Centamin Egypt Limited
LSE : CEY

Centamin Egypt Limited

November 27, 2009 06:16 ET

ANNUAL GENERAL MEETING:CHAIRMAN'S ADDRESS

Immediate Release
27 November 2009


                           Centamin Egypt Limited ("Centamin" or "the Company")
                                        (TSX:CEE, ASX:CNT, LSE:CEY)
                                                     
                                                     
                                ANNUAL GENERAL MEETING - CHAIRMAN'S ADDRESS


Fellow Shareholders

I  would  like to take this opportunity to advise that I will be standing down as the Chairman of  Centamin
from  31  December 2009, to pursue new personal endeavors and challenges. Over the last 16 years,  Centamin
has  made  the  difficult transition from exploration to development and now production. It is  with  great
pride  that I leave Centamin in the capable hands of Josef, my son, who has demonstrated since joining  the
Company in 2002 his ability to build and manage a highly successful and fast growing gold mining business.

The  journey which Centamin embarked upon many years ago witnessed many challenges. When I took control  of
Centamin  in  1993, the Company was capitalized at less than half a million dollars, had nearly  2  million
dollars in debt, had no projects and was as good as dead.

Today, Centamin has one of the largest gold mines outside of the majors, with ever increasing reserves  and
resources, highly promising exploration prospects, and a committed and highly efficient Egyptian staff  and
management team led by our Managing Director. The Company's vision of establishing itself as a major  North
African  mining  house  is  now  a  reality.  The Company has pioneered  modern  minerals  exploration  and
development  in  this  region  and  is very well set to capitalize on  and  take  advantage  of  additional
opportunities which will surely come its way. The best is yet to come for Centamin.

Building  a project of the size and scale of Sukari as well as bringing an entirely new industry  into  the
region  will  always  have  its challenges.  It is not just a matter of speaking  the  language,  you  must
understand and respect the culture, you must have the credibility and standing in the community which  puts
you  beyond doubt and above rumours and innuendos which can be very destructive. I am pleased to  say  that
despite  the  many hurdles which have stood in our way, we have successfully built a large and  sustainable
business  which will generate jobs, wealth at local and national levels, and has harnessed the considerable
skills which Egypt has to offer in the region.

This  is  my  last  address  as  the Chairman of Centamin. As such, there are  many  people  who  I  should
acknowledge  for helping me along the way, particularly when the times were tough. To all  of  them  I  say
thank  you and I hope you gained from this experience as much as I did. My special acknowledgement goes  to
some  whose  names  are  not  necessarily in the Company's annual reports  or  publications,  but  who  are
fundamental to this Company's success.

    *   Mike Kriewaldt, who lead the charge at Sukari, laid the foundation for technical excellence and
        stayed at Sukari for three years without a real break. His only time away from Sukari was a half day trip
        to Edfu every so often for a haircut, or to Hurghada to renew his work permit. There was serious work to be
        done, and he was there doing it - ore to be delineated, staff to be trained. But when you have the strong
        technical background, the ingenuity and the ambition to succeed, nothing else counts. This spirit of
        determination to succeed moulded the Sukari group into a closely knit family.
        
        
        
    *   El-Hag Mohamed, Youssef and Esmat El-Raghy, I'm very fortunate and proud to have my three brothers'
        support. The amount of work and sacrifices these individuals have put in was, and still is, crucial for the
        success of Centamin. I won't begin to try to provide you with examples of their work and sacrifices as
        there are simply too many to mention. Their forward-thinking has helped us avoid what could otherwise have
        been serious issues. I extend my deepest gratitude to all three of them.
        
        
        
    *   John Lynch, who kept the our Perth office pumping 24 hours a day, seven days a week providing all
        administration and technical support. He was always there, no matter what time. What was needed to be done,
        was done. There was never an excuse. "Impossible" is not a word found in John's vocabulary.
        
        
        
    *   Dennis Franks, whose advice and assistance were crucial for directing our focus to the  London
        market. He and John also aided the completion of the 2 million tonnes per annum feasibility study, which
        proved beyond doubt the viability of the project and thus the approval of the Egyptian government of the
        declaration of commercial discovery which cemented our position in Egypt.
        
        
        
    *   Brian Speechly - His "no nonsense" approach to mining has always been inspirational to me, not only
        with Centamin, but during my earlier career with various multinational corporations. His mine designs, in
        my opinion, are second to none in the profession.
        
        
        
    *   Bob Catto, who introduced us to the London market, realized our potential, and stood by us when
        times were tough.
        


    *   Rick  Cavaney, who in the early days, spent years on site mapping and interpreting the  Sukari
        geology. Rick authored the geological report which formed part of our feasibility study.
        
        
        
    *   Last, and most certainly not least, our brilliant and highly able assistants, Marwa and Haidy in
        Egypt, Maureen and Heidi in Australia. Each of these ladies is a whole team on her own.
        
In  closing,  I  would  like also to sincerely acknowledge the various Egyptian Ministers,  Army  &  Police
Commands, National Security Commands, Red Sea Governors, Head and members of the Parliamentary Industrial &
Resources  Committee, Members of Parliament and all those I have had the honor to work with to  bring  this
important new phase of the gold mining Industry to Egypt.

Once  again, I would like to personally thank all shareholders. I sincerely trust that you continue to give
your whole hearted support to Josef as he leads your Company to new heights.

Thank you very much




Sami El-Raghy
Chairman
27 November 2009

Contact Information

  • CENTAMIN EGYPT LIMITED