Centerra Gold Reports Record Fourth Quarter Production at Kumtor; Fourth Quarter Earnings of $0.20 per Share

Market Wire, February, 2009

"For 2009, consolidated gold production is expected to be in the 720,000 to 770,000 ounce range. The production profile at Kumtor will be similar to 2008 with 40% of the gold production expected in the fourth quarter," he concluded.

Year-end Reserves and Resources Update

Reserves

As of December 31, 2008, on a 100% project basis, Centerra's proven and probable reserves totaled 5.8 million ounces of contained gold, compared to 7.0 million ounces as of December 31, 2007. Reserves were reduced by 147,000 contained ounces in addition to the 1.0 million contained ounces processed or placed on the Boroo heap leach pad during 2008. All 2008 year-end reserves and resources were estimated using a gold price of $675 per ounce compared to $550 per ounce in 2007.

At Kumtor reserves reduced by 180,000 contained ounces before accounting for the processing of 697,000 contained ounces during 2008. This reduction is due to the lowering of high-grade capping levels, changes to model interpolations methods and normal reconciliation variances between mining and milling operations during 2008.

The current pit design at Kumtor assumes that the glacial till and bedrock will be hydrologically depressurized to achieve the pit wall slope angles. Geotechnical work to date has indicated that the till is amenable to depressurization. A program to hydrologically depressurize the till and bedrock was implemented in 2008. Therefore, to reflect the geotechnical risks and the technical risks associated with implementing the depressurization program, all remaining reserves in the central pit have been reclassified to probable reserves at Kumtor. All ore in stockpile inventory as of December 31, 2008 is placed in the proven reserve category.

At Boroo reserves increased by 33,000 contained ounces before accounting for the processing of 303,000 contained ounces during 2008 in the Boroo mill and heap leach pad. The addition is due to the identification of additional heap leach and milling ore during 2008 mining production compared to the block model. All mill and heap leach ore in stockpile inventory as of December 31, 2008 is placed in the proven reserve category. All remaining reserves to be mined in the pit have been classified to probable reserves.

At Gatsuurt, no changes were made to reserves figures or classification from the December 31, 2007 estimate of approximately 1.0 million contained ounces of gold.

Resources

As of December 31, 2008, on a 100% project basis, Centerra's measured and indicated resources decreased by 819,000 ounces over the December 31, 2007 figures to total 4.9 million ounces of contained gold (Centerra's share is 4.5 million ounces), compared to 5.8 million ounces (Centerra's share was 5.3 million ounces) as of December 31, 2007.

As a result of the 2008 drilling at Kumtor of the high-grade core below the Stockwork area in the Central pit, 757,000 contained ounces of the 2007 measured and indicated resources were reclassified to inferred resources (Kumtor Stockwork Underground). The reclassification of this material to the inferred category is due to the belief that it could be amenable to underground mining in the "Kumtor Stockwork Underground". Additional reductions of Kumtor inferred resources are the result of lowering of high-grade capping levels and changes to model interpolations methods.