Centerra Gold

Centerra Gold (Canada, TSX:CG) mines in the Kyrgyz Republic and Mongolia. Centerra was launched on the Toronto Stock Exchange in 2004, when it took over the assets of Cameco Gold Inc., a wholly-owned subsidiary of Canadian uranium producer Cameco Corporation. Cameco, which still holds a 53% stake in Centerra, has stated that it wish to divest its interest in the company. The 2006 production of 586,000 oz was lower than the 2005 production of 787,275 oz and the company expects to increase 2007 gold production by 19 to 23% to about 700,000 - 720,000 oz.

For the full year of 2007, net earnings before unusual items were $39.1 million or $0.18 per common share on revenues of $373.5 million and cash provided by operations amounted to $41.3 million. During the year, the Company recorded unusual items of $131.6 million resulting in a net loss of $92.5 million or $0.43 per share. Consolidated gold production totalled 555,410 ounces in line with the Company's third quarter outlook, at a total cash cost of $442 per ounce. In the comparable period of 2006, Centerra reported net earnings of $60.6 million or $0.28 per common share on revenues of $364.5 million and cash provided by operations of $80.3 million. In 2006, consolidated gold production was 586,384 ounces at a total cash cost of $386 per ounce.
Proven and probable ore reserves total 7.0 million ounces of contained gold at the end of 2007. The 718,000 ounces of contained gold mined in 2007 were replaced. Measured and indicated resources at the end of 2007 total 5.8 million ounces of contained gold on a 100% project basis (Centerra's share is 5.3 million ounces), an increase of 139,000 ounces over 2006.