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

Centamin Egypt Limited

July 14, 2009 08:00 ET

Centamin Egypt: Sukari Gold Project Resource Upgrade

520,000oz Gold increase in Measured and Indicated Resource

TORONTO, ONTARIO--(Marketwire - July 14, 2009) - Centamin Egypt Limited ("Centamin" or "the Company") (TSX:CEE)(ASX:CNT)(AIM:CEY) is pleased to announce an increase in total reserves at the Sukari Gold Mine in Egypt.

HIGHLIGHTS

- The Sukari mineral resource upgraded to 9.91Moz Measured and Indicated, plus 3.3Moz Inferred

- An increase in the Measured and Indicated resource of approximately 520,000oz or 6%

- New resource ounces based on assay results of 20,000m of drilling largely from the Pharaoh and Amun Zones, and the deeper Hapi Zone

- Drilling indicates that mineralization continues further North of the existing reserve, with continuous high grades in the deeper zones

- Significant results included in this upgrade 79m @ 4.48g/t Au and 43m @ 17g/t Au

To view Figure 1 - Sukari resource growth graph from April 1997 to July 2009, please visit the following link: http://media3.marketwire.com/docs/cee0714figure1.pdf



RESOURCE MODELLING

Table 1 - Total Resource (July 2009)

----------------------------------------------------------------------------
Total
Measured Indicated Measured + Indicated Inferred
----------------------------------------------------------------------------
Cut-
off Tonnes Grade Tonnes Grade Tonnes Grade Gold Tonnes Grade Gold
----------------------------------------------------------------------------
g/t (g/t (g/t (g/t (g/t
Au (Mt) Au) (Mt) Au) (Mt) Au) (Moz) (Mt) Au) (Moz)
----------------------------------------------------------------------------
0.5 75.65 1.48 125.77 1.56 201.41 1.53 9.91 61.3 1.7 3.3
----------------------------------------------------------------------------
0.7 54.48 1.82 91.50 1.93 145.97 1.89 8.85 43.9 2.1 2.9
----------------------------------------------------------------------------
1 35.50 2.35 60.89 2.47 96.39 2.43 7.52 29.3 2.7 2.5
----------------------------------------------------------------------------
Note to Table: Figures in table may not add correctly due to rounding


The recent drilling effort has been successful in both conversion of Inferred resources to Measured and Indicated, and global growth in the Pharaoh and Amun Zones targeting the Hapi Zone. Measured and Indicated resources grew by approximately 6% to 9.91Moz, and account for 75% of the global resource (i.e. all categories).

High grade intersections included in the estimate are related to the Hapi Zone and deeper zones of mineralization which include in the Pharaoh Zone; 43m @ 17.00g/t Au from 499m in hole RCD1435(i) (11250N), 79m @ 4.48g/t Au from 662m in hole D1420(i) (11275N) and 17m @ 10.49g/t Au from 610m and 55m @ 3.48g/t Au from 641m in hole D1431(i) (11400N). Please refer to Table 2 below for details on these and other significant intersections.

The drilling shows the high grade Hapi and related zones extend from the far south Amun Zone over 1.5km north to the area of current drilling, and may possibly continue to the northern end of the hill. These zones along the entire strike length of Sukari Hill (2.5km) are the target of current comprehensive infill and extension drilling with 8 diamond drilling rigs.



Table 2 - Significant high grade samples included in July 2009 Resource

----------------------------------------------------------------------------
HOLE NORTH EAST DIP AZI EOH FROM INTERVAL GOLD ZONE STRUCTURE
(m) (m) (m) (g/t)
----------------------------------------------------------------------------
D1420(i) 11275 10835 -80 270 763.5 654 79 4.48 Pharaoh Hapi
----------------------------------------------------------------------------
D1423(i) 11350 10866 -88 270 644.8 542 47 2.85 Pharaoh Hapi
----------------------------------------------------------------------------
D1431(i) 11400 10850 -83 270 786.1 610 17 10.49 Pharaoh Hapi
----------------------------------------------------------------------------
D1431 11400 10850 -83 270 786.1 641 55 3.48 Pharaoh Hapi
----------------------------------------------------------------------------
Amun
D1432 10475 10784 -73 270 692.7 314 97 1.98 Deeps Hapi
----------------------------------------------------------------------------
D1435(i) 11250 10950 -84 270 584 499 43 17.00 Pharaoh Hapi
----------------------------------------------------------------------------
D1440 11300 10883 -83 270 683.3 569 14 6.71 Pharaoh Hapi
----------------------------------------------------------------------------
D1446 11550 10787 -87 270 753 636 70 2.20 Pharaoh Hapi
----------------------------------------------------------------------------
Note to Table: Intervals shown in the table are down hole intercepts,
drilled at high angles relative to the internal mineralized structures and
the Sukari Porphyry.


(i)Previously announced 20 May 2009.

For Centamin Egypt Limited

Josef El-Raghy, Managing Director/CEO

14 July 2009

Information in this report which relates to exploration, geology, sampling and drilling is based on information compiled by geologist Mr Richard 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.

Refer to the Technical Report which was filed in May 2009 for further discussion of the extent to which the estimate of mineral resources/reserves may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issue.

ABN 86 007 700 352

Contact Information

  • Centamin Egypt Limited
    Josef El-Raghy
    + 61 (8) 9316 2640
    + 61 (8) 9316 2650 (FAX)
    Email: centamin@centamin.com.au
    Website: www.centamin.com
    or
    Buchanan Communications Limited
    Bobby Morse
    + 44 (0) 207 7466 5000
    or
    Buchanan Communications Limited
    Ben Willey
    + 44 (0) 207 7466 5000
    or
    Ambrian Partners Limited
    Richard Brown
    + 44 (0) 207 7634 4700
    or
    Ambrian Partners Limited
    Richard Greenfield
    + 44 (0) 207 7634 4700