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Welcome to Centerra

On behalf of the board of directors and more than 2,100 employees around the world, welcome to Centerra Gold. This website has been designed with your needs in mind and we hope that it provides much of what you'd like to know about our company.

On June 30, 2004, Centerra was launched as a growth-oriented gold company with the largest gold initial public offering (IPO) on the Toronto Stock Exchange since 1994. We were formed with substantially all of the gold business previously carried on by Cameco Gold Inc., which is a wholly owned subsidiary of Cameco Corporation. At the time of the IPO, the value and size of the company was increased substantially with the acquisition of the remaining two-thirds interest in the Kumtor mine in the Kyrgyz Republic and an additional 42% interest in the Boroo mine in Mongolia.

Since then, we have remained focused on realizing Centerra's central mission, which is to become a senior Canadian-based gold company with a focus on Central Asia, the former Soviet Union and other emerging markets. We'll get there by following a balanced four-part-strategy for growth. And we'll continue to leverage the strengths that have given Centerra such a strong foundation for success. These include:

1. Proven expertise in Central Asia and the former Soviet Union
Over the years, we've learned what it takes to successfully conduct business in Central Asia and the former Soviet Union. We have established and nurtured strong working relationships in the Kyrgyz Republic, which culminated in the development of Kumtor, the largest gold mine in the former Soviet Union. Subsequently, we leveraged our experience to develop the Boroo mine in a different commercial and legal environment in Mongolia. We believe our experience in Central Asia provides us with a significant competitive advantage in pursuing opportunities in this unique part of the world.

2. Safe, efficient operations
Centerra currently operates two mines in the Kyrgyz Republic and Mongolia. The environmental, safety and operational performances of both mines, which were exemplary in 2004 and 2005, have continued into this year and are reflective of our commitment to operate within World Bank environmental guidelines. The Kumtor mine, in its eighth year of performance, has produced more than 5.5 million ounces of gold through 2005, a milestone that is attained only by major gold mines. Boroo, which began commercial operations in March 2004 has produced more than 500,000 ounces of gold through the end of 2005.

3. Growing reserves
Exploration is a top priority at Centerra. In 2005, 3.7 million ounces of contained gold were added to reserves, extending the lives of our mines operations significantly. At the same time, our exploration programs upgraded resources at two promising exploration projects that will likely play a central role in Centerra's future - Gatsuurt in Mongolia and REN in Nevada. During 2006, we will conduct a $21 million exploration program to unlock the potential of these properties and explore other promising regions in Central Asia, the former Soviet Union and other emerging markets.

4. A strong financial position
Centerra is debt free and generating solid cash flows from its producing mines. Based on the planned production of our mines and the opportunities that exist to extend their lives, we expect to be able to continue to generate strong cash flows from these sources for years to come. This financial strength provides us with a solid base from which we can pursue acquisitions of gold producing properties or prospects for development and exploration.

5. Leverage to higher gold prices
Finally, and perhaps most fundamentally, we are well positioned to benefit from today's bullish outlook for gold since 100% of our production is un-hedged. Gold prices have continued on an improving trend since 2001 and many factors, including a decline in global mine supply are leading most industry analysts to predict that this trend will continue.