SOURCE: Centamin plc

April 07, 2016 02:00 ET

Centamin PLC: Q1 2016 Preliminary Production Results

PERTH, AUSTRALIA--(Marketwired - Apr 7, 2016) - Centamin PLC (LSE: CEY) (TSX: CEE)

(LSE: CEY; TSX: CEE)

For immediate release     
7th April 2016       

Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)

Q1 2016 Preliminary Production Results

Centamin is pleased to announce preliminary production results for the quarter ended 31 March 2016 from its Sukari Gold Mine ("Sukari") in Egypt.

Preliminary total gold production for the quarter was 125,268 ounces, a 6.5% increase on the previous quarter and a 15.7% increase on Q1 2015. Full year production guidance of 470,000 ounces is maintained. 

Quarterly throughput at the process plant was 2,876kt, a 4.3% increase on the previous quarter and above our base case target rate of 11 million tonnes per annum (Mtpa).

Open pit total material movement increased 10.2% on the previous quarter to 15,157kt, with open pit ore production increasing by 7.9% to 2,405kt. The run of mine ore stockpile balance decreased by 213kt to 491kt at the end of the period. 

The underground operation delivered 281kt of ore, a 6.3% decrease on the previous quarter but remaining above our forecast production rate of 1 million tonnes per annum.

    Q1 2016 (preliminary)   Q4 2015   Q1 2015
Open Pit - Total Material Movement (kt)   15,157   13,754   15,996
Open Pit - Ore Production (kt)   2,405   2,229   2,562
Underground Ore Production (kt)   281   300   264
Process Plant Throughput (kt)   2,876   2,758   2,478
Process Plant Productivity (tph)   1,421   1,345   1,286
Gold Produced (oz)   125,268   117,644   108,233

Andrew Pardey, CEO of Centamin, commented:

"These production results reflect a solid start to the year for Sukari and support our forecast 2016 production of 470,000 ounces of gold. The processing operation was a highlight and the key driver of the quarterly increase in output, with throughput rising above our base case forecast rate of 11Mt per annum. The open pit delivered an increase in material movement over the previous quarter and the underground mine continues to deliver production rates in excess of our base case forecast. With quarterly production rates expected to remain within the 450,000 to 500,000 ounces per annum range, our full year guidance remains unchanged at 470,000 ounces. Continuing optimisation of the expanded Sukari processing and mining operations supports the potential for further productivity increases over the coming quarters."

For more information, please contact:

Centamin plc
Josef El-Raghy, Chairman
Andrew Pardey, CEO
Andy Davidson, Head of Investor Relations
(andy.davidson@centamin.je)
+44 (0) 1534 828708
  Buchanan
Bobby Morse, Robbie Ceirog-Hughes
+ 44 (0) 20 7466 5000

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