Reserve and Resource Summary

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Table 1 (see additional footnotes)
Centerra Gold Inc.
2016 Year-End Mineral Reserve and Mineral Resource Summary – Gold (1) (6)
(as of December 31, 2016)

Proven and Probable Mineral Reserves
Property (3) Category Tonnes Grade (g/t) Contained Gold (oz)
Mount Milligan 4 Proven 256,847 0.4 3,503
  Probable 239,362 0.3 2,257
  Proven+Probable 496,210 0.4 5,760
Kumtor Open Pit Proven 11,440 1.9 714
  Probable 51,623 2.7 4,416
  Proven+Probable 63,063 2.5 5,130
Gatsuurt Proven - - -
  Probable 17,129 2.9 1,603
  Proven+Probable 17,129 2.9 1,603
Öksüt Proven - - -
  Probable 26,137 1.4 1,161
  Proven+Probable 26,137 1.4 1,161
Hardrock Open Pit Proven - - -
  Probable 70,858 1.0 2,324
  Proven+Probable 70,858 1.0 2,324
Total Proven 268,287 0.5 4,217
  Probable 405,109 0.9 11,760
  Proven+Probable 673,396 0.7 15,978
Measured and Indicated Mineral Resources(2)
Property (3) Category Tonnes Grade (g/t) Contained Gold (oz)
Mount Milligan (4) Measured 76,622 0.3 657
  Indicated 167,311 0.2 1,112
  Measured+Indicated 243,933 0.2 1,769
Kumtor - Open Pit Measured 16,568 3.0 657
  Indicated 12,062 0.2 1,007
  Measured+Indicated 28,631 2.8 2,623
Boroo Measured 452 2.2 32
  Indicated 4,464 1.5 210
  Measured+Indicated 4,916 1.5 242
Gatsuurt Measured - - -
  Indicated 5,098 2.4 398
  Measured+Indicated 5,098 2.4 398
Ulaan Bulag Measured - - -
  Indicated 1,555 1.5 73
  Measured+Indicated 1,555 1.5 73
ATO (9) Measured 9,663 1.5 465
  Indicated 8,920 1.1 306
  Measured+Indicated 18,583 1.3 771
Öksüt Measured 2,100 0.7 45
  Indicated 4,698 0.7 111
  Measured+Indicated 6,798 0.7 156
Hardrock - Open Pit Measured - - -
  Indicated 5,722 0.4 66
  Measured+Indicated 5,722 0.4 66
Hardrock - Underground Measured - - -
  Indicated 6,846 3.9 860
  Measured+Indicated 6,846 3.9 860
Brookbank - Open Pit Measured - - -
  Indicated 1,319 2.0 86
  Measured+Indicated 1,319 2.0 86
Brookbank - Underground Measured - - -
  Indicated 926 7.2 215
  Measured+Indicated 926 7.2 215
Key Lake - Open Pit Measured - - -
  Indicated 1,286 1.2 49
  Measured+Indicated 1,286 1.2 49
Key Lake - Underground Measured - - -
  Indicated 16 6.5 3
  Measured+Indicated 16 6.5 3
Kailey Measured - - -
  Indicated 4,315 1.0 133
  Measured+Indicated 4,315 1.0 133
Total Measured 105,405 0.8 2,815
  Indicated 224,537 0.6 4,627
  Measured+Indicated 329,942 0.7 7,442
Inferred Mineral Resources(3)
Property Tonnes (kt) Grade (g/t) Contained Gold (koz)
Mount Milligan (4) 11,047 0.3 109
Kumtor - Open Pit 2,798 1.6 141
Boroo 14,477 7.3 3,409
Gatsuurt 7,323 1.0 235
Ulaan Bulag 315 1.3 13
ATO (5) 386 0.6 8
Öksüt 2,380 0.8 65
Hardrock - Open Pit 85 0.9 2
Hardrock - Underground 10,754 3.6 1,235
Brookbank - Open Pit 86 2.4 7
Brookbank - Underground 202 4.1 27
Key Lake - Open Pit 673 1.3 28
Key Lake - Underground 29 3.6 3
Kailey 1,844 1.0 58
Total 57,872 3.1 5,780

(1) Centerra’s equity interests as of this news release are as follows: Mount Milligan 100%, Kumtor 100%, Gatsuurt 100%, Boroo 100%, Ulaan Bulag 100%, ATO 100%, Öksüt 100% and Greenstone Gold properties (Hardrock, Brookbank, Key Lake, Kailey) 50%.

(2) Mineral resources are in addition to mineral reserves. Mineral resources do not have demonstrated economic viability.

(3) Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or part of the inferred mineral resources will ever be upgraded to a higher category.

(4) Royal Gold streaming agreement entitles Royal Gold to 35% of gold sales from the Mount Milligan mine. Under the stream arrangement, Royal Gold will pay $435 per ounce of gold delivered.

(5) As of January 31, 2017, Centerra Gold’s Mongolian subsidiary, Centerra Gold Mongolia (CGM) entered into definitive agreements to sell the ATO Project, located in Eastern Mongolia, to Steppe Gold LLC and Steppe Gold Limited.

(6) Numbers may not add up due to rounding.

 

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1 University Avenue, Suite 1500
Toronto, ON
M5J 2P1

Tel: +1 (416) 204-1953

Fax: +1 (416) 204-1954

Email: info@centerragold.com

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