Centamin Egypt Limited

Centamin Egypt Limited

November 21, 2007 07:00 ET

Centamin Egypt Discovers New High Grade Zone at Amun Deeps with 22m @ 21.83g/t

TORONTO, ONTARIO--(Marketwire - Nov. 21, 2007) - Centamin Egypt Limited ("Centamin" or "the Company") (TSX:CEE)(AIM:CEY)(ASX:CNT) which is developing the first large scale modern gold mine in Egypt, is pleased to announce it has intersected a further extremely high grade zone of gold mineralization during its drilling program at the Sukari project in the Eastern Desert region.

This mineralized intersection sits outside the current optimized pit shell and also outside the upgraded 6.84 Moz Measured and Indicated resource (Measured 2.6Moz, Indicated 4.2Moz), and 3.6 Moz Inferred resource, which was announced on 20 September 2007.

The high grade gold assay results were intersected in hole RCD1221 which was drilled as a step-out hole to test the down dip extension of the porphyry in the Amun zone on northing 10525N. This hole intersected a high grade zone of 22m @ 21.83g/t Au from 549m, containing a higher grade zone of 8m @ 58.58g/t Au with visible gold from 559m.

The intersection is a high grade structure parallel to and below the Hapi Zone. This deeper structure correlates to 6m @ 15.21g/t Au in hole RCD521 from 542m 25m north on 10550N and an adjacent, extremely high grade looking zone containing abundant visible gold and sulphide, intersected in recently drilled hole RCD1280 (assay results are awaited).

Hole RCD1279, a further 100m north on 10650N, has also intersected thick, highly mineralised porphyry with quartz veins containing several visible gold grains in a similar zone at depth and assays are also pending for this hole. Pending the assays awaited and infill drilling, this is consistent with the continuity along strike of the high grade Amun Deeps mineralization and the presence of another significant high grade structure beneath the Hapi Zone.

The current drill program has been very successful in targeting the down dip extension of the Hapi zone and deeper parallel high grade structures within the main porphyry, providing significant results over the past few months of focus in the Amun Deeps area. It remains the Company's strategy to drill further the Amun Deeps zone to add significant ounces to the global gold resource.

Further recent assay results from this current Amun Deeps program are as follows:

HOLE NORTH EAST AZI DIP EOH (m) (m) (m) (g/t)
RCD1173 10000 10675 270 -77 571 384 26 3.59
RCD1174 10100 10665 270 -85 579 371 104 1.59
RCD1225 10125 10662 270 -87 586.7 366 83 1.95
Including 380 3 15.83
RCD1187 10450 10750 270 -70 452.7 299 51 4.45
RCD1221 10525 10800 270 -85 666.2 393 22 2.01
455 26 3.07
549 22 21.83
Including 559 8 58.58

Information in this report which relates to exploration, geology, sampling and drilling is based on information compiled by geologist Mr R Osman who is a full time employee of the Company, and is a member of the Australasian Institute of Mining and Metallurgy with more than five years experience in the fields of activity being reported on, and is a 'Competent Person' for this purpose and is a "Qualified Person" as defined in "National Instrument 43-101 of the Canadian Securities Administrators". His written consent has been received by the Company for this information to be included in this report in the form and context which it appears. The assay samples were analysed by Ultra Trace Pty Ltd, Canning Vale, Western Australia.

The information in this report that relates to mineral resources is based on work completed by Mr Nicolas Johnson, who is a Member of the Australian Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and Schofield Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a "Competent Person" as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a "Qualified Person" as defined in "National Instrument 43-101 of the Canadian Securities Administrators". Mr Johnson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Contact Information

  • Centamin Egypt Limited
    Josef El-Raghy
    + 61 (8) 9316 2640
    Website: www.centamin.com
    Pelham Public Relations
    Candice Sgroi
    + 44 (0) 207 743 6376 or Mobile: + 44 (0) 7894 462 114
    Ambrian Partners Limited
    Richard Brown
    + 44 (0) 207 776 6400