Centerra Gold reports earnings

Centerra Gold Inc. has reported first quarter earnings before unusual items of...

  Centerra Gold Inc. has reported first quarter earnings before unusual items of $23.7 million or $0.11 per common share based on revenues of $112.7 million compared to net earnings of $5.9 million or $0.03 per common share on revenues of $82.3 million in the same quarter of last year.Consolidated gold production for the first quarter of 2008 totaled 120,395 ounces at a total cash cost of $610 per ounce compared to 133,005 ounces at a total cash cost of $410 per ounce in the corresponding quarter of 2007. Cash provided by operations, net of working capital changes and other operating items was $28.0 million compared to $7.9 million in the first quarter of 2007. During the first quarter of 2008, the Company recorded an unusual item of $4.5 million resulting in net earnings of $19.3 million or $0.09 per share. The unusual item is a $4.5 million non-cash expense, which represents the incremental value (as of March 31, 2008) associated with the 10 million treasury shares contingently issuable upon closing, pursuant to the framework agreement with the Kyrgyz Government and the Agency Agreement with Cameco Corporation (Cameco) previously announced on August 30, 2007.As disclosed in the Company's news release of April 28, 2008, the Government of the Kyrgyz Republic has requested, and Centerra and Cameco have agreed to extend from April 30 until June 1, 2008, the deadline for completion of the transactions contemplated by the framework agreements entered into on August 30, 2007 between Centerra and Cameco and the Government.