Centerra became a publicly listed company in June 2004 but its heritage as an international gold company extends back many years. Our business originated in 1992 when Cameco Corporation, then exploring for uranium and gold prospects in the Kyrgyz Republic, accepted an opportunity to follow up on a 1978 gold discovery at Kumtor that took place when the Kyrgyz Republic was part of the former Soviet Union. A final agreement for project development was concluded with the Kyrgyz Republic in 1994 under which Cameco acquired a one-third interest in the Kumtor Gold Company. Project construction began in late 1994 and commercial production in the second quarter of 1997. Since inception, the mine has produced between 500,000 and 700,000 ounces of gold per year.

In March 2002, Cameco Gold acquired an initial 52% interest in Australian gold company AGR Limited, which owned 95% of the Boroo gold mine in Mongolia, and as part of the transaction, transferred a 61% interest in the Gatsuurt exploration property, also in Mongolia, to AGR. Following the acquisition of its initial interest in AGR, Cameco Gold increased its interest in AGR to 56% by funding $3 million of additional exploration activities at the Boroo and Gatsuurt properties. The company acquired the remaining interest in AGR during June 2004. The development of the Boroo mine was financed by a $70 million loan from Cameco Gold. The Boroo mine started commercial operations on March 1, 2004 and produced 245,000 ounces of gold in 2004.

In addition to exploration properties at and adjacent to Kumtor, Boroo and Gatsuurt, Centerra owns a 62% equity interest in and is the operator of the REN joint venture, a partnership with Barrick Gold Corporation. The REN property, located in the famed Carlin Trend of Nevada, was acquired by Cameco in August 1998 as part of the Company's acquisition of Uranerz (U.S.A.) Inc.

Cameco continued to manage these assets through its wholly owned Cameco Gold Inc. On January 5, 2004, Cameco Corporation and the Kyrgyz Republic announced their agreement to transfer all of Kumtor Gold Company to a new jointly owned Canadian company called Centerra Gold Inc., which included 100% of Cameco Gold's assets.

In June 2004, Centerra Gold Inc. became a publicly listed company on the Toronto Stock Exchange under the symbol "CG".