Centamin Egypt Limited
TSX : CEE
AIM : CEY
ASX : CNT

Centamin Egypt Limited

May 07, 2007 15:10 ET

Centamin Egypt Announces Update in Resource at Sukari

TORONTO, ONTARIO--(CCNMatthews - May 7, 2007) - Centamin Egypt Limited (the "Company") (TSX:CEE)(AIM:CEY)(ASX:CNT) today announced an increase in the mineral resources at the Sukari Gold Project.

HIGHLIGHTS

- Sukari JORC compliant resource upgraded to 9.01 million contained ounces of gold

- Increase of 750,000 ounces above the JORC compliant resource announced in February 2007

- Cost per ounce discovered to date about US$4

- Resource increase based on 3 months of drilling data

- Drilling continues with 10 rigs on site

RESOURCE MODELLING

The Sukari global resource now stands at 194.42Mt @ 1.44g/t Au for 9.01 Moz Au, at a 0.5g/t Au cut off grade, as set out in the table below:



---------------------------------------------------------------------
Total Resource (May 2007 - Global All Data)
---------------------------------------------------------------------
Total (Measured
Measured Indicated and Indicated) Inferred
-----------------------------------------------------------
Cut-off Mt g/t Mt g/t Mt g/t Moz Mt g/t Moz
---------------------------------------------------------------------
0.5 52.15 1.39 83.62 1.39 135.76 1.39 6.07 58.7 1.6 2.94
---------------------------------------------------------------------
0.7 37.37 1.70 59.67 1.71 97.04 1.71 5.33 42.4 1.9 2.63
---------------------------------------------------------------------
1.0 24.11 2.18 38.14 2.20 62.24 2.19 4.39 27.8 2.5 2.24
---------------------------------------------------------------------
Note to Table: Figures in table may not add correctly due to rounding


The resources are estimates of recoverable tonnes and grades using Multiple Indicator Kriging with block support correction. Measured resources lie in areas where drilling is available at a nominal 25 x 25 metre spacing, Indicated resources occur in areas drilled at approximately 25 x 50 metre spacing and Inferred resources exist in areas of broader spaced drilling. The resource model extends from 9700mN to 12200mN and to a maximum depth of 350mRL (a maximum depth of 950 metres below surface) and is based on all assay data available at 30 April 2007.

The majority of the resource has been added in the Ra and Gazelle zones from 11075N - 11225N with drilling confirming continuity of the major high grade Hapi Zone along strike to the north.

The Company is very pleased with the continued rapid increase in the size of the Sukari Gold deposit and there still exists the potential for further significant resource addition within the same Ra / Gazelle and Pharaoh zones as drilling continues northwards along strike.

For Centamin Egypt Limited

Josef El-Raghy, Managing Director/CEO

07 May 2007

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 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