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Inferred resources at ATO have also decreased by 18,000 contained ounces of gold from 2011 year-end, to a total of 8,000 contained ounces of gold at December 31, 2012 as a result of the same factors outlined above.
2012 year-end resource estimates on the Boroo, Gatsuurt, Ulan Bulag properties in Mongolia and Kara Beldyr property in Russia remain unchanged from those outlined at the end of 2011.
Table 1 Centerra Gold Inc. 2012 Year-end Gold Reserve and Resource Summary (as of December 31, 2012)---------------------------------------------------------------------------- Gold Mineral Reserves (1) (3) (13) (14) (tonnes and ounces in thousands)---------------------------------------------------------------------------- Proven Probable---------------------------------------------------------------------------- Contained Contained Grade Gold Grade GoldProperty(3) Tonnes (g/t) (oz) Tonnes (g/t) (oz)----------------------------------------------------------------------------Kumtor (5) 3,149 1.9 196 88,371 3.3 9,270----------------------------------------------------------------------------Boroo (7) 7,196 0.8 178----------------------------------------------------------------------------Gatsuurt (8) (16) 16,349 2.8 1,489----------------------------------------------------------------------------Total 10,345 1.1 374 104,720 3.2 10,759-------------------------------------------------------------------------------------------------------------------------- Gold Mineral Reserves (1) (3) (13) (14) (tonnes and ounces in thousands)---------------------------------------------- Total Proven and Probable---------------------------------------------- Contained Grade GoldProperty(3) Tonnes (g/t) (oz)----------------------------------------------Kumtor (5) 91,520 3.2 9,466----------------------------------------------Boroo (7) 7,196 0.8 178----------------------------------------------Gatsuurt (8) (16) 16,349 2.8 1,489----------------------------------------------Total 115,065 3.0 11,133---------------------------------------------- Gold Measured and Indicated Mineral Resources(2) (3) (13) (14) (tonnes and ounces in thousands)---------------------------------------------------------------------------- Measured Indicated---------------------------------------------------------------------------- Contained Contained Grade Gold Grade GoldProperty(3) Tonnes (g/t) (oz) Tonnes (g/t) (oz)----------------------------------------------------------------------------Kumtor Open Pit (4) (5) 21,975 2.3 1,631 12,113 2.3 898----------------------------------------------------------------------------Kumtor Stockwork Underground (6) 351 10.7 121----------------------------------------------------------------------------Boroo (4) (7) 452 2.2 32 4,464 1.5 210----------------------------------------------------------------------------Gatsuurt (4) (8) (16) 5,533 2.4 426----------------------------------------------------------------------------Ulaan Bulag (9) 1,555 1.5 73----------------------------------------------------------------------------ATO (10) 9,663 1.5 465 8,920 1.1 306----------------------------------------------------------------------------Kara Beldyr (11) 3,790 2.4 289----------------------------------------------------------------------------Oksut(12) 15,404 1.4 682----------------------------------------------------------------------------Total 32,090 2.1 2,128 52,130 1.8 3,005---------------------------------------------------------------------------- Gold Measured and Indicated Mineral Resources(2) (3) (13) (14) (tonnes and ounces in thousands)---------------------------------------------- Total Measured and Indicated---------------------------------------------- Contained Grade GoldProperty(3) Tonnes (g/t) (oz)----------------------------------------------Kumtor Open Pit (4) (5) 34,088 2.3 2,529----------------------------------------------Kumtor Stockwork Underground (6) 351 10.7 121----------------------------------------------Boroo (4) (7) 4,916 1.5 242----------------------------------------------Gatsuurt (4) (8) (16) 5,533 2.4 426----------------------------------------------Ulaan Bulag (9) 1,555 1.5 73----------------------------------------------ATO (10) 18,583 1.3 771----------------------------------------------Kara Beldyr (11) 3,790 2.4 289----------------------------------------------Oksut(12) 15,404 1.4 682----------------------------------------------Total 84,220 1.9 5,133-------------------------------------------------------------------------------------------------------------------------- Gold Inferred Mineral Resources(2) (3) (13) (14) (15) (tonnes and ounces in thousands)-------------------------------------------------------------------------------------------- Grade ContainedProperty(3) Tonnes (g/t) Gold (oz)----------------------------------------------Kumtor Open Pit (4) (5) 9,339 2.4 712----------------------------------------------Kumtor Stockwork Underground (6) 2,002 11.0 705----------------------------------------------Kumtor SB Zone UG (6) 3,413 11.2 1,229----------------------------------------------Boroo (4) (7) 7,323 1.0 235----------------------------------------------Gatsuurt (4) (8) (16) 5,926 2.6 491----------------------------------------------Ulaan Bulag (9) 315 1.3 13----------------------------------------------ATO (10) 386 0.7 8----------------------------------------------Kara Beldyr (11) 3,354 2.0 211----------------------------------------------Oksut (12) 14,009 1.1 477----------------------------------------------------------------------------Total 46,067 2.8 4,081----------------------------------------------------------------------------1. The mineral reserves have been estimated based on a gold price of $1,350 per ounce.2. Mineral resources are in addition to reserves. Mineral resources do not have demonstrated economic viability.3. Centerra's equity interests as of this news release are: Kumtor 100%, Gatsuurt 100%, Boroo 100%, Ulaan Bulag 100%, ATO 100%, Oksut 100% and Kara Beldyr 70%. All contained ounces in table above are shown on a 100% basis.4. Open pit resources occur outside the current ultimate pits which have been designed using a gold price of $1,350 per ounce.5. The open pit reserves and resources at Kumtor are estimated based on a cut-off grade of 0.85 gram of gold per tonne for the Central Pit and 1.0 grams of gold per tonne for the Southwest, Sarytor and Northeast deposits.6. Underground resources occur below the Central pit and are estimated based on a cut-off grade of 6.0 grams of gold per tonne.7. The open pit reserves and resources at Boroo are estimated based on a 0.5 gram of gold per tonne cut-off grade.8. The open pit reserves and resources at Gatsuurt are estimated using either a 1.2, 1.4 or 1.5 grams of gold per tonne cut-off grade depending on ore type and process method and include the Central Zone and Main Zone deposits.9. The open pit resources at Ulaan Bulag are estimated on a cut-off grade of 0.8, 0.9 or 1.0 grams of gold per tonne depending on ore type and process method.10. The ATO open pit resources are estimated based on a Net Smelter Return (NSR) cut-off grade of $6.50 NSR per tonne for oxide mineralization and $25.50 NSR per tonne for sulphide mineralization.11. The open pit resources at Kara Beldyr are estimated based on a 1.0 gram of gold per tonne cut-off grade and the contained ounces are shown on a 100% basis.12. The Open pit resources at Oksut are estimated based on a 0.2 gram of gold per tonne cut-off grade.13. A conversion factor of 31.10348 grams per ounce of gold is used in the reserve and resource estimates.14. Numbers may not add up due to rounding.15. Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or part of the inferred resources will ever be upgraded to a higher category.16. In July 2009, the Mongolian Parliament enacted legislation that would prohibit mineral prospecting, exploration and mining in water basins and forest areas in the territory of Mongolia and provides for the revocation of mining and exploration licenses affecting such areas. The legislation exempts any "mineral deposit of strategic significance". If the legislation is not repealed or amended or if Gatsuurt is not designated as a "mineral deposit of strategic importance" that is exempt from this legislation, mineral reserves at Gatsuurt may have to be reclassified as mineral resources or eliminated entirely. Table 1 (cont.) 2012 Year-End Polymetallic Resource Summary (as of December 31, 2012)----------------------------------------------------------------- Contained Gold Gold Silver Tonnes Grade (22) (oz GradeCategory (000's) (g/t) 000's) (g/t)----------------------------------------------------------------- ATO Project (17) (18) (19) (20) (21) (23) (24)----------------------------------------------------------------- Oxide Mineral Resources (greater than $6.50 NSR cut-off Grade)-----------------------------------------------------------------Measured Resources 3,677 1.3 148 8.5-----------------------------------------------------------------Indicated Resources 3,294 0.7 78 7.2-----------------------------------------------------------------Measured and Indicated 6,971 1.0 226 7.9----------------------------------------------------------------------------------------------------------------------------------Inferred Resources (19) 87 0.8 2 4.9-----------------------------------------------------------------Sulphide Mineral Resources (greater than $25.50 NSR cut-off Grade)-----------------------------------------------------------------Measured Resources 5,986 1.7 318 8.02-----------------------------------------------------------------Indicated Resources 5,626 1.3 228 8.52-----------------------------------------------------------------Measured and Indicated 11,612 1.5 545 8.26----------------------------------------------------------------------------------------------------------------------------------Inferred Resources (19) 299 0.6 6 5.78--------------------------------------------------------------------------------------------------------------------------------------------- Contained Lead Contained Zinc Contained Silver Grade Lead Grade ZincCategory (oz 000's) (%) (lb 000's) (%) (lb 000's)---------------------------------------------------------------------------- ATO Project (17) (18) (19) (20) (21) (23) (24)---------------------------------------------------------------------------- Oxide Mineral Resources (greater than $6.50 NSR cut-off Grade)----------------------------------------------------------------------------Measured Resources 1,010----------------------------------------------------------------------------Indicated Resources 758----------------------------------------------------------------------------Measured and Indicated 1,768--------------------------------------------------------------------------------------------------------------------------------------------------------Inferred Resources (19) 14----------------------------------------------------------------------------Sulphide Mineral Resources (greater than $25.50 NSR cut-off Grade)----------------------------------------------------------------------------Measured Resources 1,543 0.979 129,197 1.704 224,874----------------------------------------------------------------------------Indicated Resources 1,541 0.803 99,598 1.447 179,474----------------------------------------------------------------------------Measured and Indicated 3,085 0.894 228,795 1.579 404,349--------------------------------------------------------------------------------------------------------------------------------------------------------Inferred Resources (19) 56 1.025 6,757 2.306 15,201----------------------------------------------------------------------------17. Mineral resources have been estimated on the following metal prices (gold $1,350 per ounce), (silver $20 per ounce), (lead $ 0.87 per lb), (zinc $0.87 per lb).18. Mineral resources do not have demonstrated economic viability.19. Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or part of the inferred resources will ever be upgraded to a higher category.20. Centerra's equity interest in the ATO project is 100%.21. Numbers may not add up due to rounding.22. The contained gold resources have also been included in Centerra's 2012 Year-end Gold Reserve and Resource Summary.23. The ATO resources are estimated based on a Net Smelter Return cut-off grade of $6.50 NSR per tonne for oxide mineralization and $25.50 NSR per tonne for sulphide mineralization.24. Variables used to calculate NSR values include: -- Oxide total recovery of gold=69.8% -- Oxide total recovery of Silver=56.7% -- Sulphide Net Smelter Return total recovery of gold=59.9% -- Sulphide Net Smelter Return total recovery of silver=48.5% -- Sulphide Net Smelter Return total recovery of lead=42.6% -- Sulphide Net Smelter Return total recovery of zinc=27.7% -- Payable royalty on total recovered gold=10.0% -- Payable royalty on total recovered silver=6.75% -- Payable royalty on total recovered lead=6.75% Table 2 Centerra Gold Inc. Reconciliation of Gold Reserves and Resources (in thousands of ounces of contained gold) (4) (8) (9)---------------------------------------------------------------------------- 2012 Addition December 31 2012 (Deletion) December 31 2011(1) Throughput(2) (3) 2012---------------------------------------------------------------------------- Gold Proven and Probable Mineral Reserves----------------------------------------------------------------------------Kumtor (5) 6,278 424 3,612 9,466----------------------------------------------------------------------------Boroo 298 110 (10) 178----------------------------------------------------------------------------Gatsuurt (7) (11) 1,489 0 0 1,489--------------------------------------------------------------------------------------------------------------------------------------------------------Total Proven and Probable Reserves 8,065 534 3,602 11,133-------------------------------------------------------------------------------------------------------------------------------------------------------- Gold Measured and Indicated Mineral Resources----------------------------------------------------------------------------Kumtor (6) 4,799 0 (2,270) 2,529----------------------------------------------------------------------------Kumtor Stockwork Underground 0 0 121 121----------------------------------------------------------------------------Boroo 242 0 0 242----------------------------------------------------------------------------Gatsuurt (7) (11) 426 0 0 426----------------------------------------------------------------------------Ulaan Bulag 73 0 0 73----------------------------------------------------------------------------ATO 824 0 (53) 771----------------------------------------------------------------------------Kara Beldyr 289 0 0 289----------------------------------------------------------------------------Oksut 0 0 682 682--------------------------------------------------------------------------------------------------------------------------------------------------------Total Measured & Indicated Resources 6,653 0 (1,520) 5,133-------------------------------------------------------------------------------------------------------------------------------------------------------- Gold Inferred Mineral Resources (10)----------------------------------------------------------------------------Kumtor Open Pit (6) 694 0 18 712----------------------------------------------------------------------------Kumtor Stockwork Underground 629 0 76 705----------------------------------------------------------------------------Kumtor SB Underground 1,760 0 (531) 1,229----------------------------------------------------------------------------Boroo 235 0 0 235----------------------------------------------------------------------------Gatsuurt (7) (11) 491 0 0 491----------------------------------------------------------------------------Ulaan Bulag 13 0 0 13----------------------------------------------------------------------------ATO 26 0 (18) 8----------------------------------------------------------------------------Kara Beldyr 211 0 0 211----------------------------------------------------------------------------Oksut 0 0 477 477--------------------------------------------------------------------------------------------------------------------------------------------------------Total Inferred Resources 4,059 0 22 4,081----------------------------------------------------------------------------(1) Reserves and resources as reported in Centerra's Annual Information Form filed in March 2012.(2) Corresponds to mill feed at Kumtor and mill feed or stacked ore on heap leach pad at Boroo.(3) Changes in reserves or resources, as applicable, are attributed to information provided by drilling and subsequent reclassification of reserves or resources, an increase in the gold price, changes in pit designs, reconciliation between the mill and the resource model, and changes to operating costs.(4) Centerra's equity interests as of this news release are as follows: Kumtor 100%, Gatsuurt 100%, Boroo 100%, Ulaan Bulag 100%, ATO 100%, Oksut 100% and Kara Beldyr 70%. Contained ounces are on a 100% basis in the table above at each property.(5) Kumtor open pit reserves include the Central Pit and the Southwest and Sarytor Deposits.(6) Kumtor open pit resources include the Central Pit, Southwest Deposit, Sarytor Deposit and Northeast Deposit.(7) Gatsuurt open pit reserves and resources include the Central Zone and Main Zone deposits.(8) Centerra reports reserves and resources separately. The amount of reported resources does not include those amounts identified as reserves.(9) Numbers may not add up due to rounding.(10) Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or part of the inferred resources will ever be upgraded to a higher category.(11) In July 2009, the Mongolian Parliament enacted legislation that would prohibit mineral prospecting, exploration and mining in water basins and forest areas in the territory of Mongolia and provides for the revocation of mining and exploration licenses affecting such areas. The legislation exempts any "mineral deposit of strategic significance". If the legislation is not repealed or amended or if Gatsuurt is not designated as a "mineral deposit of strategic importance" that is exempt from this legislation, mineral reserves at Gatsuurt may have to be reclassified as mineral resources or eliminated entirely.
