Welcome to the 2016 First Quarter Results Conference Call and Webcast. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded Wednesday, May 4, 2016. I would now like to turn the conference over to John Pearson, Vice President Investor Relations. Please go ahead.

Thank you operator. Good morning everyone. I would like to welcome you all to Centerra Gold’s first quarter conference call today. The conference call is open to all members of the investment community and to media in listen-only mode, as well, there are summary slides available on Centerra’s website under the upcoming events Webcast tab which is on our home page, if people would like to follow along. And these summarize and illustrates some of the following remarks that we will be making. After our formal remarks, the operator will give the instructions for asking a question and we will open the phone lines for questions. Please note, that all figures are in U.S. dollars, unless otherwise noted. So joining me on the call today is Scott Perry, Chief Executive Officer; Frank Herbert, President; Darren Millman Chief Financial Officer Gordon Reid, our Chief Operating Officer. Also, I would like to caution everyone that certain statements on this call maybe forward-looking statements and as such are subject to known and unknown risks and uncertainties, which may actually cause results to differ from those expressed or implied. Also, certain measures that we will be discussing today are non-GAAP measures and I refer you to our description of the non-GAAP measures in the news release and the MD&A. For a more detailed discussion of the material risks, material assumptions and uncertainties, please refer to our news release that was issued last night, the MD&A along with the audited financial statements and notes, and to our other filings, which all can be found on SEDAR and the Company's website. And now I will turn the call over to Scott.

Okay. Thank you, John, and good morning ladies and gentlemen and thank you for attending our Q1 financial results earnings conference call. As John mentioned I am just using the presentation deck that’s available in our website. I am just starting off on Slide number 5 which is entitled Q1 Corporate Update. We began this year with some tragic news. We had a safety incident at Kumtor, which resulted in the loss of life of one of our employees and we updated everyone on that as part of our year end annual results. One of the commitments that we made and we've been rolling out company-wide is a doubling down on our commitment to safety , we’ve been really re-telling all our safety leadership programs company-wide and this is something where we’ve been involving each of our general managers and our in-country management teams on. We continue to roll this out through the company, and I think we are making some very good progress. Again, the bottom-line objective to be ensuring that we really are creating leaders in safety at every level of the organization and I think we're having some – making some good in-roads there. Moving on to the operating results here, during the quarter, first quarter, we produced in terms our gold output profile around 86,000 ounces of gold at Kumtor as we mentioned in our press releases this level of production was exactly in line with our plan. If you look at the third bullet point there, in terms of the corresponding operating cost structure, all-in sustaining cost company-wide was around $1015 per ounce, but drilling down of the actual operational level at Kumtor, we had a favorable result of $916 per ounce at Kumtor in terms of its own sustaining cost profile. Again, I use…

Thanks, Scott. As Scott mentioned, Kumtor produced 126,444 ounces of gold in the quarter at an all-in sustaining cost of $916 per ounce sold. Kumtor continued to implement past and productivity improvements including completing modifications to the mill, which improved overall recovery and increased throughput and improved or blending techniques to better manage the prey grobbing characteristics within the ore body. In the quarter, Kumtor continued to benefit from low oil prices that resulted in low cost of diesel fuel, and from the weakening of the Kyrgyz som against the U.S. dollar, which favorably impacted the cost for labor and other consumables. Our 25% of Kumtor operating costs are denominated in Kyrgyz som whereas diesel fuel accounts for 17% of operating cost. Quarter-over-quarter, operating cost at Kumtor decreased by $19 million reflecting lower mining, milling and site throughput costs. Mining cost were lower by 14%, milling cost lower by 3% and site support cost lower by 6%. Our unit mining costs in the quarter were $1.22 per ton mined and our milling costs were $10.07 per ton milled. I will now turn it over to Darren to talk about financials.

Thanks, Gord. Good morning everyone. I am initially talking to slide 10 for those following the slide deck. For the first quarter, revenue was $73 from the sale of 61,744 ounces reflecting 65% reduction in ounces sold compared to the prior March quarter. Average realize gold price was $1186, down 2% from the prior year. This is resulting in a $8 million net earnings or $0.08 per share generating $9.4 million of operating cash flow or $0.04 per share. We produced 86,744 ounces, down 49% from last year. However, we are tracking to plan. Kumtor ended the quarter with 33,165 ounces of gold dore inventory due to delay in the March gold shipment to the Kyrgyz open refinery. Shipments resumed in April as Scott mentioned and also gold inventory was subsequently sold in April. If we had of sold, that’s a gold in March it was the impact would have been additional $35 million in revenue and in our treasury. For those once again following the slide deck if you refer to Slide 11 for the following points. Other financial highlights in the quarter were the establishment of a new $150 million five year revolving credit facility with EBRD, and a $150 million project finance facility for the Oksut project. These new facilities, along with the company's strong cash position financially enable Centerra to execute a project growth pipeline. In relation to our Oksut project, Centerra has now eliminated all third-party royalty agreements with the recent issuance of shares to Tech Resources Limited, and you may recall, a similar transaction executed with Stradach International Plc. in Q4 of 2015. We continue to look at ways to draw our cost down and to reduce our G&A cost. We reduced our headcount at corporate office by approximately 20% and are implementing other cost reduction programs. Our key cost, such as diesel and our local Kyrgyz supply cost represents approximately 40% of our operating cost and it’s trending down below our guidance. The Kyrgyz som is currently trading at approximately 70 som to one US dollar. This compared to a forecast assumption of 65 som to one us dollar for guidance purposes. Our forecast assumption for diesel was at $0.55 later at Kumtor whilst during the quarter we achieved $0.43 per liter. As you will know in the sensitivity slide on Slide 18 of the pack, both cost assumptions have significant impact on our cash flow and cost and it continues to trend down at these levels. Finally, all physical and financial metrics indicate we are on track to meet our guidance. I will now turn it back to Scott.

Okay, thanks, Darren. Just, we just have one final slide before we open up the call to Q&A. So just referencing Slide number 13. Before talking to Slide 13, just quickly in terms of an update on our development projects. When I look at what, probably what are the – some of the key highlights coming out of this morning’s financial results and MD&A and news releases, firstly, in terms of our Turkish project which is quite offset as Darren has mentioned, as I mentioned, the asset we put in place a very attractive project financing facility there. Really we are just waiting on the approval of our land use permit. Once we have these in hand, we are very well positioned in terms of our ability to commence construction and we are pretty excited about being in a position to do that very shortly. Moving on to Mongolia, at our Gatsuurt project, we are currently drilling with the two rigs and as I mentioned, at the outset, we are also actively negotiating with the government right now on putting in place definitive agreements covering a deposit development agreement and our investment agreement and things are progressing well. And again, cautiously optimistic that we should have some positive news flow on that here in the short-term. In terms of our third, advanced development project, and that would be the Greenstone joint venture project. This is a joint venture with Premier Gold with our partners, we continue to finalize and advance the feasibility study and we believe we will be in a position here to be reporting on that at the mid-year mark of this year. Referencing the, I guess, the slide on Slide 13, as Darren mentioned, one of the first points I’d make is we are definitely on track…

[Operator Instructions] And there appears to be one question on the queue. It comes from the line of Alex Watt with ScotiaBank. Please go ahead. Alex Watt, your line is open. You may proceed with your question. Okay.

Can you guys hear me?

Now we can hear you. Thank you.

Okay. Sorry about that. Can you give a breakdown of the milled ore? What portion came from stockpiles and what came from mine during the quarter?

I don’t have the exact number in front of me, but the majority of the ore did come from stockpiles where we are not mining large amount of ore at this time. We get into that early in the third quarter.

Okay and I am guessing then, you don't have a sense of what's in the stockpile right now as far as tonnage and grade?

No, I do have a sense. It’s – we have a significant number of tons well over a year’s worth of milling. But the grade is, the average grade is below 2 grams.

Okay, thanks. That’s it for me.

[Operator Instructions] Our next question comes from the line of Richard Gray with Cormac. Please go ahead.

Hi, guys. Just - is there any way to provide guidance as to how the quarterly, kind of output is going to look like to get to your guidance for the year?

Hi, Richard it’s Scott. I think generally speaking, what we put forward in terms of our – sort of gold output per ton in the context of the full year guidance, we would expect around 40% of the gold production to be generated in the first half of this year with the corresponding 60% we produced in the second half.

Okay.

I would see second quarter gold output being slightly higher than Q1’s results and the next go into the second half of the year the grade profile definitely picks up quite a bit as we start moving high grade ventures in terms of our sequencing and second half will be a lot stronger in terms of gold output.

Okay, that’s helpful. Thank you.

[Operator Instructions] And there appears to be no further questions on the phone lines at this time.

Okay well, thank you, operator. We will look to end the call there. And, thank you everyone for joining us today and thanks for your interest in Centerra Gold.