Name and Location
Gatsuurt gold project, Mongolia.

Client
Centerra Gold.

Project Description
As at December 31, 2014, the Gatsuurt project had estimated mineral reserves of 17.1-million tonnes at an average grade of 2.9 g/t of gold containing 1.6-million ounces of gold using a cutoff grade of
1.4 g/t.

Centerra plans to mine the ore at Gatsuurt and truck it about 55 km to the existing Boroo mill to be processed.

The current plan is to process about 3.6-million tonnes of carbon-in-pulp ore (oxides) with an average grade of 2.86 g/t of gold through the existing Boroo facility in the first two-and-a-half years of operation of the Gatsuurt project. During this time, a BIOX facility is planned to be added to the facility to be used for processing the remaining sulphide ores totalling an estimated 13.5-million tonnes, with an average grade of 2.92 g/t of gold.

Net Present Value/Internal Rate of Return
Not stated.

Value
Not stated.

Duration
Not stated.

Latest Developments
The Mongolia Parliament passed a resolution in February setting the State ownership interest in the Gatsuurt project at 34% and authorising government to complete negotiations with Centerra on the terms of such ownership.

In October 2015, the company and government agreed to a 3% special royalty in place of the State’s 34% ownership interest in the project, with such a royalty being in addition to the existing Mongolia mineral royalty and tax regime.

Based on Centerra’s discussions with government, the company understands that the resolution is a mandate to government to implement the agreement between Centerra and the Mongolia government.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Centerra Gold, VP investor relations John W Pearson, tel +1 416 204 1953 or email john.pearson@centerragold.com.