Centerra Gold Inc. (TSX: CG) reports fourth quarter and annual production exceeding the upper end of its consolidated 2020 annual gold production guidance.

2020 Fourth Quarter and Annual Highlights

• Gold production in the fourth quarter was 172,446 ounces including 90,402 ounces of gold produced by the Kumtor Mine, 42,664 ounces of gold produced by the Mount Milligan Mine and 39,380 ounces of gold produced by the Öksüt Mine.
• Full year 2020 gold production was 824,059 ounces, which exceeded the upper end of guidance, including 556,136 ounces of gold produced by the Kumtor Mine, 161,855 ounces of gold produced by the Mount Milligan Mine and 106,068 produced by the Öksüt Mine.
• Copper production was 20.4 million pounds in the fourth quarter and 82.8 million pounds for the full year 2020, each within guidance range.
• Production costs per ounce of gold is expected to be within the annual guidance range of $410 to $460.
• All-in sustaining costs on a by-product basis per ounce sold^NG (“AISC”) is expected to be below the lower end of the annual guidance range of $740 to $790.

The Company is planning an earnings conference call and webcast for February 24, 2021 at 9:00 am Eastern Time to discuss 2020 financial and operational results.

Scott Perry, President and Chief Executive Officer of Centerra stated, “In 2020, our operations had strong operating performance and the Company exceeded its consolidated gold production guidance, delivering more than 824,000 ounces of gold for the year. Of note, is the performance at our newest mine, the Öksüt Mine, which exceeded its annual gold production guidance. Öksüt’s first gold pour was January 31, 2020 and achieved commercial production on May 31, 2020. Given our actual gold production, our all-in sustaining costs per ounce sold^NG is expected to be below the lower end of our 2020 guidance range.”

About Centerra

Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring, and acquiring gold properties in North America, Asia, and other markets worldwide and is one of the largest Western-based gold producers in Central Asia. Centerra operates three mines, the Kumtor Mine in the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and the Öksüt Mine in Turkey. Centerra’s shares trade on the Toronto Stock Exchange. The Company is based in Toronto, Ontario, Canada.