Centamin Egypt Limited

Centamin Egypt Limited

September 20, 2007 07:50 ET

Centamin Egypt Limited Sukari Gold Project Upgrades Resource to 6.84 Moz Measured and Indicated, Plus 3.6 Moz Inferred

TORONTO, ONTARIO--(Marketwire - Sept. 20, 2007) - Centamin Egypt Limited ("Centamin" or "the Company") (TSX:CEE)(ASX:CNT)(AIM:CEY) which is rapidly developing the Sukari Gold project to production, has recorded the largest month on month resource increase since the commencement of drilling in 1997.


- Sukari Mineral Resource upgraded to 6.84 Moz Measured and Indicated, plus 3.6 Moz Inferred

- An increase of 335,000 Measured and Indicated ounces and 331,000 Inferred ounces above the Mineral Resource announced in August 2007

- Cost per ounce discovered to date approximately US$5

- Mineral Resource increase based on 6 weeks of drilling data

- Further high grade intersections of 2m @ 76.35g/t Au, 23m @ 6.23g/t Au and 105m @ 4.10g/t Au

- Drilling continues with 9 rigs on site


The Sukari Mineral Resource estimate stands at:-

Mineral Resource (September 2007)
Measured Indicated + Indicated) Inferred
Cut-off Mt g/t Moz Mt g/t Moz Mt g/t Moz Mt g/t Moz
0.5 57.43 1.40 2.6 91.02 1.45 4.2 148.45 1.43 6.84 64.4 1.7 3.6
0.7 41.13 1.72 2.3 65.46 1.79 3.8 106.59 1.76 6.04 47.6 2.2 3.3
1.0 26.50 2.21 1.9 42.57 2.30 3.1 69.07 2.27 5.03 32.7 2.8 2.9
Note to Table: Figures in table may not add correctly due to rounding

The independent resource estimate reported herein was undertaken by Nic Johnson (Member of the Australian Institute of Geoscientists) of Hellman and Schofield Pty. Ltd with more than five years experience in the use of geostatistics for estimation of recoverable resources in gold deposits. For the purpose of reporting under National Instrument 43-101 Nic Johnson is regarded as a Qualified Person.

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 the crest of the Sukari hill) and is based on all assay data available at 12 September 2007.

Significant growth of the resource occurred in the last 6 weeks in the Hapi Zone of the Amun Deeps from 10100N to 10400N. This accounted for approximately 80% of the upgrade and further drilling is underway which will continue to add to this highly prospective area.

Several high grade zones have previously been reported in this area and below are two additional holes included in this upgrade.

Hole North East Azi Dip EOH (m) From (m) Interval (m) Gold (g/t)
RCD1166 10102 10611 270 -87 534.50 279 23 6.23
RCD1166 10102 10611 270 -87 534.50 309 68 1.89

RCD1178 10298 10758 270 -85 617.60 380 105 4.10
RCD1178 10298 10758 270 -85 617.60 500 17 12.45
including 501 2 76.35

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 Amun / Ra / Gazelle and Pharaoh zones as drilling continues.

For Centamin Egypt Limited

Josef El-Raghy, Managing Director/CEO

20 September 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 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.

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