September 2009Steve Lang, President and CEO
September 2009 3
Caution Regarding Forward-Looking Information
This presentation and the documents incorporated by reference herein, contain statements which are not current statements or historical facts and are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, contained or incorporated by reference in this presentation constitute forward-looking information. Wherever possible, words such as “plans”, “expects” or “does not expect”, “budget”, “forecasts”, “projections”, “anticipate” or “does not anticipate”, “believe”, “intent”, “potential”, “strategy”, “schedule”, “estimates” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved and other similar expressions have been used to identify forward-looking information. These forward-looking statements relate to, among other things Centerra’s expectations regarding, future growth, results of operations (including, without limitation, future production and sales, and operating and capital expenditures), performance (both operational and financial), business and political environment and business prospects (including the timing and development of new deposits and the success of exploration activities) and opportunities.
Although the forward-looking information in this presentation reflects Centerra’s current beliefs on the date of this presentation based upon information currently available to management and based upon what management believes to be reasonable assumptions, Centerra cannot be certain that actual results, performance, achievements, prospects and opportunities, either expressed or implied, will be consistent with such forward-looking information. By its very nature, forward-looking information necessarily involves significant known and unknown risks, assumptions, uncertainties and contingencies that may cause Centerra’s actual results, assumptions, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, among other things, risks relating to gold prices, replacement of reserves, reduction in reserves related to geotechnical risks, ground movements, political risk, nationalization risk, changes in laws and regulations, civil unrest, labour unrest, legal compliance costs, reserve and resource estimates, production estimates, exploration and development activities, competition, operational risks, environmental, heath and safety risks, costs associated with reclamation and decommissioning, defects in title, seismic activity, cost and availability of labour, material and supplies, increases in production and capital costs, permitting and construction to raise the tailings dam height and increase the capacity of the existing Kumtor tailing dam, illegal mining, enforcement of legal rights, decommissioning and reclamation cost estimates, future financing and personnel. There may be other factors that cause results, assumptions, performance, achievements, prospects or opportunities in future periods not to be as anticipated, estimated or intended. See “Risk Factors” in the Company’s 2008 Annual Information Form and Annual Management’s Discussion and Analysis available on SEDAR at www.sedar.com.
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially, from the results, performance or achievements that are or may be expressed or implied by such forward-looking information and statements contained in this presentation. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward- looking information. Forward-looking information and assumptions are as of July 30, 2009. Centerra assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.
All figures are in United States dollars unless otherwise stated.
September 2009 4
Agenda
P e r f o r m a n c e
T h e p l a t f o r m s
T h e f u t u r e
September 2009 5
2008: A Strong Gold Production Year…
586 555
749
2006 2007 2008
(‘000 oz gold)
5
September 2009 6
… Resulted in Revenues up 70%
$365 $373
$636
2006 2007 2008
($M)
6
September 2009 7
… Cash Flow from Operations Increased 4x
$80
$41
$166
2006 2007 2008
($M)
7
September 2009 8
First Half Highlights
Gold production (‘000 oz) 214 279
Average realized gold price ($/oz) $906 $898
Revenues $203M $255M
Earnings (loss) before unusual items $(51)M $38M
Net Earnings (loss) after unusual items $(100)M $75M
Cash from operations $(6)M $39M
1H2009
1H2008
Please refer to July 30, 2009 news release and MDA for the periods ending June 30, 2009 and 2008 and Caution Regarding Forward-Looking Information.
September 2009 9
Significant Valuation Gap
$11.4 B
$8.5 B
$6.7 B$6.2 B$5.6 B
$1.8 B$1.7 B$1.2 B$2.2 B
$1.0 B
$4.8 B
Gammon Almos Centerra Sino PeterHambro
Eldorado Iamgold Randgold LihirGold
Yamana Agnico
Market cap (Cdn$ - Sept. 4/09) of mid-tier gold producers
2009e
2008 151
Gold Production (000’ oz)
160 730 477 880 1,100**GEO
590
749 394 997 790* 277154 309
216 333
881154
305 479
428
1,108
September 2009 10
P / Consensus NAV
September 2009 11
Agenda
P e r f o r m a n c e
T h e p l a t f o r m s
T h e f u t u r e
September 2009 12
Boroo
2008
• 193,000 oz. gold
• Cash cost $382/oz
Two Solid Growth Platforms
• Financial resources • Operating expertise • Track record
Kumtor
2008
• 556,000 oz. gold
• Cash cost $438/oz
September 2009 13
Signed on April 24, 2009
Approved by Parliament on April 30, 2009
Signed by President on May 2, 2009
13
Closed on June 11, 2009
Recognition by the Constitutional Court that ANT conforms to the Kyrgyz Constitution on June 2, 2009
K U M T O R
Agreement on New Terms
September 2009 14
K U M T O R
Kumtor: New Agreement
Major Terms
• Stable, simplified tax regime
• Expanded mining concession
• Centerra to issue 18.2 million shares to Kyrgyz Government
• Cameco to transfer up to 25.3 million shares
• Upfront payment of $22.4 million
• An additional independent director Nominated
14
September 2009 15
N E W A G R E E M E N T:
Share and Ownership Profile
• Symbol CG on the TSX
• 234.8 million outstanding shares reflecting new agreement
Oringal CG Ownership
Kyrgyzaltyn16%
Cameco53%
Public Shareholders
31%
New CG Ownership
Public shareholders
29%
Kyrgyzaltyn33%
Cameco38%
September 2009 16
K U M T O R
Untapped Exploration Potential
• Expanded mining concession
• Area of 26,300 hectares
Decline Portal
September 2009 17
K U M T O R
Significant Potential for Reserve Expansion
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
Holes Drilled Prior to 2009Soviet Drill Holes
Decline in Progress
Holes Drilled in 2009Holes Drilled Prior to 2009Soviet Drill Holes
Proposed Holes
Holes in Progress
Holes Drilled in 2009Holes Drilled Prior to 2009Soviet Drill Holes
September 2009 18
K U M T O R
Central Pit Area
KS9 Final Pit
SB Underground High-Grade Zone1.6M oz Inferred
Stockwork Underground Zone
0.8M oz InferredApprox. 1 kilometre
Portal
SB Underground Development
Stockwork
Underground
Development
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
Approx. 1.5 kilometre
2nd Portal
September 2009 19
K U M T O R
SB Underground Development
Stockwork Underground
Zone
KS9 Final Pit
>30km Underground Drilling
Approximately 2km
Underground Development
Development to Date
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
Exploration drilling commenced June 09
September 2009 20
K U M T O R
Stockwork Underground Development
SB Zone
KS9 Final Pit
>20km Underground
Drilling
StockworkUnderground
Zone
Approximately 2km Underground Development
D1320
D132220.6g/t / 22.1m
incl 32.6g/t / 13.2m
11.1g/t / 20.3mincl 16.2g/t / 13.4m
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
2nd Portal - 3Q09
September 2009 21
K U M T O R
SB Zone SW Extension
KS9 Final Pit
SB Zone
16.0g/t / 3.7m
3.4g/t / 2.5m
GD1259
4.7g/t / 1.9m
2.6g/t / 5.1m
2.1g/t / 14.0m
5.0g/t / 11.0mincl 9.9g/t / 4.0m
Ian Atkinson is the Qualified Person for purposes of NI 43-101please see Centerra’s AIF and technical reports filed on SEDAR.
September 2009 22
4400
m
4000
3800
3400
4200
3600
NE
32003200
SW
4200
3600
3800
4000
4400
3400
m
PETROV GLACIER
NORTHEASTAREA
LYSIIAREA
LYSYI GLACIER
"NB" zone
"North"
"Stockwork"
CENTRAL PIT
"South"Waste dump
"SB" zoneDesign Decline
DAVIDOV GLACIER
SOUTHW ESTPIT
SARYTORAREA
SARYTOR GLACIER
BORDOOAREA
BORDOO GLACIERVALLEY
AKBELAREA
WEST-BORDOO GLACIERVALLEY
PETROV G
LACIER
PETROV G
LACIER
PETROV G
LACIER
PETROV G
LACIER
PETROV G
LACIER
PETROV G
LACIER
PETROV G
LACIER
PETROV G
LACIER
PETROV G
LACIER
PETROV G
LACIER
PETROVPETROVPETROVPETROVPETROVPETROVPETROVPETROVPETROV
NORTHEASTNORTHEASTNORTHEASTNORTHEASTNORTHEASTNORTHEASTNORTHEASTNORTHEASTNORTHEAST
PETROVLAKE
LYSIY GLA
CIER
LYSIY GLA
CIER
LYSIY GLA
CIER
LYSIY GLA
CIER
LYSIY GLA
CIER
LYSIY GLA
CIER
LYSIY GLA
CIER
LYSIY GLA
CIER
LYSIY GLA
CIER
LYSIY GLA
CIER
DAVIDOV GLACIER
DAVIDOV GLACIER
DAVIDOV GLACIER
DAVIDOV GLACIER
DAVIDOV GLACIER
DAVIDOV GLACIER
DAVIDOV GLACIER
DAVIDOV GLACIER
DAVIDOV GLACIER
DAVIDOV GLACIER
DECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEPORTALPORTALPORTALPORTALPORTALPORTALPORTALPORTALPORTAL
DAVIDOVDAVIDOVDAVIDOVDAVIDOVDAVIDOVDAVIDOVDAVIDOVDAVIDOVDAVIDOV
DESIGN DECLINEDESIGN DECLINEDESIGN DECLINEDESIGN DECLINEDESIGN DECLINEDESIGN DECLINEDESIGN DECLINEDESIGN DECLINEDESIGN DECLINE
MUZDUSOOMUZDUSOOMUZDUSOOMUZDUSOOMUZDUSOOMUZDUSOOMUZDUSOOMUZDUSOOMUZDUSOO
MILLMILLMILLMILLMILLMILLMILLMILLMILL
%%%%%%%%%
SARYTO
R GLA
CIERSAR
YTOR G
LACIER
SARYTO
R GLA
CIERSAR
YTOR G
LACIER
SARYTO
R GLA
CIERSAR
YTOR G
LACIER
SARYTO
R GLA
CIERSAR
YTOR G
LACIER
SARYTO
R GLA
CIERSAR
YTOR G
LACIER
W ASTEW ASTEW ASTEW ASTEW ASTEW ASTEW ASTEW ASTEW ASTEDUMPDUMPDUMPDUMPDUMPDUMPDUMPDUMPDUMP
SOUTHWESTSOUTHWESTSOUTHWESTSOUTHWESTSOUTHWESTSOUTHWESTSOUTHWESTSOUTHWESTSOUTHWESTSOUTHWESTPITPITPITPITPITPITPITPITPITPIT
BORD
OO GLAC
IER
BORD
OO GLAC
IER
BORD
OO GLAC
IER
BORD
OO GLAC
IER
BORD
OO GLAC
IER
BORD
OO GLAC
IER
BORD
OO GLAC
IER
BORD
OO GLAC
IER
BORD
OO GLAC
IER
BORD
OO GLAC
IER
WEST-BO
RD
WEST-BO
RW
EST-BOR
WEST-BO
RD
WEST-BO
RW
EST-BOR
DW
EST-BOR
WEST-BO
RW
EST-BOR
SARYTORSARYTORSARYTORSARYTORSARYTORSARYTORSARYTORSARYTORSARYTORSARYTORDESIGN DESIGN DESIGN DESIGN DESIGN DESIGN DESIGN DESIGN DESIGN DESIGN
PITPITPITPITPITPITPITPITPITPIT
ADMINISTRATIONADMINISTRATIONADMINISTRATIONADMINISTRATIONADMINISTRATIONADMINISTRATIONADMINISTRATIONADMINISTRATIONADMINISTRATIONAND MAINTENANCEAND MAINTENANCEAND MAINTENANCEAND MAINTENANCEAND MAINTENANCEAND MAINTENANCEAND MAINTENANCEAND MAINTENANCEAND MAINTENANCE
AREAAREAAREAAREAAREAAREAAREAAREAAREA &&&&&&&&&
BORDOOBORDOOBORDOOBORDOOBORDOOBORDOOBORDOOBORDOOBORDOO
AKBELAKBELAKBELAKBELAKBELAKBELAKBELAKBELAKBEL
WASTE DUMPWASTE DUMPWASTE DUMPWASTE DUMPWASTE DUMPWASTE DUMPWASTE DUMPWASTE DUMPWASTE DUMP
CENTRAL PITCENTRAL PITCENTRAL PITCENTRAL PITCENTRAL PITCENTRAL PITCENTRAL PITCENTRAL PITCENTRAL PITCENTRAL PIT
1 2
kilometres0
K U M T O R
Exploration Targets
Longitudinal Section Through Kumtor License Area
Longitudinal Section LineLongitudinal Section Line
16 kilometres
PHASE 2 DECLINE
September 2009 23
Boroo
2008
• 193,000 oz. gold
• Cash costs $382/oz
Two Solid Growth Platforms
• Financial resources • Operating expertise • Track record
Kumtor
2008
• 556,000 oz. gold
• Cash cost $438/oz
September 2009 24
Mongolia Update
Actions• Windfall Profit Tax repealed as of Jan. 2011
• Resolved license suspension
• Advancing discussions on Gatsuurt Investment Agreement
• Q2 Started for road construction
Strategy• Expand processing options
• Develop ten years of production for mill
24
September 2009 25
M O N G O L I A
Large Land Package, Next Development Gatsuurt
• Gatsuurt development– 55 km road from Boroo– Initial oxide production
by mid- 2010
• Current Reserves (000’s oz)– Boroo 778– Gatsuurt 1,005
1,783
• Current M&I Resources – 849,000 ounces
• Current Inferred Resources– 489,000 ounces
• Land package– 130,000 hectares
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
September 2009 26
0000000000000000000000000
kilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometreskilometres
250250250250250250250250250250250250250250250250250250250250250250250250250 500500500500500500500500500500500500500500500500500500500500500500500500500
UzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistanUzbekistan
IndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistanPakistan
ChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChina
TurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistanTurkmenistan
AfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistanAfghanistan
RussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussiaRussia
KazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstan
nianianianianiaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaoniaKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstanKyrgyzstan
IranIranIranIranIranIranIranIranIranIranIranIranIranIranIranIranIranIranIranIranIranIranIranIranIran
SyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyriaSyria
MoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldovaMoldova
RomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomania
BulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgaria
AzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanAzerbaijanArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmeniaArmenia
BelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarusBelarus
CyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprusCyprus
GeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgiaGeorgia
Gaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza StripGaza Strip
IraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraqIraq
JordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordanJordan
KuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwait
LebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanonLebanon
LithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuania
TajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistanTajikistan
TurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkey
UkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraineUkraine
West BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest BankWest Bank
Asia – Significant Exploration Potential
Copler6 M oz
Kisladag8 M oz
Ovacik1 M oz
Efemcukuru2 M oz
Vasilkovskoe11 M oz Bakyrchik
13 M oz
Muruntau180 M oz
Amantaytau3.5 M oz
Daugyztau6 M oz
Kochbulak3 M ozJilau
3 M ozZarmitan
8 M oz
Kuru-Tegerek2 M oz
Jerooy3 M oz
Axi2.2 M ozTaldybulak Lev.
5 M oz
Kumtor19 M oz
OksutSTI JV
ArtvinKefi JV
ElmaliEMX JV
AkarcaEMX JV
26
Varvarinskoye5 M oz
September 2009 27
Exploration Initiatives
• Tonopah Divide – Nevada, USA
• Elmali/Akarca (EMX) – Turkey
• Artvin (KEFI) – Turkey
• Oksut (Stratex) - Turkey
• Kara Beldyr – Tyva Republic, Russia
• Illichy – Amur Oblast, Russia
September 2009 28
Agenda
P e r f o r m a n c e
T h e p l a t f o r m s
T h e f u t u r e
September 2009 29
Our Focus is Clearly on Growth
1. Secure the current assets
2. Maximize existing operations
3. Expand our exploration
4. Acquisitions or JV’s
September 2009 30
Expanding Our Project Pipeline
Kumtor – Open Pit
Boroo – Oxide Mill
Kara-Beldyr (Russia)
Tonopah (Nevada)
Artvin (Turkey)
Akarca/Elmali (Turkey)
Gatsuurt - Oxide
Kumtor – SB Underground
Kumtor – Stockwork Underground
Gatsuurt – Bio-Oxidation
Boroo – Heap Leach
Exploration Feasibility Development Operations
Kumtor – Regional
Mongolia – Regional
Oksut (Turkey)
Illichy (Russia)
September 2009 31
Priorities for 2009
• Kumtor– resolved issues– expand exploration– accelerate underground
development
• Boroo/Gatsuurt– Investment Agreement– complete road/oxide
development– build bio-oxidation
circuit
• Investment– increase regional
exploration– pursue acquisitions
September 2009 32
I N S U M M A R Y
Centerra: The Future is Bright
2008 results – demonstrate strong performance record
Financially strong – an advantage today
Operations – advancing on all fronts
Growth – more aggressive stance
Current low valuation – opportunity
Appendix
September 2009 35
Price Volume History Since Jan 09
TD & UBS issue BUYReports on speculationof a Kumtor deal
September 2009 36
Share and Ownership Profile
Institutional OwnershipGeographic Breakdown
Other1%
US28%
Europe67%
Canada4%
Centerra Ownership
Institutional20%
Insiders72%
Retail8%
(20 million shares)
(46 million shares)
September 2009 37
Providing Social and Economic Support
Kyrgyz Republic
• 96% of employees are Kyrgyz nationals
• Issyk-Kul region set up an agro engineering centre and projects to improve pasture management, vegetable production and processing
• Established a micro crediting agency
• Increase local fish stocks and encourage fishing industries
• Biodiversity conservation to improve the Sary-Chat Ertash National Wildlife Park
Mongolia
• 94% of employees are Mongolian nationals
• Partners in the World Vision Sprinkles program to improve the health of Mongolian children
– Eg. Vitamin D additives to combat Rickets
• Community development programs– Centre for traditional medicine– Small/family business loan program– Agricultural Educational Centre– Community Centre & Hospital
improvement projects
September 2009 38
2008 Highlights
Gold production (‘000 oz) 749 555
Average realized gold price ($/oz) $853 $691
Revenues $636M $374M
Earnings before unusual items $97M $39M
Net Earnings (loss) after unusual items $135M ($93)M
Cash from operations $166M $41M
2008 2007
Please refer to 2008 Annual Report, MDA and AIF for the periods ending December 31, 2008 and 2007 and Caution Regarding Forward-Looking Information.
September 2009 39
Reserves and Resources
5.8
4.4
7.0
IPO 04 05 06 07 08
Reserves(M oz)
M+I Resources(M oz)
Inferred Resources(M oz)
4.9
5.8
2.6
IPO 04 05 06 07 08
3.12.8
1.7
IPO 04 05 06 07 08
Year-end Year-end Year-end
Reserves and resources as at December 31-100%. Resources do not include reserves. Ian Atkinson is the Qualified Person for NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
September 2009 40
K U M T O R
High-Potential Exploration 4M oz Proven & Probable Reserves
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
September 2009 41
K U M T O R
High-Potential Exploration 4M oz Proven & Probable Reserves
Bordoo Target (5 km)
Sarytor Pit (4 km)
Stockwork Underground
Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see Centerra’s AIF and technical reports filed on SEDAR.
SB Zone
NE Target (3 km)
Petrov Target (5 km)
Akbel Target (8 km)
Central Pit
September 2009 42
K U M T O R
Underground Development
Phase 2 Decline
September 2009 43
Gatsuurt – Pending Development
• 100% owned by Centerra
• 35 km east of Boroo mine
• Feasibility study completed
• Reserves and resources registered with Government
• Development subject to investment agreement
• Reserves: 1.0 M contained ounces (9.1Mt @ 3.4 g Au/t)
• Resources(1): 0.6 M contained ounces(6.2 Mt @ 3.0 g Au/t)
• Production at Boroo facility
• Subject to 3% NSR
• Capital cost to build about $75 million
Reserves and resources as at December 31, 2008. Resources do not include reserves. Ian Atkinson is the Qualified Person for purposes of NI 43-101 please see AIF and technical reports filed on SEDAR.(1) Measured and Indicated
EXPANSION
September 2009 44
Gatsuurt Project Pit Designs
September 2009 45
YEROOGOL
TREN
D
Mongolia – Exploration 2009Mongolia – Exploration 2009
Khuder: Drilling, Trenching & Geophysics
Yeroogol Trend: Target
Definition
Yalbag: Trenching & Drilling
Shiver: Trenching
Gatsuurt: Drilling, Trenching,
Geophysics & Geochemistry
Bukh Uul: Limestone Resource
Confirmation
Ulaan Bulag: Resource
Delineation
Boroo:Target
Definition
Mining License
Exploration License
September 2009 46
Turkey - Four Joint Venture Projects
Joint Venture Project200 kilometres
Elmali - EMX
Akarca - EMX
Artvin - Kefi
PONTIDES
ANATOLIDES
ARABIAN PLATFORM
CENTRALANATOLIANCOMPLEX
ISTANBUL
TERRANE
Copler
Kisladag
Ovacik
Istanbul
ANKARA
Oksut - STI
September 2009 47
Russia Joint Ventures
KazakhstanKazakhstan
ChinaChina
MongoliaMongolia
RussiaRussia
KyrgyzstanKyrgyzstan
Known Au Mines/Deposits
BorooBoroo
KumtorKumtor
IllichyIllichy
AmurTyva
Kara BeldyrKara Beldyr
September 2009 48
Kara Beldyr – Q1 Shallow Drilling, Au in Soil
EG Zone
Conglomerate Zone
170 holes, 1,597 m
2000 metres
September 2009 49
Nevada: JV Tonopah
Centerra Property
Carlin-type Deposit Trend
Centerra Property
Reno
Elko
100 miles
100 kilometres
Las Vegas
Carlin
Getchell
Independence
BattleMtn-
Eureka
NEVADA
Hice
Cortez
REN
Redrock
TonopahDivide
September 2009 50
Tonopah Divide Project
C.I.=2 nTColors nT
ULTRALIGHT AEROMAG SURVEY
RTP Mag Intensity