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Deadline Pushed at Kumtor Mine

Centerra and th Government of Kyrgyzstan extend once more their Strategic Agreement

Friday 22 June 2018, by Nazar TAMASHEVSKA

TORONTO (Globe Newswire) — Centerra Gold Inc. announced that it has agreed with the Government of the Kyrgyz Republic to further extend the First Longstop Date under the Strategic Agreement for Environmental Protection and Investment Promotion (“Strategic Agreement”) previously entered into with the Government of the Kyrgyz Republic on September 11, 2017.

Centerra is a Canadian-based gold mining and exploration company engaged in the operation, exploration, development and acquisition of gold properties in North America, Asia and other markets worldwide. Its two flagship assets are the Mount Milligan Mine and the Kumtor Mine which are located in Canada and the Kyrgyz Republic.

Last May, Centerra had announced that it has agreed to extend the First Longstop Date under the Strategic Agreement from May 31, 2018 to June 22, 2018. The First Longstop Date is the date by which all conditions precedent to the completion of the Strategic Agreement are required to be satisfied and it has been further extended by agreement of all the parties from June 22, 2018 to July 23, 2018.

Centerra recently met with Prime Minister Muhammedkaliy Abilgaziyev, who was appointed on April 20, 2018, and other Kyrgyz Republic officials regarding the Strategic Agreement. The company declares continuing to work with the Government of Kyrgyzstan to ensure the satisfaction of the remaining conditions precedent to completion of the Strategic Agreement, including the termination of certain legal proceedings and receipt of finalized land use certificates.

Kumtor

Centerra owns 100% of the Kumtor gold mine through its wholly owned subsidiary Kumtor Gold Company. Kumtor is located about 350 km southeast of Bishkek and about 60 km north of the border with the China. It is the largest gold mine operated in Central Asia by a Western-based company, having produced more than 10.4 mln ounces of gold between 1997 and the end of 2015. In 2015 Kumtor’s gold production was 520,694 ounces.

The Kumtor gold deposit is located in the southern Tien Shan Metallogenic Belt, a major suture that traverses Central Asia, from Uzbekistan in the west through Tajikistan and Kyrgyzstan into north-western China, a distance of more than 1,500 km. A number of important mesothermal-type gold deposits occur along this belt including Muruntau, Zarmitan, Jilau and Kumtor.

Kumtor has developed an Environmental Management System to address the effects of its operations on the environment and to monitor compliance with the various permits issued by the Kyrgyz authorities. The system provides scheduled monitoring, engineering controls and reporting on the following areas::

Effluent treatment plant Tailings management facility Mill site and mine waste dumps runoff effluents Acid generation potential testing and recommendations Dust control Spill incidents on site and off site Hazardous materials handling Environment impact monitoring Planning for site decommissioning and rehabilitation Potable water treatment system Sewage operation Landfill operation and inventory

As part of its obligations to institutions that financed the Kumtor project, Kumtor Gold Company (KGC) implemented an Environmental Management Action Plan (EMAP) in 1995. The EMAP outlines KGC’s environmental and safety commitments, including the regulations applicable to the Kumtor project. The EMAP was updated in 1999 and again in 2002 to reflect the maturing operations.

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