TORONTO, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (TSX: CG) (“Centerra”) announced today that, at
the request of the Government of the Kyrgyz Republic, it has agreed 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. 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 January 31, 2019 to May 31, 2019.
The Company and the Government have made significant progress in satisfying the remaining conditions precedent
to completion of the Strategic Agreement, including the re-issuance of Kumtor’s land use certificates and the resolution of a tax
claim affecting Kumtor. While the Company had expected that all relevant conditions precedent to completion would be satisfied
prior to January 31, 2019, the Government has requested an extension to May 31, 2019 and the Company has agreed to the Government’s
request. The Company will continue to pursue completion as soon as possible.
Cautionary Note Regarding Forward-looking Information
Information contained in this news release which is not a statement of historical fact may be
“forward-looking information” for the purposes of Canadian securities laws. Such forward-looking information involves assumptions,
risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward looking information. The words “believe”, “expect”, “anticipate”,
“contemplate”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions
identify forward-looking information. These forward-looking statements relate to, among other things: the Company’s expectations
regarding its future discussions with the Government of the Kyrgyz Republic to reach completion of the Strategic Agreement.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while
considered reasonable by Centerra, are inherently subject to significant political, business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in
the forward-looking information. Factors that could cause actual results or events to differ materially from current expectations
include, among other things: risks that any of the conditions precedent to the Strategic Agreement will not be satisfied in a
timely manner or at all, particularly as the Government may not bind the General Prosecutor’s Office or the Parliament of the
Kyrgyz Republic; a decision by the General Prosecutor’s Office, or its successor the Anti-Corruption Service of the State Committee
for National Security, to re-open at any time civil or criminal proceedings against Centerra, its subsidiaries or other
stakeholders; the failure of the Government to comply with its continuing obligations under the Strategic Agreement, including the
requirement that it comply at all times with its obligations under the 2009 Kumtor Project Agreements, allow for the continued
operation of the Kumtor Mine by Kumtor Gold Company (KGC) and Kumtor Operating Company (KOC) and not take any expropriatory action;
actions by the Government or any state agency or the General Prosecutor's Office that serve to restrict or otherwise interfere with
the payment of funds by KGC and KOC to Centerra. See section titled “Risks that can affect our business” in the Company’s most
recently filed Annual Information Form available on SEDAR at www.sedar.com.
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 the largest Western-based gold producer in
Central Asia. Centerra operates two flagship assets, the Kumtor Mine in the Kyrgyz Republic and the Mount Milligan Mine in British
Columbia, Canada and is building its next gold mine, the 100% owned Öksüt Gold Mine in Turkey. Centerra's shares trade on the
Toronto Stock Exchange (TSX) under the symbol CG. The Company is based in Toronto, Ontario, Canada.
For more information:
John W. Pearson
Vice President, Investor Relations
(416) 204-1953
john.pearson@centerragold.com
Additional information on Centerra is available on
the Company’s web site at www.centerragold.com and at SEDAR at www.sedar.com.
A PDF accompanying this announcement is available at: http://resource.globenewswire.com/Resource/Download/652213a3-eb01-4e2d-932b-89eab6975d3b
