sales ranging from $175 to $197 million.  At Mount Milligan, “other costs” include approximately $20 million for treatment and refining charges and $10 million for marketing costs.  In 2020, at Kumtor, “other costs” include approximately $10 million as contributions to various development funds in the Kyrgyz Republic. 

2020 Capital Spending
Projected capital expenditures (excludes capitalized stripping) include:

1. Thompson Creek Mine, Endako Mine (75% ownership), Langeloth facility and Corporate 

Kumtor
Spending on sustaining capital of $49 million relates primarily to major overhauls, purchase of vehicles and dewatering projects.

Growth capital investment at Kumtor for 2020 is forecast at $18 million which includes capital expenditures for tailings dam lift and effluent treatment plant costs.

The cash component of capitalized stripping costs related to the development of the open pit is expected to be $173 million of the $215 million total capitalized stripping estimated in 2020.

Mount Milligan
Sustaining capital expenditures are forecast to be $55 million and relate primarily to tailings storage facility costs, major overhauls and water management costs.

Öksüt
Growth capital investment for 2020 is forecast at $29 million which includes capital expenditures to complete the construction of the site. 

The cash component of capitalized stripping costs related to the development of the open pit is expected to be $20 million of the $21 million total capitalized stripping estimated in 2020.

Kemess Underground Project
In 2020, total spending at Kemess is estimated at $35 million, including $22 million for care and maintenance for the year.  The Company has authorized $13 million of capitalized pre-construction spending at the Kemess Underground Project, with further spending subject to board approval.  

Greenstone Gold Property
The 2020 expenditures relating to the Greenstone Gold Property (50-50 joint venture with Premier Gold) including the Hardrock Project continue to be under review given the ongoing legal dispute between the Company and Premier Gold.

2020 Exploration Expenditures
Planned exploration expenditures for 2020 are expected to be $50 million, including approximately $32 million for brownfields exploration (Kumtor – $20 million, Mount Milligan – $7 million, Öksüt – $3 million and Kemess – $2 million) and the balance for greenfields and generative exploration programs. 

2020 Corporate Administration
Corporate and administration expense for 2020 is forecast to be $32 million to $38 million (including $6 million to $8 million of stock-based compensation expense).

2020 Depreciation, Depletion and Amortization
Consolidated depreciation, depletion and amortization (DD&A) expense included in costs of sales expense for 2020 is forecasted to be in the range of $295 to $345 million, including Kumtor’s DD&A expense of $235 to $255 million, Mount Milligan’s DD&A expense of $40 million to $60 million, and Öksüt’s DD&A expense of $20 to $30 million.

2020 Taxes
Pursuant to the Restated Investment Agreement, Kumtor’s operations are not subject to corporate income taxes. Instead, the Restated Investment Agreement imposes a tax of 13% on gross revenue plus 1% for the Issyk-Kul Oblast Development Fund. The Mount Milligan operations are subject to corporate income tax and British Columbia mineral tax. At Öksüt, income tax is expected to be between $1 to $2 million.  Corporate income tax for 2020 is forecast to be nil, while British Columbia mineral tax is forecast to be between $2 and $4 million.

2020 Financing Costs
Financing costs for 2020 are expected to be $5 to $7 million.  At December 31, 2019 the Company’s cash balance was approximately $43 million (excluding $28 million of restricted cash) and the outstanding debt balance was $78 million (Öksüt facility).  At the end of 2019, the CAT lease facility was repaid and the Öksüt facility was repaid on January 30, 2020 using lower cost funds from its corporate credit facility.  In 2020, the Company expects to initially utilize the corporate credit facility and expedite the repayment of its corporate facility using available cash flow.

Molybdenum Business Unit
In 2020, the Company expects that the Langeloth metallurgical roasting facility, forming part of the molybdenum business, will not generate sufficient operating margins to cover the costs of its two molybdenum mines on care and maintenance, this assumption is based on a decline in the molybdenum price late in 2019. Care and maintenance expenses related to the Molybdenum unit are currently estimated to be between $12 and $14 million for 2020.

Sensitivities

Centerra’s revenues, earnings and cash flows for 2020 are sensitive to changes in certain key inputs or currencies.  The Company has estimated the impact of any such changes on revenues, net earnings and cash from operations.

1. Appreciation of currency against the U.S. dollar will result in higher costs and lower cash flow and earnings, depreciation of currency against the U.S. dollar results in decreased costs and increased cash flow and earnings.
2. Non-GAAP measure.  See discussion under “Non-GAAP Measures”.
3. AISC is calculated over the full year ounces sold forecast.

Production, cost and capital forecasts for 2020 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 herein under the headings “Material Assumptions” and “Caution Regarding Forward-Looking Information” in this document and under the heading “Risks That Can Affect Our Business” in the Company’s most recently filed Annual Information Form.

Material Assumptions

Material assumptions or factors used to forecast production and costs for 2020 include the following:

• a gold price of $1,350 per ounce
• a copper price of $2.60 per pound
• a molybdenum price of $10.75 per pound
• exchange rates:
  • $1USD:$1.30 Canadian dollar,
  • $1USD:69.50 Kyrgyz som,
  • $1USD:5.50 Turkish lira,
  • $1USD:0.85 Euro,
• diesel fuel price assumption:
  • $0.50/litre at Kumtor,
  • $0.81/litre (CAD$1.06/litre) at Mount Milligan.

The assumed diesel price of $0.50/litre at Kumtor assumes that no Russian export duty will be paid on the fuel exports from Russia to the Kyrgyz Republic. Diesel fuel for Kumtor is sourced from separate Russian suppliers. The diesel fuel price assumes a price of oil of approximately $66 per barrel.  Crude oil is a component of diesel fuel purchased by the Company, such that changes in the price of Brent crude oil generally impacts diesel fuel prices. The Company established a hedging strategy to manage changes in diesel fuel prices on the cost of operations at the Kumtor Mine with the objective to hedge approximately 75% of Kumtor’s 2020 diesel purchases. 

Other material assumptions used in forecasting production and costs for 2020 can be found under the heading “Caution Regarding Forward-Looking Information” in this document. Production, cost and capital forecasts for 2020 are forward-looking information and are based on key assumptions and subject to material risk factors that could cause actual results to differ materially and which are discussed under the heading “Risks That Can Affect Our Business” in the Company’s most recent Annual Information Form.

Qualified Person & QA/QC – Production Information
The production information and other scientific and technical information presented in this document, including the production estimates were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101 and were prepared, reviewed, verified and compiled by Centerra’s geological and mining staff.  Gordon Reid, Professional Engineer, consultant and former Chief Operating Officer, is the qualified person for the purpose of NI 43-101. Unless otherwise noted below, sample preparation, analytical techniques, laboratories used and quality assurance-quality control protocols used during the exploration drilling programs are done consistent with industry standards and independent certified assay labs are used.

The Kumtor deposit is described in a NI 43-101 technical report dated March 20, 2015 and 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 are described in the technical report.

The Mount Milligan deposit is described in a NI 43-101 technical report dated March 22, 2017 and filed on SEDAR at www.sedar.com.  The technical report describes the exploration history, geology and style of gold mineralization at the Mount Milligan deposit.  Sample preparation, analytical techniques, laboratories used and quality assurance-quality control protocols used during the exploration drilling programs are done consistent with industry standards and independent certified assay labs.

The Öksüt deposit is described in a NI 43-101 technical report dated September 3, 2015 and filed on SEDAR at www.sedar.com.  The technical report describes the exploration history, geology and style of gold mineralization at the Öksüt deposit.  Sample preparation, analytical techniques, laboratories used and quality assurance-quality control protocols used during the exploration drilling programs are done consistent with industry standards and independent certified assay labs.

Non-GAAP Measures
This document contains the following non-GAAP financial measures: all-in sustaining costs per ounce sold on a by-product basis, all-in sustaining costs per ounce sold on a by-product basis including taxes, and all-in sustaining costs per ounce sold on a co-product basis. These financial measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers, even as compared to other issuers who may be applying the World Gold Council (“WGC”) guidelines, which can be found at http://www.gold.org.

Management believes that the use of these non-GAAP measures will assist analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance, our ability to generate cash flow from current operations and to generate cash flow on an overall Company basis, and for planning and forecasting of future periods. However, the measures do have limitations as analytical tools as they may be influenced by the point in the life cycle of a specific mine and the level of additional exploration or expenditures a company has to make to fully develop its properties. Accordingly, these non-GAAP measures should not be considered in isolation, or as a substitute for, analysis of our results as reported under GAAP.

Definitions

The following is a description of the non-GAAP measures used in this news release:

• All-in sustaining costs on a by-product basis per ounce sold include adjusted operating costs, the cash component of capitalized stripping costs, corporate general and administrative expenses, accretion expenses, and sustaining capital, net of copper and silver credits. The measure incorporates costs related to sustaining production. Copper and silver credits represent the expected revenue from the sale of these metals.
• All-in sustaining costs on a by-product basis per ounce sold including taxes, include revenue-based tax at Kumtor and taxes (mining and income) at Mount Milligan and Öksüt.
• All-in sustaining costs on a co-product basis per ounce of gold sold or per pound of copper sold, operating costs are allocated between copper and gold based on production. To calculate the allocation of operating costs, copper production has been converted to ounces of gold equivalent using the copper production for the periods presented, as well as an average of the futures prices during the quotational pricing period for copper and gold sold from Mount Milligan. For 2020, based on the assumed copper price of $2.60 per pound and assumed gold price of $1,350 per ounce, 519 pounds of copper was equivalent to one ounce of gold.

Caution Regarding Forward-Looking Information
Information contained in this news release which are not statements of historical facts, and the documents incorporated by reference herein, may be “forward-looking information” for the purposes of Canadian securities laws. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking information.  These forward-looking statements relate to, among other things, the timing of publishing an updated NI 43-101 technical report for Mount Milligan, and our current expectations regarding a material reduction in Mount Milligan’s mineral reserves and resources and mine life; the Company’s expectations regarding future gold and copper production, all-in sustaining costs per ounce sold^NG; the ramp-up of gold production at the Öksüt Mine; 2020 capital expenditures; 2020 exploration expenditures; and other statements made under the heading “2020 Outlook” including expected throughput at Mount Milligan; 2020 corporate administration expenses; 2020 depreciation, depletion and amortization expenses; 2020 tax expenses; 2020 financing costs; 2020 other costs and expectations for the Molybdenum Business Unit.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information.   Factors that could cause actual results or events to differ materially from current expectations include, among other things: (A) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in the Kyrgyz Republic, Turkey and Canada; risks of a decision by the Kyrgyz General Prosecutor’s Office, or its successor the Anti-Corruption Service of the State Committee for National Security, to re-open at any time civil or criminal proceedings against Centerra, its subsidiaries or other stakeholders; the failure of the Kyrgyz Government to comply with its continuing obligations under the Strategic Agreement, including the requirement that it comply at all times with its obligations under the Kumtor Project Agreements, to allow for the continued operation of the Kumtor Mine by KGC and KOC and not take any expropriatory action; actions by the Government or any state agency or the General Prosecutor’s Office that serve to restrict or otherwise interfere with the payment of funds by KGC and KOC to Centerra; resource nationalism including the management of external stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices, including with respect to the environment, in the jurisdictions in which the Company operates including any delays or refusals to grant required permits and licenses, unjustified civil or criminal action against the Company, its affiliates or its current or former employees; risks that community activism may result in increased contributory demands or business interruptions; the impact of any actions taken by the Kyrgyz Government and Parliament relating to the Kumtor Project Agreements which are inconsistent with the rights of Centerra and KGC under the Kumtor Project Agreements; the risks related to other outstanding litigation affecting the Company’s operations in the Kyrgyz Republic and elsewhere; the impact of the delay by relevant government agencies to provide required approvals, expertises and permits; potential impact on the Kumtor Project of investigations by Kyrgyz Republic instrumentalities; the impact of constitutional changes in Turkey; the impact of any sanctions imposed by Canada, the United States or other jurisdictions against various Russian and Turkish individuals and entities; potential defects of title in the Company’s properties that are not known as of the date hereof; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; the presence of a significant shareholder that is a state-owned company of the Kyrgyz Republic; risks related to anti-corruption legislation; risks related to the concentration of assets in Central Asia; Indigenous claims and consultative issues relating to the Company’s properties which are in proximity to Indigenous communities; and potential risks related to kidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold, copper and other mineral prices, the use of provisionally-priced sales contracts for production at Mount Milligan, reliance on a few key customers for the gold-copper concentrate at Mount Milligan, use of commodity derivatives, the imprecision of the Company’s mineral reserves and resources estimates and the assumptions they rely on, the accuracy of the Company’s production and cost estimates, the impact of restrictive covenants in the Company’s credit facilities which may, among other things, restrict the Company from pursuing certain business activities or making distributions from its subsidiaries, the Company’s ability to obtain future financing, the impact of global financial conditions, the impact of currency fluctuations, the effect of market conditions on the Company’s short-term investments, the Company’s ability to make payments including any payments of principal and interest on the Company’s debt facilities depends on the cash flow of its subsidiaries; and (C) risks related to operational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including the movement of the Davidov Glacier, waste and ice movement and continued performance of the  buttress at the Kumtor Project;  the occurrence of further ground movements at the Kumtor Project and mechanical availability; the risk of having sufficient water to continue operations at Mount Milligan and achieve expected mill throughput; the success of the Company’s future exploration and development activities, including the financial and political risks inherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in the mining operations; the adequacy of the Company’s insurance to mitigate operational risks; mechanical breakdowns; the Company’s ability to replace its mineral reserves; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully re-negotiate collective agreements when required; the risk that Centerra’s workforce may be exposed to widespread epidemic; seismic activity in the vicinity of the Company’s properties; long lead times required for equipment and supplies given the remote location of some of the Company’s operating properties;  reliance on a limited number of suppliers for certain consumables, equipment and components; the Company’s ability to accurately predict decommissioning and reclamation costs; the Company’s ability to attract and retain qualified personnel; and risks associated with the conduct of joint ventures/partnerships; and the Company’s ability to manage its projects effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns and project resources.  See section titled “Risks that can affect our business” in the Company’s most recently filed Annual Information Form available on SEDAR at www.sedar.com. 

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 herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward looking information. Forward-looking information is as of February 11, 2020. 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 Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide and is one of the largest Western-based gold producers in Central Asia.  Centerra operates two flagship assets, the Kumtor Mine in the Kyrgyz Republic and the Mount Milligan Mine in British Columbia, Canada and now has a third operating mine, the 100% owned Öksüt Mine in Turkey.  Centerra’s shares trade on the Toronto Stock Exchange (TSX) under the symbol CG.  The Company is based in Toronto, Ontario, Canada.

Additional information on Centerra is available on the Company’s website at www.centerragold.com and at SEDAR at www.sedar.com.

For more information:
John W. Pearson
Vice President, Investor Relations
(416) 204-1953
[email protected]

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

Original Article: https://www.globenewswire.com/news-release/2020/02/11/1982886/0/en/Centerra-Gold-Exceeds-2019-Gold-Production-Guidance-Producing-783-308-Ounces-and-Announces-2020-Outlook-including-%C3%96ks%C3%BCt-Mine-Production.html