Centerra Gold Reports Third Quarter Earnings Before Unusual Items
of $0.02 per Share

Toronto, Canada, October 30, 2007: Centerra Gold Inc. (TSX: CG) today reported third quarter earnings before unusual items of $4.8 million or $0.02 per common share on revenues of $98.0 million, compared to net earnings of $11.5 million or $0.05 per common share on revenues of $76.3 million in the same quarter of last year.

During the third quarter of 2007, the Company recorded unusual items totaling $95.2 million resulting in a net loss of $90.4 million or $0.42 per share. The unusual items include a $90.3 million non-cash expense, which represents the value (as of September 30, 2007) associated with issuing 10 million treasury shares pursuant to a preliminary agreement with the Kyrgyz Government previously announced on August 30, 2007.

Consolidated gold production, on a 100% basis, for the third quarter of 2007 totaled 136,461 ounces in line with expectations at a total cash cost of $440 per ounce compared to 126,030 ounces at a total cash cost of $429 per ounce in the corresponding quarter of 2006. Cash provided by operations, net of working capital changes and other operating items was $29.3 million compared to $12.0 million in the third quarter of 2006.

Third Quarter Highlights

• Revised Kumtor's 2007 forecast gold production to 300,000 ounces.
• Completed an amended Boroo Stability Agreement which reaffirms the Company's rights to exploit the Boroo gold deposit.
• Reached a preliminary agreement with the Government of the Kyrgyz Republic for its full commitment to and support for the long-term operation of the Kumtor gold deposit.
• Received confirmation from the Mongolian Minister of Finance of the Government's willingness to conclude an Investment Agreement regarding the Gatsuurt Project.
• On track to access the SB Zone in second quarter 2008.

Subsequent to quarter-end:

• Centerra, Cameco and the Government of Kyrgyz Republic have agreed to extend to February 15, 2008 the deadline for completion of previously announced preliminary agreements.
• Completed the purchase of the remaining 5% minority interest in the Boroo Mine.

For the first nine months of 2007, net earnings before unusual items were $29.3 million or $0.13 per common share on revenues of $284.1 million and cash provided by operations amounted to $44.5 million. Consolidated gold production on a 100% basis totalled 422,880 ounces at a total cash cost of $397 per ounce. In the comparable period of 2006, Centerra reported net earnings of $58.7 million or $0.27 per common share on revenues of $276.1 million and cash provided by operations of $68.0 million. Consolidated gold production was 444,093 ounces at a total cash cost of $359 per ounce. After reflecting the unusual items recorded in the third quarter of 2007, the Company reported a net loss of $65.8 million or $0.30 per share for the nine month period.

Lower net earnings for the first nine months resulted primarily from the unusual items and lower gold production and sales volumes, which were partially offset by a higher realized gold price. During the first nine months gold production was lower reflecting lower grades and recoveries at both Kumtor and Boroo.

In a news release, dated July 19, 2007, the Company reported that at the Kumtor mine independent geotechnical experts had completed their preliminary analysis of the previously reported high wall waste dump movement and the preliminary findings of the glacial till characterization. They subsequently recommended stabilizing the area by using a less steep pit wall angle (original waste dump slopes were designed at a 33 degree angle) through the underlying till layer and overlying waste dump. An independent peer review panel concluded that the experts' work had been undertaken diligently and that based on available data the overall design was reasonable. The panel suggested certain additional work to further assess the slope stability. As the lower slope angles require the removal of more waste than previously planned, access to the SB Zone ore has been delayed until the second quarter 2008.

Access to the high-grade ore in the SB Zone will occur in the second half of 2008. Consequently, as stated in our July 19, 2007 news release, gold production at the Kumtor mine is forecast for 2007 to be approximately 300,000 ounces and total cash cost is expected to be $580 per ounce.

Further technical assessment, including additional geotechnical drilling, till analysis, dewatering tests and geophysical surveys, since the first quarter, now indicates that till layers are approximately 40% thinner than originally thought and that the till appears to be amenable to dewatering and therefore the designed pit wall angle may be able to be steepened to near the original design. If the pit wall angle can be steepened to near its original design it will require the removal of much less waste than originally expected in July, which is likely to lower costs in future years. The Company expects to announce with its year-end results a revised out look for life-of-mine production for Kumtor including an assessment on the impact if any on the reserves and resources.

The Company announced on August 3, 2007 that it and the Mongolian Government entered into an amended Boroo Stability Agreement. The Company and the Government of Mongolia agreed that effective January 1, 2007, the Boroo Project will be subject to the generally applicable 25% corporate income tax rate, which will apply until the termination of the Boroo Stability Agreement in July 2013. In addition, effective August 3, 2007, the mineral royalty payable will be 5% rather than the 2.5% previously applicable. This agreement with the Mongolian government reaffirms the applicability of the Boroo Stability Agreement and reaffirms the Company's rights to exploit the Boroo gold deposit under a stable tax and operational regime in Mongolia.

In August, Centerra, Cameco and the Government of the Kyrgyz Republic entered into preliminary agreements on certa in outstanding issues regarding the Kumtor project. The parties have agreed to extend the deadline for closing the transactions contemplated by the agreements from October 31, 2007 to February 15, 2008.

The preliminary agreements are subject to the satisfaction of certain conditions, including approval of the Parliament of the Kyrgyz Republic, Centerra's board of directors and Cameco's board of directors, the completion and signing of final agreements among Centerra, Cameco and the Government and any required regulatory or other approvals. The terms of Centerra's preliminary agreement with the Government ("Agreement on New Terms") were disclosed in the Company's news release of August 30, 2007. The Agreements on New Terms between Centerra and the Government provides for the Government's full commitment to and support for Centerra's continuing long-term operation and development of the Kumtor project, provides that Kumtor's current tax regime will be replaced with a s implified new tax rate for the Kumtor project applied to proceeds from products sold at the rate of 11% in 2008, 12% in 2009 and 13% thereafter and enlarges the Company's existing concession area by over 25,000 hectares to include all territory covered by the current exploration license. The revised tax regime is expected to provide more cash flow certainty to the Kyrgyz Republic (because taxes will be based on revenue and not income), to be beneficial to the Kumtor project at current gold prices and to reduce the administrative burden to both parties by significantly reducing the complexity of calculating and administering taxes.

Upon the satisfaction of the conditions to completion, Cameco will transfer 32.3 million shares of Centerra to the Kyrgyz Government; 17.3 million of such shares will be held in escrow to be released within four years subject to earlier release in certain circumstances. The Company has entered into an agreement with Cameco to issue 10 millio n treasury shares of Centerra to Cameco after the transfer of shares by Cameco to the Government. After completion of the transactions, the Kyrgyz Government will own 29.3% of Centerra, Cameco will own 40.5% and the balance, 30.2%, will be held by public shareholders.

The Government submitted the preliminary agreements for Parliamentary approval in early September 2007. The Parliament began to deliberate the issue during the first half of October. On October 8, 2007 the Parliament asked the Parliamentary Committee on Industry and Trade to review the preliminary agreements and give its conclusion. On October 10, 2007 the Chair of the Parliamentary Committee on Industry and Trade requested additional time for consideration and the Parliament scheduled its final voting on the issue for October 22, 2007.

On October 21, 2007, the citizens of the Kyrgyz Republic voted in a referendum on drafts of a new constitution and new electoral law proposed by the President of the Kyrgyz Republic. The President signed both into law on October 23, 2007. Under the terms of the new constitution, the number of parliamentarians will increase to 90 from 75. The new electoral law contemplates party slate nomination of parliamentary candidates, rather than individual mandates. The political party holding the majority of parliamentary seats will form the new government. On October 22, 2007, the President dismissed the Parliament effective that day.

New parliamentary elections have been scheduled for December 16, 2007. On October 24, 2007, the President accepted the resignation of the Prime Minister and cabinet; however the President directed them to continue to perform their duties until a new cabinet is formed following the parliamentary elections.

The agreements being considered by Parliament have been approved by the Kyrgyz Government, but Parliament was dismissed prior to voting. While approval by Parliament cannot be assured, the Kyrgyz Government has indicated that it intends resume its efforts to obtain Parliamentary approval once the new Parliament is in place and to satisfy the other conditions to completion.

Commentary
"We are very pleased to have come to agreements in the quarter with the governments of our respective host countries," said Len Homeniuk, President and CEO. "These agreements provide for stable and economically attractive operational environments, which in turn solidifies our presence in these countries. The new Boroo Stability Agreement paves the way for us to advance and finalize a Gatsuurt Investment Agreement, while in the Kyrgyz Republic, the Government's increased shareholding in the Company would further align our interests. As we complete more technical assessment and geotechnical drilling at Kumtor we are getting encouraging results regarding the till layer, which may allow us to improve on conservative designs to stabilize the waste dump slopes. We c ontinue to be on track to access the highgrade Kumtor SB Zone in the second half of 2008".

Financial Summary - Third Quarter 2007
Revenue in the third quarter of 2007 increased to $98.0 million from $76.3 million in the same quarter last year reflecting higher gold sales, higher production volume and higher realized gold price. Centerra realized an average gold price of $680 per ounce for the third quarter of 2007, an increase of $63 over the $617 per ounce realized in the same quarter of 2006.

Total consolidated production on a 100% basis for the three months ended September 30, 2007 at Kumtor and Boroo mines was 136,461 ounces of gold compared to 126,030 ounces of gold in the third quarter of 2006 due primarily to higher production at Kumtor as a result of higher grades and recoveries since 2006 results were affected by the pit wall movement in July 2006.

The third quarter production was down from the 153,000 ounces produced in the second quarter of 2007 due to lower production at Kumtor as a result of the lower grades and lower production at Boroo as a result of lower grades and recoveries.

Using the Gold Institute standard, Centerra's total cash cost per ounce of gold was $440 for the third quarter, compared to $429 recorded in the same period of 2006. The increase mainly reflects lower production at the Boroo mine as a result of lower head grades and lower recovery due to the mining of more transition ore. (Total cash cost is a non-GAAP measure and is discussed under "Non-GAAP Measure - Total Cash Cost" in the Management's Discussion and Analysis for the three months ended September 30, 2007, issued in conjunction with this press release.)

For the third quarter of 2007, earnings before unusual items were $4.8 million or $0.02 per common share, compared to net earnings of $11.5 million or $0.05 per common share in the same quarter of last year, reflecting higher income taxes due to the Boroo mine becoming taxable. After recording unusual items totaling $95.2 million in the third quarter of 2007, the Company reported a net loss after unusual items of $90.4 million or $0.42 per share.

For the three months ended September 30, 2007, cash provided by operations was $29.3 million compared to $12.0 million for the prior year third quarter reflecting lower net earnings and increased working capital levels due to the timing of gold shipments which increased inventory, and increased payables in 2007.

Capital expenditures in the third quarter of 2007 amounted to $37.3 million of which $8.3 million was spent on sustaining capital projects and the balance on growth projects. Centerra's cash position at the end of September, 2007 was $133.9 million, compared to $186.2 million at December 31, 2006. The Company has no gold hedge positions and has sufficient cash to carry out its operational business plan in 2007.

Operations Update - Third Qu arter
At the Kumtor mine, gold production was 78,000 ounces in the third quarter of 2007, compared to 53,000 ounces in the third quarter of 2006. During the quarter, a total of 1.4 million tonnes was milled with a mill head grade of 2.11 g/t and an average recovery rate of 77.9%, compared to 1.4 million tonnes with a mill head grade of 1.64 g/t and an average recovery rate of 64.4% in the third quarter of 2006. The higher gold production in 2007 is due to higher ore grades and recoveries reflecting the fact that 2006 production was impacted following the pit wall movement in July 2006.

Total cash costs per ounce, a non-GAAP measure of production efficiency, at Kumtor improved to $562 in the third quarter of 2007 from $719 per ounce in the same period in 2006. The total cash cost is down from the comparable period as a result of the higher gold production due to higher grades and improved recoveries.

The SB Underground Project has commenced with the initial berm cuts to prepare the area and allow establishment of the underground access portal. The lay down area has been established and all major and most of the minor equipment has been ordered. The mobile equipment which has been stored at the manufacturers' yards is now being transported to site. Existing Kumtor equipment will be available in November to begin the larger and more significant portal development cuts.

During the third quarter of 2007 capital expenditures at Kumtor were $26.1 million, of which $5.6 million was for sustaining capital and the balance on growth projects.

At the Boroo mine, gold production was 59,000 ounces in the third quarter of 2007, compared to 73,000 ounces in the third quarter of 2006. During the quarter, a total of 631,000 tonnes was milled with a mill head grade of 3.61 g/t and a recovery rate of 81.9%, compared to 640,000 tonnes with a mill head grade of 4.15 g/t and a recovery rate of 84.7% in the third quarter of 20 06. Lower gold production is due the lower grade and recovery. The recovery of gold at Boroo has been negatively affected by the changing metallurgical nature of the ores in Pit #3 as they were more refractory than the oxide ores mined in previous quarters.

Total cash costs per ounce, a non-GAAP measure of production efficiency, at Boroo increased to $280 for the third quarter of 2007 from $220 per ounce in the same period in 2006. The increase is primarily the result of lower production and the completion of Pit 6 pre-stripping. Capitalization of pre-stripping for Pit 6 amounted to $2.0 million in the quarter and $7.7 million in the first nine months of 2007.

The Boroo Heap Leach Project was initiated in the spring of 2007. The heap leach construction is well underway, the emergency and pregnant ponds are 100% lined, concrete bases and footings for the recovery plant have been completed and structural steel erection for the building is underway.

The hea p leach pad has been divided into four cells for operations and construction purposes. The pads' LLDPE lining system is 100% complete at cell 4 and 3 and cell 2 is 35% complete. Crushed drainage material is currently being placed on cell 4. The remaining portions of Cell 2 and Cell 1 are prepared for lining but due to the colder weather, it is planned to complete the placement of the synthetic lining system in the summer of 2008.

During the third quarter of 2007 capital expenditures at Boroo were $10.7 million, of which $2.6 million was for sustaining capital.

Exploration Update

Kyrgyz Republic
During the third quarter, exploration drilling programs continued in the Kumtor Central Pit area and at the Sarytor deposit. Drill testing of targets in the Northeast area and in proximity to the Southwest deposit was also started in the third quarter. In addition, up to four drills were also engaged in geotechnical drilling pr ograms that are also ongoing in the Central Pit and Sarytor areas.

Kumtor Pit
Three drills were active for most of the third quarter in the area of Central Pit focusing on wide-spaced drill testing for strike and down dip extensions to the main mineralized horizons in a relatively un-drilled area to the northeast of the pit high-wall. The main targets were tested over a strike length of 200 metres between 3900 metre and 3550 metre elevation levels (between 300 metres and 850 metres below surface).

Three Diamond drill holes were completed to their target depths ranging from 642 metres to 921 metres. Two drill holes did not reach their planned target depths and were terminated early due to technical drilling problems. The three drill holes that were completed returned results ranging from 1.9 to 12.9 g/t Au over widths from 2.0 to 24.3 metres.

One drill hole, D1165, 500 metres northeast of the NE end of the Central Pit encountered 8.61 g/t Au over 13.9 metres at an elevation of 3,700 metres. This is at the same elevation as D1133A, approximately 700 metres to the northeast, which was completed in the first quarter of 2007 and returned an intercept of 2.1 g/t Au over 17.4 metres. Further drilling is required to determine continuity of the mineralization. True widths of the mineralized zones are typically from 70% to 95% of the stated intercepts.

Drilling is continuing in the fourth quarter of 2007 to further test the northerly strike extension of the Kumtor mineralized structure with widely spaced drill holes at different elevations.

Sarytor
One drill was active on exploration targets in the Sarytor area with seven holes completed to test the steeply dipping mineralized structure identified on the northwest corner of the Sarytor deposit outside of the planned open pit. This zone was first intersected in hole SR 06-151, completed in the fourth quarter of 2006, which returned an intercept of 3.36 g/t Au over 79.8 metres. Two of the three follow up holes completed in the first quarter of 2007 intersected the
steeply dipping mineralized structure that returned assays of 4.34 g/t Au over 68.8 metres and 1.99 g/t Au over 14.2 metres. Of the seven holes completed in the third quarter of 2007, five intersected significant mineralization that has confirmed the previously identified mineralized zone and extended the mineralized zone 100 metres to the northeast with results ranging from 1.3 to 8.4 g/t Au over widths from 1.0 to 25.2 metres. True widths of the mineralized zones are typically from 70% to 95% of the stated intercepts.

Further drilling will be conducted in the fourth quarter to test the down dip and strike extensions of the NE-SW striking mineralized zones.

A complete listing of the drill results and supporting maps for the Kumtor pit and Sarytor are available at the company's web site at: www.centerragold.com

Political Environment

Kyrgyz Republic
There is a discussion of Kyrgyz Republic political matters earlier in this release.

Mongolia
On August 3, 2007 the Company's subsidiary Boroo Gold Company entered into an amended Boroo Stability Agreement with the Government of Mongolia reaffirming Centerra's rights to exploit the Boroo gold deposit under a stable tax and operational regime.

Centerra and the Government of Mongolia agreed that, effective January 1, 2007, the Boroo project will be subject to the generally applicable 25% corporate income tax rate, which will apply until the termination of the Boroo Stability Agreement in July 2013. Under the previous agreement, Centerra was subject to income tax at the rate of 20% for the three-year period commencing March 1, 2007 and 40% thereafter. In addition, effective August 3, 2007, the mineral royalty payable will be 5% rather than the 2.5% previously applicable. This agreement with the Mongolian government reaffirms the applicability of the Boroo Stability Agreement.

Centerra also received a letter from the Minister of Finance confirming the government's willingness to conclude an Investment Agreement on the Gatsuurt project and to advance the approval and registration of reserves with the applicable Mongolian authorities, and anticipates such registration may be completed this fall. An agreement on Gatsuurt will solidify Centerra's current position in Mongolia, provide for a stable operational environment, and allow Centerra to review its exploration and growth strategy.

The Mongolian Parliament continues to debate recent changes to mining legislation and the applicability of the windfall profit tax as well as State participation in various mining projects. The windfall tax applies at the rate of 68% on sales of gold above $500 per ounce. Under the new minerals law, Parliam ent may designate deposits as strategic and the State may take up to a 34% interest in those strategic deposits in respect of which exploration was funded privately or 50% interest in those strategic deposits in respect of which exploration was funded by the State. On February 6, 2007, Parliament designated the Boroo deposit as strategic but resolved that the State would take no interest as the deposit would continue to be subject to the terms of the existing amended Stability Agreement. While the Government has acknowledged that neither the windfall profit tax nor the strategic deposit provisions will apply to the Boroo
project, it has not yet agreed to provide similar protection to the Company's Gatsuurt project and may yet determine Gatsuurt to be of strategic importance. The government seems to be preoccupied with establishing investment agreements for all the designated strategic deposits and accordingly is placing little emphasis on advancing Gatsuurt.

Pursua nt to an agreement between Centerra Gold Mongolia Limited ("CGM") and Gatsuurt LLC, an arm's length Mongolian limited liability company, under which CGM acquired the Gatsuurt licenses, CGM agreed to transfer the license that covers the Central Zone of the Gatsuurt property to Gatsuurt LLC if CGM did not complete a feasibility study by December 31, 2005. CGM completed a feasibility study in December 2005. In early 2006 Gatsuurt LLC informed Centerra that it does not believe that CGM complied with its obligation. In December 2006, Gatsuurt LLC began proceedings in the Mongolian National Arbitration Court ("MNAC") alleging non-compliance by CGM and seeking the return of the license. CGM believes that the Gatsuurt LLC claim is without merit and on July 10, 2007 filed a petition with Mongolia's District Court contesting the jurisdiction of the MNAC. In its first hearing on procedural matters, held on July 20, 2007, the MNAC decided to suspend its proceedings, pending a decision b y the Mongolian District Court as to MNAC's jurisdiction. On July 25, 2007, the Mongolian District Court returned CGM's petition, without a decision on the jurisdictional issue, to permit CGM to supplement its submissions. All proceedings were suspended in August 2007 pending the outcome of on-going settlement discussions between CGM and Gatsuurt LLC.

On March 13, 2007, the Company suspended its development operations at Gatsuurt, other than those necessary to maintain the property in good standing and comply with permits, pending finalization of the terms of an investment agreement with the Government and the claim by Gatsuurt LLC being resolved. As at September 30, 2007, the Company has made an aggregate of $19 million in expenditures on the exploration and development of Gatsuurt and the property has a recorded book value of $2.4 million. Upon a satisfactory investment agreement being reached and the claim by Gatsuurt LLC being resolved, the Company expects to begi n the first stage of development of Gatsuurt, budgeted at $20 million, to construct a 54 kilometre access road and mine facilities at Gatsuurt, procure required mobile mining equipment and expand the camp at Boroo to allow for processing of Gatsuurt ore.

Board Changes
Mr. Jerry Grandey, President and Chief Executive Officer of Cameco Corporation has retired from the Board of Directors of Centerra. Mr. Kim Goheen Senior Vice President and Chief Financial Officer of Cameco, has been appointed to the Board to fill this vacancy.

Outlook for 2007
Gold production for the full year 2007 at the Kumtor mine is forecast to be approximately 300,000 ounces as a result of the implementation of the stabilization plan for the SB Zone pitwall as previously disclosed on July 19, 2007. Total cash cost for 2007 is expected to be $580 per ounce.

At Boroo, the Company expects, on a 100% basis, production of 250,000 to 260,000 ounces o f gold in 2007. Total cash cost is expected to be $250 to $260 per ounce in 2007.

Overall, Centerra expects consolidated gold production in 2007 of 550,000 to 560,000 ounces. Total cash costs are expected to be $430 to $440 per ounce in 2007.

In terms of sensitivity of results for the last six months of 2007, a $25 per ounce change in the gold spot price is anticipated to affect revenues, net earnings and cash from operations by approximately $3.3 million, $2.7 million or $0.01 per share and $2.7 million, respectively.

The outlook noted above for the Company is based on the following key assumptions:

• no significant changes in our estimates of future production or costs,
• no delays in or interruption of production from our mines or in our development activities,
  and
• all necessary permits, licences and approvals are received in a timely manner.

Qualified Person
The new drilling results for Kumtor in this news release and on Centerra's website and the scientific and technical information, in this news release were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and were reviewed, verified and compiled by Centerra's geological and mining staff under the supervision of Ian Atkinson, Certified Professional Geologist, Centerra's Vice-President, Exploration, who is the qualified person for the purpose of NI 43-101.

The Kumtor deposit is described in Centerra's Annual Information Form (the "AIF") for the year ended December 31, 2006 and in a technical report dated March 9, 2006 prepared in accordance with NI 43-101. The AIF and technical report have been filed on SEDAR at www.sedar.com. The technica l report describes the exploration history, geology and style of gold mineralization at the Kumtor deposit. Sample preparation, analytical techniques, laboratories used and quality assurance-quality control protocols used during the drilling programs at the Kumtor site are the same as, or similar to, those described in the technical report.

Cautionary Note Regarding Forward-looking Statements
Certain information contained or incorporated by reference herein which are not historical facts are "forward-looking statements" within the meaning of certain securities laws, including the Securities Act (Ontario). Such forward-looking statements involve 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 statements. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are inherently subject to significant 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 statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things: volatility and sensitivity to market prices for gold; replacement of reserves; procurement of required capital equipment and operating parts and supplies; equipment failure; unexpected geological or hydrological conditions; inability to enforce legal rights; defects in title; litigation or arbitration proceedings in which third parties claim title to properties or assets of the Company; imprecision in reserve estimates; success of future exploration and development initiatives; competition; operating performance of the facilities; environmental and safety risks including increased regulatory burdens; seismic activity, weather and other natural phenomena; the speculative nature of exploration and development, including the risks of obtaining necessary permits and approvals from government authorities; changes in national and local government legislation, taxation, controls, regulations, policies and political or economic developments in Canada, the United States, Mongolia, Kyrgyzstan, or other countries in which we do or may carry on business in the future; employee relations; and other development and operating risks. For further discussion of the factors that could cause actual results to differ materially, please refer to Centerra's Annual Information For m and Annual Management's Discussion and Analysis for the year ended December 31, 2006, available on SEDAR at www.sedar.com.

About Centerra
Centerra is a growth-oriented, pure-play gold company focused on acquiring, exploring, developing and operating gold properties primarily in Central Asia, the former Soviet Union and other emerging markets. Centerra is a leading North American-based gold producer and the largest Western-based gold producer in Central Asia and the former Soviet Union. Centerra's shares trade on the Toronto Stock Exchange (TSX) under the symbol CG. The Company is based in Toronto, Canada.

Conference Call
Centerra invites you to join its third quarter conference call on Wednesday, October 31, 2007 at 11:00 am. Eastern Time. The call is open to all investors and the media. To join the call, North American participants shoul d dial the toll-free number (800) 926-5085. International participants may access the call at (212) 231-2911. The call will also be web cast live on the internet at www.centerragold.com. An audio recording of the call will be available on www.centerragold.com approximately two hours after the call and via telephone until midnight on Wednesday, November 7, 2007 and can be accessed by calling (800) 558-5253 or (416) 626-4100 and using the passcode 21352736.

THIS PRESS RELEASE CONTAINS FINANCIAL STATEMENTS.  CLICK HERE TO VIEW ORIGINAL PDF RELEASE.

FOR MORE INFORMATION:
JOHN W. PEARSON
DIRECTOR INVESTOR RELATIONS
(416) 204-1241
JOHN.PEARSON@CENTERRAGOLD.COM

RENMARK FINANCIAL COMMUNICATIONS INC.
HENRI PERRON : HPERRON@RENMARKFINANCIAL.COM
BRYAN NEEBAR : BNEEBAR@RENMARKFINANCIAL.COM
TEL. : (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM

ADDITIONAL INFORMATION ON CENTERRA IS AVAILABLE ON THE COMPANY'S WEB SITE AT: WWW.CENTERRAGOLD.COM AND AT SEDAR AT WWW.SEDAR.COM.