Centerra Gold Reports Third Quarter Earnings of $0.08 Per Share

(This news release contains forward-looking information that is subject to the risk factors and assumptions set out on page 9 and in our Cautionary Note Regarding Forward-looking Information on page 12. All figures are in United States dollars.)

TORONTO, ONTARIO -- October 31, 2008 - Centerra Gold Inc. (TSX:CG) today reported third quarter net earnings of $16.9 million or $0.08 per common share based on revenues of $139.4 million compared to net earnings before unusual items of $4.8 million or $0.02 per common share on revenues of $98.0 million in the same quarter of last year. In the third quarter of 2007 after reflecting unusual items, the Company recorded a loss of $90.4 million or $0.42 per common shares.

Centerra's consolidated gold production for the third quarter of 2008 totaled 186,145 ounces at a total cash cost of $498 per ounce compared to 136,461 ounces at a total cash cost of $440 per ounce in the corresponding quarter of 2007. Cash provided by operations, net of working capital changes and other operating items was $24.4 million compared to $29.3 million in the third quarter of 2007. (Total cash cost is a non-GAAP measure and is discussed under "Non-GAAP Measures" in the Management's Discussion and Analysis issued in conjunction with this news release).

As disclosed in the Company's news release of September 25, 2008, Centerra agreed to suspend the international arbitration proceedings initiated by the Company, which had been previously postponed to September 29, 2008. The Company continues to hold discussions with Cameco Corporation and the Government working group responsible for Kumtor and the parties have agreed that this suspension will allow for these discussions to continue and for the parties to concentrate on resolving outstanding issues relating to the project. See "Other Corporate Developments - Kyrgyz Republic".

Third Quarter Events

• Suspended international arbitration proceedings, as negotiations continue.
  
  
• Gold production and operations continue uninterrupted at Kumtor and the heap leach facility at Boroo has commenced gold production.
  
  
• Higher grade material being accessed in the SB Zone at Kumtor.
  
  
• Exploration joint ventures signed in Russia (Tyva Republic) and Turkey.
  
  
• Surface mapping and sampling continued on the Tonopah Divide project in Nevada.

Commentary

Stephen Lang, President and CEO of Centerra Gold commented, "The operations during the quarter provided strong cash flow, contributing $63 million year-to-date. I can report that our discussions are continuing with the Kyrgyz Government and the suspension of the international arbitration indicates that those discussions are continuing. The higher grade portion of the SB Zone at Kumtor was reached in September, but head grades at the early stage of the high-grade development were lower than expected. While we are starting to see much better grades at Kumtor, as we get deeper into the SB Zone, we have revised our guidance to reflect the lower than anticipated gold production for the third quarter. There will be a significant increase in gold production in the fourth quarter at Kumtor as we mine the higher-grades in the SB Zone."

Financial and Operating Summary

Revenues for the third quarter of 2008 were $139.4 million compared to $98.0 million during the same period one year ago. Third quarter 2008 revenue reflects a 26% increase in realized gold price ($860 per ounce in the third quarter of 2008 versus $680 per ounce in the third quarter of 2007).

The Company produced a total of 186,145 ounces in the third quarter of 2008, up from 158,303 ounces of gold in the second quarter of 2008 and the 136,461 ounces of gold produced in the third quarter of 2007.

Centerra's total cash cost per ounce of gold was $498 in the third quarter compared to $440 in the third quarter of 2007. The year-over-year increase in unit cash costs was primarily due to a $61 per ounce increase in operating costs resulting from reduced deferred stripping in 2008, an $18 per ounce increase in consumable costs, partially offset by the impact of higher grades and recoveries at Kumtor. (Total cash cost is a non-GAAP measure and is discussed under "Non-GAAP Measures" in the Management's Discussion and Analysis for the three months ended September 30, 2008, issued in conjunction with this news release.)

Cash provided by operations was $24.4 million for the third quarter of 2008 compared to $29.3 million for the prior year third quarter. The decrease reflects the higher working capital levels partially offset by increased gold sales and higher average gold price received.

Capital expenditures in the third quarter of 2008 amounted to $29.3 million of which $14.5 million was spent on sustaining capital projects and $14.8 million invested in growth capital, the major components are related to the SB Zone underground development at Kumtor ($3.1 million), completion of the heap leach facility at Boroo ($2.5 million) and Pit 3 pre-stripping at Boroo ($5.0 million).

During the third quarter of 2008, the Company paid down a $10 million revolving credit facility taken out in 2007. The facility remains available for future use. After repaying the $10 million revolving credit facility, Centerra's cash position at the end of September 2008 was $91.8 million, compared to $105.5 million at December 31, 2007.

Exploration expenditures for the third quarter were $5.6 million dollars compared to $3.9 million in the third quarter of 2007 reflecting higher spending at Kumtor in 2008.

Other Corporate Developments

Kyrgyz Republic

On June 2, 2008, the Company reported that the previously announced framework agreements entered into between the Company, Cameco Corporation and the Government of the Kyrgyz Republic (the "Government") on August 30, 2007 had not been ratified by the Parliament of the Kyrgyz Republic within the time frame agreed by the parties and had therefore expired.

Under the circumstances and in response to court proceedings described below, on June 4, 2008, the Company resumed international arbitration previously initiated by the Company in accordance with its Investment Agreement, which provides that all disputes with respect to the project are subject to international arbitration. As discussed below, the arbitration proceedings were suspended in September 2008 to allow for the continuation of discussions with Cameco and the Government regarding outstanding issues related to the project.

As previously disclosed, a Vice-Speaker of the Parliament, K.S. Isabekov, has filed two lawsuits against the Government of the Kyrgyz Republic seeking to invalidate the licenses and agreements pursuant to which the Kumtor mine is operated. Although the Company and its subsidiary Kumtor Gold Company (KGC), the owner of the project, were not parties to those lawsuits, and despite their objections to the court's jurisdiction on the basis of the Investment Agreement's arbitration clause and the ongoing international arbitration, they have since been ordered to appear as third parties by the Kyrgyz court.

The Vice-Speaker's lawsuits seek to annul: (i) the Government's decree approving the December 31, 2003 agreements implementing the restructuring of the project; (ii) the 2003 agreements giving effect to the restructuring, including the Investment Agreement and the Concession Agreement providing for Kumtor's right to explore and develop the main Kumtor deposit within the Kumtor concession; (iii) the exploration license covering all of the Kumtor deposits; (iv) the mining license covering the Southwest Zone; (v) the mining license covering the Sarytor area; (vi) the Government's decree approving the 1993 Concession Agreement (superceded by the 2003 Concession Agreement); and (vii) the 1993 Concession Agreement itself. The Vice-Speaker argues that the 2003 agreements and 1993 Concession Agreement required Parliamentary approval to be effective and that as no such approval was obtained, such agreements are void. He also argues that the licenses are invalid becaus e they were granted without a competition having been held and pursuant to agreements that are themselves invalid for lack of Parliamentary ratification.

As previously reported, on May 12, 2008, the Supreme Court of the Kyrgyz Republic, pending resolutions of the claims before the lower courts, issued an order suspending: the 2003 decree; the 2003 Concession Agreement; and the mining and exploration licenses. Acting on the order, the State Agency on Geology and Mineral Resources Management notified Kumtor that as issues relating to the 2003 decree and the Concession Agreement are regulated by "international legislation", operations within the concession area as well as work on the underground decline (to further develop the SB zone) should be continued but that operations on the licenses should be stopped. In response to the notice, Kumtor halted activity on the mining and exploration licenses and suspended development of the Sarytor deposit. All Kumtor mining operations are taking place in the concession area and continue uninterrupted.

On June 17, 2008, as has previously been reported, the Bishkek Inter District Court issued an order invalidating the Southwest and Sarytor mining and Kumtor exploration licenses.

Having been joined involuntarily as third parties, KGC and the Company are now defending the validity of the agreements, licenses and decrees in the Kyrgyz court actions on procedural and substantive grounds. At the same time, KGC and the Company are maintaining their position that the Investment Agreement's arbitration clause confers exclusive jurisdiction over questions surrounding the validity of the agreements and licensees on the international arbitration tribunal. With respect to the relevant agreements and decrees, at the time of the 2003 restructuring the Kyrgyz Ministry of Justice issued various legal opinions repeatedly affirming that the Government had the legal capacity to enter into and perform the agreements.

After reactivating the international arbitration proceedings on June 2, 2008, Centerra and KGC, on June 13, 2008, added claims based on the Vice-Speaker's lawsuits and their consequences. At the initial conference on June 23, 2008, Centerra filed an application for interim relief in the arbitration, requesting that all parties to the arbitration be directed to maintain the status quo and treat the licenses, agreements and decrees at issue in the Kyrgyz Republic as valid and enforceable. The Kyrgyz Republic has taken the position in its response to such application that, among other things, the 2003 Investment Agreement required but did not receive Parliamentary approval and therefore is not in effect.

On August 26, 2008, the Bishkek Inter-District Court of the Kyrgyz Republic dismissed the vice-speaker's lawsuit relating to the Government decrees and the 2003 Kumtor Agreements. The Company cautions that the court's ruling does not resolve the principal matters at issue between the Company and the Kyrgyz Republic. As well, the ruling had no effect on the previously reported court decision (June 17, 2008) to invalidate the exploration and development licenses referred to above. The dismissal is under appeal by the vice-speaker.

Centerra is continuing to hold discussions with the Government working group responsible for the negotiations in respect of Kumtor. To allow for such discussions to continue and for the parties to concentrate on resolving outstanding issues related to the project, Centerra agreed to suspend the international arbitration proceedings initiated by the Company, which had been previously postponed to September 29, 2008.

Since February of 2008, Kumtor has been made the subject of several new tax assessments and other proceedings in the Kyrgyz Republic. These include an investigation by the Kyrgyz Republic financial police into alleged tax evasion in relation to the grant of tax exemptions pursuant to the Investment Agreement governing the Kumtor project and an audit by the state tax inspectorate to determine the amount of taxes that Kumtor would have owed for the years 2005 to 2008 had the Investment Agreement and the Concession Agreement relating to the project not been in effect. The financial police have requested, and have been provided by Kumtor with, information and documents relating to the project and have interviewed senior Kumtor personnel. Kumtor has also received assessments from tax authorities relating to value-added taxes, land taxes and customs duties alleged to be owed by Kumtor. Kumtor is cooperating with the relevant authorities and continues to pay all tax es in accordance with applicable laws and the Investment Agreement and believes that there is no basis for these investigations or assessments.

Mongolia

On June 29, 2008, Mongolia held parliamentary elections. The Mongolian People's Revolutionary Party (MPRP), who held a slight majority in the prior parliament, obtained 45 out of 76 seats and the Mongolian Democratic Party obtained 28 seats. Despite the fact that the MPRP won a clear majority in the elections, a Coalition Government was formed and, as a result of government restructuring a new ministry of mining was established. Centerra expects that the new government will resume negotiations with respect to an investment agreement for the Gatsuurt Project. The Mongolian Parliament has established a new working group to consider revisions to its mineral law, including possible changes to the windfall profits tax.

Operations Update

Kumtor

At the Kumtor mine, gold production was 133,813 ounces in the third quarter of 2008 representing a 73% increase from the same quarter in 2007, due to higher ore grades and increased recovery. The ore grade in the third quarter averaged 3.63 g/t with a recovery of 79.4% compared to 2.11 g/t with a recovery of 77.9% in the same quarter of 2007. While the gold production was 20% higher in third quarter of 2008 than the second quarter of 2008, the high grade SB Zone was reached in September as planned, however, head grades at this early stage of development were lower than expected.

Total cash cost per ounce, a non-GAAP measure of production efficiency, was virtually unchanged in the third quarter year-over-year at $561, but decreased from $631 in the second quarter of 2008. The 2008 cash cost per ounce reflects higher mining costs ($164 per ounce) resulting from an increase in mining expenses and capitalization of pre-stripping costs related to the SB Zone in 2007, higher milling costs ($32 per ounce), higher administration costs ($32 per ounce), higher taxes (unrelated to income) and other costs ($7 per ounce), offset by an increase in ounces produced ($235 per ounce).

Mine fleet maintenance costs increased due to the additional costs of maintaining the expanded fleet, which includes thirty CAT 785 haul trucks and four Leibherr shovels acquired during 2006 and 2007 and the existing thirty-nine CAT 777 trucks, that have undergone replacement and repairs to attain industry standards for mechanical availability and utilization. Major mine consumables costs increased primarily due to higher commodity prices and higher consumption resulting from increased material movement.

Exploration expenditures totaled $3.6 million for the third quarter of 2008, an increase from $2.3 million in the third quarter 2007, primarily as a result of increased drilling activity.

During the third quarter of 2008 capital expenditures were $18.4 million which included $11.2 million sustaining capital spent mainly on the tailings dam build-up, shear key construction and till dewatering program, one bulldozer and the CAT 785 haul trucks major overhaul program. In addition $7.2 million was invested in growth capital mainly for the SB Zone underground development ($3.1 million) and the purchase of two new CAT 785 haul trucks ($3.8 million).

The SB Zone underground decline has advanced 102 metres. The underground development continues to advance towards the hanging wall of the Kumtor fault zone.

Boroo

At the Boroo mine in the third quarter of 2008, gold production was 52,332 ounces (including heap leach production), 6,625 ounces lower than the third quarter of 2007 due to reduced ore grades, 2.58 g/t versus 3.61 g/t 2007 and lower recovery 70.5% compared to 81.9%. During the third quarter 2008, the heap leach facility commenced gold production resulting in 12,810 ounces produced from the heap leach. The Company is currently in discussions with the Mongolian government agencies to extend the temporary permit and to get the final permits and approvals for the heap leach facility.

Total cash costs per ounce, a non-GAAP measure of production efficiency, increased to $338 in the third quarter of 2008 from $280 in the third quarter of 2007. The cash cost increased from the same quarter in 2007, primarily as the result of higher mill costs ($36 per ounce), and a reduction in ounces produced ($35 per ounce). Partially offsetting these costs was a reduction in administration costs ($12 per ounce).

Major mine consumables costs increased primarily due to higher prices and higher consumption of mine consumables related to a 6% increase in material movement. Increased rental costs are a result of the requirement to increase stacking at the heap leach pad and substitute trucks for those out for rebuild. Royalties paid in respect of the Boroo operation increased as a result of amendments in the third quarter of 2007 to the Stability Agreement with the Mongolian Government which increased the royalty rate from 2.5% to 5% effective August 3, 2007.

During the third quarter of 2008, capital expenditures of $10.6 million included $3.0 million sustaining capital and $7.6 million invested in growth capital primarily related to completing the construction of the heap leach facility ($2.5 million) and $5.0 million in capitalized pre-stripping of pit 3.

Exploration Update

Kyrgyz Republic

Drilling activities in the third quarter of 2008 focused on the Kumtor Central Pit area.

Kumtor Pit

In the third quarter of 2008, the drilling program focused on continuing to test the grade and extent of potential high grade underground mineable mineralization in the Stockwork Zone below the current planned open pit. Wide-spaced drill testing for strike and down dip extensions to the main mineralized horizons in a relatively unexplored area to the northeast of the Central pit high-wall was also continued. Additionally, drilling continued in the Saddle area of the Central Pit between the SB and Stockwork Zones.

Drilling results from the Stockwork Zone continue to be encouraging confirming the potential for a high grade underground deposit. Some of the better drill intercepts are as follows: 9.3 g/t Au over 12.1 metres including 14.8 g/t Au over 7.0 metres in drill hole D1223, 31.5 g/t Au over 6.7 metres including 49.7 g/t Au over 3.0 metres in drill hole D1221A, 13.1 g/t Au over 22.4 and 24.1 g/t Au over 8.8 metres in drill hole D1227A.

Further drilling is in progress to infill between holes and test the high grade zone along strike and down dip to determine if the high grade zone is of sufficient size to warrant underground development.

In the third quarter of 2008 one additional drill hole D1229A was completed in the Saddle area of the Central pit between the SB and Stockwork Zones to follow up on the results from hole D1215 completed in the second quarter of 2008. Hole D1215 hole intersected significant mineralization including 6.5 g/t Au over 17.1 metres, 18.6 g/t Au over 4.0 metres, 6.0 g/t Au over 3.0 metres, 5.0 g/t Au over 6.4 metres, 2.8 g/t Au over 13.0 metres and 2.4 g/t Au over 3.0 metres at elevations from 3520 to 3406 metre. Drill hole D1229A intersected the southern mineralized zone, returning assays of 2.6 g/t Au over 43.9 metre, at the 3470 metre elevation, but this hole did not intersect the northern mineralized zone. The results of these two holes are encouraging indicating that there is excellent exploration potential at depth. Further drilling is planned in the fourth quarter as soon as the area is accessible for drilling.

Drilling continued to test the extension of the Kumtor structure to the northeast of the Central pit highwall. Two of the holes, D1210B, on section 186 and D1212B on section 246, were completed to test the strike extensions of the mineralization intersected in hole D1165 which was completed in the third quarter of 2007 returning assays of 8.6 g/t Au over 13.9 metres. Two additional holes, D1220, on section 226 and D1228A on section 246, were drilled to test the dip and strike extensions of the mineralization intersected in hole D1057B, which was completed in the first quarter 2006 and returned assays of 3.2 g/t Au over 13.6 metres. All of the drill holes intersected weak mineralization over variable widths.

In the fourth quarter of 2008, further wide spaced drilling will focus on testing the remaining near surface areas, which have had little or no previous drilling, between the Central pit highwall and the Lysii glacier.

True widths for the mineralized zones are typically from 40% to 95% of the stated intercept.

A complete listing of the drill results and supporting maps for the Kumtor pit have been filed on the System for Electronic Document Analysis and Retrieval ('SEDAR') and are available at the company's web site at: www.centerragold.com.

Russia

Centerra finalized an option/joint venture agreement with Central Asia Gold AB covering the Kara Beldyr project in the Tyva Republic, Russia. Centerra has the right to earn a 50% interest in the property by spending a total of $2.5 million over three years after which Centerra has a one-time option to earn an additional 20% interest in the property by spending an additional $4 million over a further two-year period.

The property covers a number of prospects identified by Russian exploration work completed in the 1970's and 1980's that outlined Russian geological resources of approximately one million ounces, which are not 43-101 compliant. The prospects have not been explored using modern exploration concepts. Under the supervision of Centerra, geochemical and geophysical surveys have been completed this summer over the gold bearing structure. Currently, the data are being compiled and drill targets identified.

Turkey

Centerra has finalized an option/joint venture agreement with KEFI Minerals covering the Artvin project in Turkey. Centerra can earn a 50% interest in the property by spending a total of $3 million over three years after which it has a one-time option to earn an additional 20% interest in the property by spending an additional $3 million over two years.

The property is located in north east Turkey and covers a potential gold/copper porphyry prospect. Geochemical, geophysical and geological surveys have been completed by KEFI and a drill program is being developed jointly by KEFI and Centerra. Drilling is anticipated to start in the fourth quarter.

United States (Nevada)

Work continued in the third quarter of 2008 on the Tonopah Divide property, which is located in south-central Nevada in the Walker Lane trend. A geophysical survey was completed over the central portion of the project area and historic data have been compiled. Surface mapping and sampling is continuing. Analytical results confirm that anomalous gold and silver values in bedrock are widespread over much of the property with the better values focused in specific structures. A drilling program to test six priority targets, defined by geology, geochemistry, and geophysics, was started at the beginning of October 2008.

Outlook for 2008

Centerra expects consolidated gold production in 2008 of 740,000 to 790,000 ounces, which is lower than the prior guidance in the second quarter of 2008 of 770,000 to 830,000 ounces. The reduction in gold production guidance is due to lower than expected gold production at Kumtor. The higher grade portion of the SB Zone at Kumtor was reached in September, as planned, but head grades at this early stage of the high grade development are lower than expected. Total cash cost in 2008 is now expected to be $460 to $495 per ounce up from prior guidance of $409 to $449 per ounce in 2008 due to the lower ounce production and rising operating costs at both sites. (This includes revenue-based taxes and royalties incurred in the Kyrgyz Republic under its existing (2003) Investment Agreement of approximately 7.5% of revenue for all of 2008.) Total cash cost is a non-GAAP measure and is discussed under "Non-GAAP Measures".

Gold production for the full year 2008 at the Kumtor mine is now expected to be 550,000 to 580,000 ounces down from the prior second quarter guidance of the 580,000 and 620,000 ounce range. Total cash cost for 2008 is now expected to be $480 to $520 per ounce up from the prior guidance of $416 to $456 per ounce reflecting the impact of lower gold production and increasing operating costs.

At Boroo, the Company maintains its prior guidance for annual gold production of 190,000 to 210,000 ounces in 2008. Total cash cost is expected to be $380 to $420 per ounce in 2008, which is also unchanged from the prior guidance.

The production and cost forecasts for 2008 are forward-looking information and are based on key assumptions and subject to material risk factors that could cause actual results to differ materially and which are discussed under the heading "Caution Regarding Forward-Looking Information".

Cautionary Note Regarding Forward-looking Information

Statements contained in this news release including those under the heading "Outlook for 2008", and the documents incorporated by reference herein, contain statements which are not current statements or historical facts and are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute forward-looking information. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "forecasts", "projections", "anticipate" or "does not anticipate", "believe", "intent", "potential", "strategy", "schedule", "estimates" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved and other similar expressions have been used to identify forward-looking information. These forward-looking stat ements relate to, among other things Centerra's expectations regarding, future growth, results of operations (including, without limitation, future production and sales, and operating and capital expenditures), performance (both operational and financial), business and political environment and business prospects (including the timing and development of new deposits and the success of exploration activities) and opportunities.

Although the forward-looking information in this news release reflects Centerra's current beliefs on the date of this news release based upon information currently available to management and based upon what management believes to be reasonable assumptions, Centerra cannot be certain that actual results, performance, achievements, prospects and opportunities, either expressed or implied, will be consistent with such forward-looking information. By its very nature, forward-looking information necessarily involves significant known and unknown risks, assumptions, uncertainties and contingencies that may cause Centerra's actual results, assumptions, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, among other things, risks relating to the outcome of litigation commenced in the Kyrgyz Republic by Vic e Speaker Isabekov and of the international arbitration commenced by Centerra (suspended in September 2008 to allow for discussions with Cameco and the Government), both of which are described above under the heading "Other Corporate Developments -- Kyrgyz Republic", gold prices, replacement of reserves, reduction in reserves related to geotechnical risks, ground movements, political risk, nationalization risk, changes in laws and regulations, civil unrest, labour unrest, legal compliance costs, reserve and resource estimates, production estimates, exploration and development activities, competition, operational risks, environmental, heath and safety risks, costs associated with reclamation and decommissioning, defects in title, seismic activity, cost and availability of labour, material and supplies, increases in production and capital costs, permitting and construction to raise the tailings dam height and increase the capacity of the existing Kumtor tailing dam, illegal mi ning, enforcement of legal rights, decommissioning and reclamation cost estimates, future financing and personnel. There may be other factors that cause results, assumptions, performance, achievements, prospects or opportunities in future periods not to be as anticipated, estimated or intended. See "Risk Factors" in the Company's most recently filed Annual Information Form and Annual Management's Discussion and Analysis available on SEDAR at www.sedar.com.

There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially, from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this news release. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward-looking information. Forward-looking information is as of October 30, 2008. Centerra assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.

About Centerra

Centerra is a gold mining company focused on acquiring, exploring, developing and operating gold properties primarily in Asia, the former Soviet Union and other emerging markets worldwide. 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 2008 conference call on Friday, October 31, 2008 at 10:30 am. Eastern Time. The call is open to all investors and the media. To join the call, please dial Toll-Free in North America (800) 734-4208 or International callers dial (303) 223-0117. Alternatively, an audio feed web cast will be available on www.centerragold.com. A recording of the call will be available on www.centerragold.com shortly after the call, and via telephone until midnight on Friday, November 7, 2008 by calling (416) 626-4100 or (800) 558-5253 and using passcode 21396633.

Additional information on Centerra is available on the Company's web site at www.centerragold.com and at SEDAR at www.sedar.com.

To view tables as well as the maps/graphics discussed in this news release, please click here. 

CONTACT INFORMATION:

Centerra Gold Inc.
John W. Pearson
Director Investor Relations
(416) 204-1241
Email: john.pearson@centerragold.com
Website: www.centerragold.com

Renmark Financial Communications inc.
Henri Perron : hperron@renmarkfinancial.com
Victoria Stepanova : vstepanova@renmarkfinancial.com