This news release contains forward-looking information that is subject to risk factors and assumptions set out in the Cautionary Note Regarding Forward-looking Information on page 12. All figures are in United States dollars unless
otherwise stated.
Toronto, Canada, February 8, 2018: Centerra Gold Inc. (“Centerra”) (TSX: CG) today issued its 2017 year-end estimates for mineral reserves and mineral resources. Mineral reserves and resources from the Kemess Project have been included following the completion of Centerra’s acquisition of AuRico Metals Inc. (“AuRico Metals”) on January 8, 2018.

Highlights:
? Centerra’s proven and probable gold mineral reserves increased to 16.3 million ounces of contained gold (746.8 million tonnes (Mt) at 0.7 g/t gold) from 16 million contained ounces (673.4 Mt at 0.7 g/t
gold) a year ago.
? Centerra’s proven and probable copper mineral reserves total an estimated 2,568 million pounds of contained copper (575.3 Mt at 0.202% copper) compared to an estimated 2,049 million pounds of contained copper (496.2 Mt at 0.187% copper) a year ago.
? The mineral reserve attributable to the Kemess Underground of 1.9 million ounces of contained gold and 630 million pounds of contained copper (107.4 Mt at 0.5 g/t gold and 0.266% copper at an NSR cut-off of C$17.30 per tonne) have been included in the mineral reserve statement following the
completion of Centerra’s acquisition of AuRico Metals on January 8, 2018.
Scott Perry, President and CEO of Centerra said: “With the recent acquisition of AuRico Metals, including the Kemess Project’s mineral reserves and resources, and our successful brownfields exploration at the Mount
Milligan Mine and the Öksüt Project, we were able to offset the depletion of 1.1 million contained ounces of gold during 2017. The addition of the Kemess Project continues to expand our gold and copper reserves and
resources within northern British Columbia and continues to diversify our geographical asset mix.”

Year-end Gold Mineral Reserves and Mineral Resources
Mineral Reserves
Centerra’s estimated proven and probable gold mineral reserves increased by 343,000 contained ounces, after processing of 1.1 million contained ounces of gold in 2017 and the addition of 1.9 million contained ounces
of gold as a result of the purchase of AuRico Metals which closed on January 8, 2018. Centerra’s proven and probable mineral reserves now total an estimated 16.3 million ounces of contained gold (746.8 Mt at 0.7 g/t
gold), compared to 16 million contained ounces (673.4 Mt at 0.7 g/t gold) as of December 31, 2016. The 2017 year-end gold mineral reserves have been verified and estimated using a gold price of $1,250 per ounce,
except for the Kumtor Mine and the Kemess Underground Project which used a gold price of $1,200 per ounce. At the Kumtor Mine estimating gold mineral reserves using a gold price of $1,250 per ounce would result in no material change to the contained ounces.

At the Kumtor Mine, in the Kyrgyz Republic, proven and probable gold mineral reserves decreased by 641,000 contained ounces, after accounting for depletion of 719,000 contained ounces in 2017. In 2017 mineral reserves decreased primarily due to mining depletion offset by a 165,000 ounce positive
reconciliation from the Central Pit stockpiles and a 88,000 ounce negative model adjustment at Sarytor. As a result, Kumtor’s proven and probable mineral reserves now total an estimated 4.5 million ounces of contained
gold (57.1 Mt at 2.4 g/t gold) at the end of December 2017, compared to 5.1 million contained ounces (63.1 Mt at 2.5 g/t gold) as of December 31, 2016.
In Canada, at the Mount Milligan Mine, proven and probable mineral reserves decreased by 623,000 contained ounces of gold, after processing 365,000 contained ounces of gold in 2017. In 2017 mineral reserves decreased primarily due to mining depletion and model adjustments which included a new gold
capping grade and revised exchange rate. As a result, Mt. Milligan’s proven and probable mineral reserves now total an estimated 5.1 million ounces of contained gold (468 Mt at 0.3 g/t gold) at the end of December
2017, compared to 5.8 million contained ounces gold (496.2 Mt at 0.4 g/t gold) as of December 31, 2016.

Due to the Company’s recent acquisition of AuRico Metals, an estimated 1.9 million ounces of contained gold have been added to proven and probable mineral reserves attributable to the Kemess Underground (107.4 Mt at 0.5 g/t gold).
At the Company’s 50% owned Greenstone Gold Property, in Canada, the proven and probable mineral reserves at the Hardrock Project are unchanged at an estimated 2.3 million contained ounces (Centerra’s share) (70.8 Mt at 1.0 g/t gold) at the end of December 2017.
In Turkey, at the Öksüt Project, the proven and probable mineral reserves have increased slightly by 26,000 contained ounces, as a result of 23 new drill holes that were included in the resource model for 2017 and
various model adjustments. The drill holes were completed primarily to further delineate in-pit mineralization within the Keltepe and Güneytepe open pits. As a result, Öksüt’s proven and probable mineral reserves now total an estimated 1.2 million ounces of gold (28.2 Mt at 1.3 g/t gold) at the end of December 2017, compared to an estimated 1.2 million ounces of gold (26.1 Mt at 1.4 g/t gold) as of December 31, 2016.
In Mongolia, at the Gatsuurt Project proven and probable mineral reserves were updated in the third quarter of 2017 and remain unchanged at an estimated 1.3 million contained ounces of gold (15.4 Mt at 2.7 g/t gold).

Mineral Resources
Centerra’s measured and indicated gold mineral resources, exclusive of gold mineral reserves, increased by 2.8 million contained ounces compared to the December 31, 2016 estimate and are now estimated to total
10.2 million ounces of contained gold (559.2 Mt at 0.6 g/t gold). The increase is primarily a result of the inclusion of 3.2 million contained ounces of gold (1.5 million contained ounces of gold from the Kemess Underground and 1.7 million contained ounces of gold from the Kemess East deposit) as a result of the acquisition of AuRico Metals and the removal of 771,000 contained gold ounces of measured and indicated mineral resources from the ATO property in Mongolia as a result of the sale of the property to Steppe Gold LLC and Steppe Gold Limited.
Centerra’s inferred gold mineral resource estimate totals 6.8 million contained ounces of gold (168 Mt at 1.3 g/t gold), an increase of 1.0 million contained ounces from December 31, 2016. The increase is primarily a
result of the inclusion of 917,000 contained ounces of gold (277,000 contained ounces of gold from the Kemess Underground and 640,000 contained ounces of gold from the Kemess East deposit) as a result of the
acquisition of AuRico Metals. In addition, at Mt. Milligan inferred mineral resources increased by 265,000 contained ounces of gold from additional drilling.

Year-end Copper Mineral Reserves and Mineral Resources
Mineral Reserves
Centerra’s proven and probable copper mineral reserves total an estimated 2,568 million pounds of contained copper (575.3 Mt at 0.202% copper). The copper mineral reserves have been estimated based on a copper
price of $3.00 per pound for the Mount Milligan Mine and a copper price of $2.50 per pound for the Kemess Underground Project.
At the Mount Milligan Mine, proven and probable mineral reserves decreased by 111 million contained pounds of copper, after processing 72 million contained pounds of copper in 2017. In 2017 mineral reserves decreased primarily due to mining depletion and model adjustments. As a result, Mt. Milligan’s proven and
probable mineral reserves now total an estimated 1,938 million pounds of contained copper (468 Mt at 0.188% copper) at the end of December 2017, compared to 2,049 million contain pounds of copper (496.2 Mt
0.187% copper) as of December 31, 2016.
The Company’s recent acquisition of AuRico Metals added proven and probable reserves from the Kemess Underground of an estimated 630 million pounds of contained copper (107.4 Mt at 0.266% copper).

Mineral Resources
Centerra’s measured and indicated copper mineral resources, exclusive of mineral reserves, total an estimated 5,541 million pounds of contained copper (988 Mt at 0.254% copper). The copper mineral resources are
located at the Mount Milligan Mine, the Berg Property, the Kemess Underground, and Kemess East properties that are all located in Canada.
At Mount Milligan, measured and indicated mineral resources total an estimated 663 million pounds of contained copper (229.7 Mt at 0.131% copper) at the end of December 2017 and have been estimated based on a copper price of $3.50 per pound. In comparison to the end of December 2016 measured and indicated
resources have decreased by 55 million contained copper pounds.
The acquisition of AuRico Metals added the Kemess Underground and Kemess East projects to the Company’s copper statement. Kemess added measured and indicated resources of an estimated 1,519 million contained copper pounds. This is based on Kemess Underground measured and indicated resources of 139 Mt at 0.184% copper or an estimated 565 million contained copper pounds and Kemess East measured and indicated resources of 113 Mt at 0.383% copper or an estimated 954 million contained copper pounds.
Centerra’s inferred copper mineral resource estimate totals 1,427 million pounds of contained copper (265.0 Mt at 0.244% copper). This includes at Mount Milligan an estimated 111 million pounds of contained copper
(35 Mt at 0.143% copper) that represents a year-over-year increase of 80 million pounds of contained copper that is largely attributable to additional in-pit drilling completed in 2017. The Company continues to build on this exploration success with additional drilling planned in 2018.
The Company’s inferred copper mineral resources also increased through the acquisition of AuRico Metals whose inferred copper mineral resources are an estimated 583 million contained copper pounds (85.4 Mt at 0.309% copper), including an estimated 105 million contained copper pounds (21.6 Mt at 0.220% copper) at Kemess Underground and an estimated 478 million contained copper pounds (63.8 Mt at 0.340% copper) at Kemess East.

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