Kumtor Production and Reserves

PRODUCTION	1997	1998	1999	2000	2001	2002	2003	2004
Tonnes ore mined (000s)	5,017	5,349	8,054	6,518	5,606	5,141	4,634	3,303
Tonnes ore milled (000s)	4,023	5,254	5,298	5,498	5,470	5,611	5,631	5,654
Mill feed grade (grams/tonne)	5.55	4.77	4.49	4.65	5.15	3.71	4.54	4.4
Recovery (%)	73.3	78.5	79.4	81.5	83.1	78.1	82.6	82.1
Ounces of gold poured (1) (000s)	502	646	610	670	753	529	678	657
UNIT PRODUCTION TOTAL CASH COSTS (2)
per tonne milled - $	24.00	22.20	20.60	18.60	19.50	20.40	24.00	23.24
per ounce - $	193	181	179	153	141	216	191	200
Table Continued Below
PRODUCTION	2005	2006	2007	2008	2009	2010	2011
Tonnes ore mined (000s)	6,135	3,887	5,182	4,967	4,464	5,765	6,020
Tonnes ore milled (000s)	5,649	5,696	5,545	5,577	5,780	5,594	5,815
Mill feed grade (grams/tonne)	3.4	2.3	2.4	3.9	3.7	4.0	3.8
Recovery (%)	81.2	73.0	72.7	79.7	76.7	79.5	80.8
Ounces of gold poured (1) (000s)	501	304	301	556	525	568	583
UNIT PRODUCTION TOTAL CASH COSTS (2)
per tonne milled – $	24.40	28.99	29.27	43.64	41.80	41.5⁽³⁾	48.38
per ounce – $	274	544	540	438	460	409⁽³⁾	482
(1) Centerra’s equity interest is 100% (2) Total cash cost per ounce is a non-GAAP measure. As a result of Kumtor’s restated Investment Agreement signed in 2009, operating costs and total cash costs per ounce measures for 2009, 2008 and 2007 have been restated to exclude operating and revenue-based taxes. (3) Restated to exclude community investments costs.

RESERVES AND RESOURCES

The following table shows Kumtor’s estimated gold reserves and resources at December 31, 2011:

	TONNES (000s)	GRADE Grams/tonne	CONTAINED GOLD Ounces (000s)
Proven	3,023	1.6	153
Probable	56,671	3.4	6,125
Total reserves	59,694	3.3	6,278
Measured	43,262	2.3	3,141
Indicated	22,687	2.3	1,658
Total measured and indicated resources	65,949	2.3	4,799
Inferred resources – Open Pit	9,195	2.4	694
Stockwork Underground	1,633	12.0	629
SB Underground	4,040	13.6	1,760

Updated: 2012-03-07

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