SOURCE: Centamin plc

November 14, 2012 02:00 ET

Centamin plc: Results for the Quarter Ended 30 September 2012

PERTH, AUSTRALIA--(Marketwire - Nov 14, 2012) -

               Centamin plc ("Centamin" or "the Company")

                         (LSE: CEY, TSX: CEE)

For immediate release                                14 November 2012

Results for the Third Quarter and Nine Months Ended 30 September 2012

Centamin plc ("Centamin" or "the Company") (LSE: CEY, TSX: CEE) is
pleased to announce its results for the third quarter ended30 September

This is not the full version of the release. To view the full document
please click here: 

HIGHLIGHTS (1),(2),(3),(4)

* Record quarterly earnings, with basic earnings per share 5.53
  cents, up 43% quarter-on-quarter and 22% on the prior year period.

* Record quarterly EBITDA $67.1 million, up 22% quarter-on-quarter
  and 25% on the prior year period.

* Gold production 60,922 ounces, down 10% quarter-on-quarter but
  up 20% on the prior year period.

* Cash costs US$539 per ounce at subsidised fuel prices; $724 per
  ounce including fuel prepayments.

* Stage 4 plant expansion (to 10Mtpa) commissioning activities to
  begin in Q1 2013, with the bulk of commissioning to start in Q2
  2013.  Budgeted 2013 total ore processed remains unchanged at
  6.1 million tonnes. Expenditure to date is US$176.9million of
  the total $287.6m ex-contingency forecast.

* Centamin remains debt-free and un-hedged with cash, bullion on
  hand, gold sales receivable and liquid assets of US$181.7 million
  as at 30 September 2012.

* 2012 production guidance of 250,000 ounces maintained, with cash
  costs of US$550 per ounce atsubsidisedfuel prices; or US$700 per
  ounce inclusive of fuel prepayments.

* Drilling continued at the V-Shear porphyry with results to date
  in the 0.3-0.6 g/t range. A gravity survey has commenced to help
  define the limits of the porphyry and to test the surrounding

* Initial results in Ethiopia confirm the existence of low grade
  mineralisation, with drilling on-going.

* Engagement with government on fuel subsidy ongoing.

* Centamin and the Egyptian Mineral Resources Authority (EMRA)
  continue to work closely to appeal the October 30thAdministrative
  Court ruling which determined the conversion of the Sukari 160km2
  "exploitation lease" invalid. Operations are continuing as normal.

                                      Q3 2012    Q2 2012    Q3 2011
Total Gold Production (oz)            60,922      67,422     50,539
Cash Cost of Production1,4 (US$/oz)     539         565        562
Average Sales Price (US$)              1,679      1,610      1,721
Revenue (US$M)                         103.1       96.8       89.1
EBITDA2,3,4 (US$M)                     67.1        54.9       53.6
Basic EPS4 (cents)                     5.53        3.87       4.52

(1) Results and highlights for the first quarter ended 31 March 2012
    and second quarter ended 30 June 2012 are available at .

(2) Cash cost of Production, EBITDA and cash, bullion on hand and
    liquid assets are non-GAAP measures defined on pages 17 - 18 of
    this news release.

(3) EBITDA reported is on the basis of subsidised fuel costs.

(4) Historic Cash cost of production,EBITDA and EPS now reflect
    adoption of IFRIC 20.

Josef El-Raghy, Chairman of Centamin, said: "The team at Sukari once
again delivered a strong set of operating results which are
particularly pleasing given the several cumulative issues that were
faced and addressed during the quarter. Open pit tonnages continued to
increase according to plan and the operation as a whole entered the
fourth quarter well placed to meet our unchanged full year production
guidance of 250,000 ounces."

Centamin will host a conference call on Wednesday, 14 November at
9.00am (London, UK time) to update investors and analysts on its
results. Participants may join the call by dialling one of the
following three numbers, approximately 10 minutes before the start of
the call.

From UK: (toll free) 0800 368 1895
From Canada: (toll free) + 1866 561 8617
From rest of world: +44 203 140 0693
Participant pass code: 677677#

A live audio webcast of the call will be available on: 

A group analyst briefing will be held simultaneously at 9.00am at the
offices of Buchanan, 107 Cheapside, London, EC2V 6DN

A second call (Q&A only) will be held for North American analysts and
investors at 2.00pm (London, UK time) / 9.00am EST. Participants may
join the call by dialling one of the following three numbers,
approximately 10 minutes before the start of the call.

From Canada: (toll free) +1866 561 8617
From US: (toll free) +1866 928 6049
From rest of world: +44 203 140 0693
Participant pass code: 858703#

For more information please contact:

Centamin plc
Josef El-Raghy, Chairman
Andy Davidson, Head of Business Development
and Investor Relations                            +44 20 7569 1671
Bobby Morse                                       +44 20 7466 5000
Cornelia Browne
Gabriella Clinkard

About Centamin plc

Centamin is a mining company that has been actively exploring in Egypt
since 1995. The principal asset of Centamin is its interest in the
large scale, low cost Sukari Gold Mine, located in the Eastern Desert
of Egypt. 2010 was Sukari's maiden year of production, with 150,000
ounces of gold produced. In 2011, production expanded to over 200,000
ounces, with production forecast to increase further in the following

The Sukari Gold Mine is the first and currently only large-scale modern
gold mine in Egypt. Centamin's operating experience in Egypt gives it a
significant first-mover advantage in acquiring and developing other
gold projects in the prospective Arabian-Nubian Shield.

In 2011 the Group acquired Sheba Exploration(UK) Plc("Sheba") and now
has interests in four mineral licences in Ethiopia where it is
conducting further exploration activities.


The third quarter saw Centamin deliver our strongest set of financial
results to date with record EBITDA of US$67.1 million, up 22% on the
second quarter and a 25% increase on the corresponding quarter in 2011.
This was achieved despite a number of minor but cumulative challenges
to production at Sukari which have all now been resolved. Mining and
processing operations continue to perform in line with budget and we
expect to meet our unchanged full year guidance of 250,000 ounces at
US$550 per ounce at subsidised fuel prices and US$700 per
ounceinclusive of fuel repayments.

Construction of the Stage 4 expansion was a little slower than expected
during the quarter with the consequence that, whilst some commissioning
activities will begin in Q1, we now anticipate the bulk of
commissioning to commence in Q2 2013. All key long lead time items have
been delivered or are scheduled for delivery and as such we continue to
expect the full 10 million tonne per annum rate to be achieved in the
later part of 2013. Our longer-term growth projects showed good
progress, with encouraging signs of a potentially significant
mineralised porphyry from drilling of the V-Shear prospect at Sukari,
plus some early indications of mineralisation from drilling at our
Ethiopian projects.

Centamin is committed to its policy of being 100% un-hedged and
therefore fully exposed to the high gold price environment. Our balance
sheet remains strong, with cash, bullion on hand and liquid assets of
US$181.7 million at the end of September and with capex for Stage 4
fully financed by Pharaoh Gold Mines ("PGM"), Centamin's 100% owned
subsidiary, from cost recoveries generated from operating cash flow.

The Sukari project has seen Centamin invest over US$700 million in
Egypt to date and we remain committed to our significant expansion
program. Management and the Board of Directors take very seriously any
threat to the Company's operating title, its investment, the livelihood
of its employees and the interests of its other stakeholders. We will
therefore spare no effort to defend our position which at all times has
been in accordance with the terms of the Concession Agreement (law 222
of 1994), Egyptian law and international best practice for both mining
and foreign direct investment. We look forward to presenting our case
against the October 30th administrative court ruling, which we believe
will give us very strong grounds for a successful appeal. The appeal is
expected to be lodged in the next week or so. We will continue to keep
the market informed of progress and, in the meantime, continue to
operate at Sukari and to deliver on the Stage 4 expansion project which
is projected to be funded out of cost recoveries.



Sukari Gold Mine production summary:

                                            9 months      9 months
                        Q3     Q2     Q3    ended 30      ended 30
                       2012   2012   2011   September     September
                                               2012          2011

Ore Mined -
Open Pit       ('000t) 1,653  1,816  2,129   4,472         4,380

Ore Grade
Mined - Open
Pit           (Au g/t)  1.00   1.07   0.96    0.99           NR

Ore Grade
Milled - Open
Pit           (Au g/t)  1.34   1.19    NR     1.21           NR

Total Open Pit
Material Mined ('000t) 6,970  6,579  5,847   18,368       13,429

Strip Ratio (waste/ore) 3.2    2.6    1.8      3.1          2.1
Ore Mined -
Development    ('000t)   40      53    47       150          127

Ore Mined -
Stopes         ('000t)   53      63    11       141          15

Ore Grade
Mined -
Underground   (Au g/t)  9.01   8.68   10.4      8.65         NR

Ore Processed ('000t)  1,004  1,269    954     3,293        2,545

Head Grade     (g/t)   2.10   1.99    1.82     1.93         1.88

Gold Recovery   (%)    86.7   84.3    85.5     85.3         85.9

Gold Produced
- Dump Leach   (oz)   1,617  1,318   2,921    4,838         8,362

Gold Produced
- Total       (oz)   60,922  67,422  50,539  177,415       143,734

Cash Cost of
Production  (US$/oz)  539     565      562    568            532

Open Pit
Mining      (US$/oz)  180     194      NR     NR             NR

Mining      (US$/oz)   35      50      NR     NR             NR

Processing  (US$/oz)  257     263      NR     NR             NR
G&A         (US$/oz)   67      58      NR     NR             NR
Gold Sold     (oz)  60,794  60,673  51,570 174,168       165,072

Realized Sales
Price       (US$/oz) 1,679   1,610   1,721   1,644        1,546

Notes:- (1) Ore mined includes 11kt @ 0.48g/t delivered to the dump
            leach in Q3 2012 (104kt @ 0.50g/t in Q2 2012;264kt
            @ 0.42g/t in Q1 2012; 977kt @ 0.55g/t in Q3 2011; 224kt
            @ 0.5g/t in Q2 2011 and 435kt @ 0.6g/t in Q1 2011).

        (2) Gold produced is gold poured and does not include
            gold-in-circuit at period end.

        (3) Cash costs exclude royalties, exploration and corporate
            administration expenditure.

        (4) Realised Sales Price reflects actual sales price realised
            during the period i.e. excludes Gold receivable.

        (5) Historic Cash cost of production now reflect adoption of
            IFRIC 20.

         NR - Not Reported.

Centamin produced60,922 ounces of gold in Q3 2012, which is a 10%
decrease on Q2 2012 but a20% increase on Q3 2011.

The lower quarter-on-quarter production was a result of: (a)a 28%
decrease in tonnes milled (to circa 1Mt) versus Q2, due to the impact
of a scheduled SAG mill reline in September and the illegal strike in
July, and (b) a 16% reduction inproduction from the underground high
grade stopes due to lower than planned underground mining contractor
equipment availability. Thenegative impact was partly reduced by
feeding ore with a 6% higher grade to the mills (2.10g/t in Q3 compared
to 1.99g/t in Q2) as underground and open pit head grades increased.

Sukari's production profile for the year will see a larger proportion
of ounces delivered in Q4 due to a higher mill throughput, in line with
that achieved in Q2, and an increasing overall headgrade. As such our
full year production guidance of 250,000 ounces remains intact.

Open Pit

The open pit delivered total material movement of 7.0Mt for the
quarter, an increase of 6% on Q2 2012 and 19% on the prior year period,
as additional mining faces opened up with improved equipment
productivity and utilization.

Ore production from the open pit was 1.7Mt at 1.0g/t withan average
head grade to the plant of 1.34g/t. The ROM ore stockpile balance
increased by 82kt to 579kt by the end of the quarter.

Mining continued to focus on Stage 2A and Stage 2B down to the 1040RL
and 1028RL respectively. In Stage 3 development work continued with
minor production commencing in preparation for large scale load and
haul activities.

Underground Mine

Ore production from the underground mine was 93kt. The ratio of
stoping-to-development ore mined decreased this quarter, with 43% of
development ore (40kt) and 57% of stoping ore (53kt). Production from
stoping continues to ramp up whilst a significant focus on longer term
development is also maintained to ensure mine sustainability.

In spite of poor equipment availability, restricting mining of the
higher grade stopes with the remote 'boggers' (load haul dump
machinery, or LHD's), grades continued to be reasonably high, with a
head grade of 9.01g/t from the underground mine in Q3. The grade was
below the annual production guidance range of 10-12g/t as the majority
of the stope material for the quarter continued to be mined from the
lower grade stockwork stopes, combined with lower grade development
drives being mined to access diamond drill sites. However, during the
last part of the quarter, higher grade material was again able to be
mined and access drives to further stopes were completed. Development
of access to the higher grade areas continues. Higher grade material in
the 10-12g/t range is scheduled for mining in the remaining quarter.

A further 431.3 metres of development took place between the 878 and
830 levels to access additional stoping blocks that will be mined
during 2012 and 2013. A total of 1,859.6 metres of diamond drilling was
completed during the quarter for both short-term stope definition, open
pit resource modelling and underground resource development whilst a
further494.5 metres of drilling to test the depth extensions below the
current Amun zone and into the Horus zone was completed.

Development of the Ptah Decline, which will move towards the north of
the Sukari deposit and provide access to the high grade Julius zone,
began in October 2011 and had advanced 313.0 metres by the quarter end.
The Ptah Decline, which will access at least two production centres,
will take underground activity away from the pit shell over the next
two years. This decline will therefore allow Centamin to maintain two
separate underground production sources once the Amun Decline becomes
part of the open pit.

The anticipated capital cost of the Ptah Decline is US$18 million,
which will see the decline reach the first ore blocks to be developed
below the middle of SukariHill. It is expected that this initial
development work will be complete in early 2013.


The quarterly throughput in the Sukari processing plant was 1,004kt, 5%
higher than the corresponding quarter in 2011 and 21% lower than Q2 due
to the SAG mill reline and also illegal strike action in July.

Productivity of the processing plant was 624 tonnes per hour (tph) for
the quarter, down 4% on 652 tph in Q2 due to the impact of the
scheduled SAG mill reline in September and the strike in July.

Plant metallurgical recoveries were 86.7%, which is a 2.4% increase on
Q2. Recoveries are expected to remain consistent until the new carbon
regeneration kiln is commissioned in early 2013.

The dump leach operation produced 1,617oz in Q3, a 23% increase on Q2.
11kt of low grade oxide ore at 0.48g/t was delivered to the pads in
preparation for irrigation, bringing the total ore placed on the dump
leach to approximately 6.0Mt at 0.50g/t. Dump leach volumes pumped back
to the CIL Plant were deliberately reduced to minimise issues
associated with the carbon fouling and carbon regeneration and the
impact on recoveries. Volumes will return to planned levels once the
new carbon regeneration kiln is commissioned in early 2013.

Fuel Costs

In light of the on-going discussions with the Egyptian Government
regarding the Company's entitlement to the national subsidy for diesel,
it was necessary during Q3 to continue to advance funds to our fuel
supplier, Chevron, based on the international price for diesel.
However, in line with previous practice, Management have treated these
fund advances as prepayments which at this stage are not expensed, to
the extent that they represent a premium to the price payable for
subsidised diesel. Should these prepayments be expensed, the cash
costs for Q1 would increase by US$108 to US$717 per ounce, Q2 would
increase by US$164 per ounce to US$729 per ounce and Q3 would increase
by US$185to US$724 per ounce. The total amount of the prepayment at the
end of the quarter was US$27.7 million.

As noted in the quarterly report for the quarter ended 30 June 2012,
the Company has, with the support of the EMRA, commenced judicial
review proceedings in Egypt in relation to this matter. The Company
remains of the view that an instant move to international fuel prices
is not a reasonable outcome and will look to recover any funds advanced
thus far at the higher rate should either the negotiations or the court
proceedings be successfully concluded.


Construction continueson Stage 4 of the process plant expansion which
will expand Sukari capacity from 5Mtpa to 10Mtpa. The capital cost of
the Stage 4 expansion which is funded by PGM out of cost recoveries,
remains within budgeted expectations of US$287.6 million (excluding
contingency), with expenditure to date of US$176.9 million.

During the period some delays in the Stage 4 construction process
occurred with the consequence that, whilst some commissioning
activities will begin in Q1, we now anticipate the bulk of
commissioning to commence in Q2 2013. Despite this short delay, there
is no change to the expected 6.1 million tonnes of ore processed in
2013, nor any other of the other parameters as outlined in the May 2012
optimised mine plan. This plan and forecast, which requires the
completion of Stage 4 commissioning by Q4 2013, was sufficiently
conservative to accommodate delays of this nature.

Main Plant

Detailed engineering is 96% complete and the final issue, evaluation
and award of equipment packages is on-going. SAG and Ball Mill shells
were delivered during the quarter and all major civil works in the
grinding area were completed. Various construction fronts are open
within the main plant area and no long lead time items represent a risk
to schedule at this stage.

Power Station

The engineering design and procurement are 100% complete. Civil,
structural and mechanical works continue around power house, fuel
treatment, workshop buildings and day tank area. Electrical work on
cable tray installation and earthing are on-going.

Sea Water Pipeline

Orders have been placed for motorized valves, flanges and above ground
pipe work. The installation contract tender has been completed and
awarded to Egyptian Maintenance Co. (EMC) with civil works on the
pipeline commencing during the quarter. Engineering for the Petroleum &
Process Industries (ENPPI) are finalising the electrical equipment

Tailings Storage Facility

The construction process for the Tailings Storage Facility ("TSF") is
90% complete.Construction by earthworks contractor together with mining
is on-going.

Capital Expenditure

A breakdown of the major cost areas to date is as follows:

    * Mining Equipment              US$32.0 million
    * Processing Plant              US$90.1 million
    * Power Plant                   US$35.4 million
    * Other                         US$19.4 million

                                    US$176.9 million

Major contributors to the payments made in Q3 were as follows:

    * Mining Equipment              US$12.5 million
    * Processing Plant              US$17.2 million
    * Power Plant                   US$2.3 million
    * Other                         US$6.2 million

                                    US$38.2 million


Sukari Hill

Centamin's resources at Sukari are 13.13Moz Measured & Indicated and
2.3Moz Inferred, which include reserves of 10.1Moz. Drilling continued
from the underground development drives and the drilling programme will
build up to four underground based exploration/resource drill rigs
throughout 2012.

We aim to continue adding ounces to Sukari's already significant
resource base and plan to provide an updated resource and reserve
statement during the first half of 2013.

Regional Exploration

Drilling continued in the V-Shear and Kurdeman prospects. Drilling at
V-Shear continued to test the extent of the porphyry as this represents
the first significant zones of porphyry encountered away from the
Sukari Hill. Assays received to date have generally been in the
lowgrade range between 0.3 and 0.6 g/t and work is underway to
determine the extents and controls on the mineralisation of this
porphyry. A gravity survey is planned in Q4 (commenced in early
November) over this area to help in defining this porphyry and
surrounding areas.

Growth Beyond Sukari

The third pillar of Centamin's growth strategy is growth beyond
Sukari. Centamin has interests in 4 exploration licences in northern
Ethiopia and drilling at the first property, UnaDeriam, began in Q1.
Ethiopia is a geologically prospective terrain that is historically
underexplored. There is an emerging gold mining industry and
significant artisanal gold mining activities. Through a well-funded and
focused exploration effort, Centamin hopes to replicate its success in
Egypt in exploring and developing gold assets.

DuringQ3 the Company continued diamond drilling at UnaDeriam and
samples have been dispatched to assay laboratories in South Africa.
Previous work on the tenement had outlined an 8km long gold in soil
anomaly. Several historical open hole percussion drill holes confirmed
the existence of significant sub-surface gold mineralisation with +20
metre intersections.

The turnaround time in assays from South Africa has been slower than
expected and alternatives are being put in place to improve this.

Centamin intends to continue to grow and diversify its asset base
through targeted acquisitions of exploration and development prospects
in the region and beyond.


Centamin has a strong and flexible financial position with no debt, no
hedging and cash, bullion and liquid assets of US$181.7 million at 30
September 2012, down marginally from US$183m at the end of June 2012.
Cash, bullion on hand and liquid assets is a non-GAAP financial measure
and includes cash, bullion, gold sales receivable and liquid assets.

    * Cash at Bank                         US$124.6 million
    * Gold Sales Receivable                US$26.9 million
    * Liquid assets - listed equities      US$7.9 million
    * Bullion on hand                      US$22.3 million

Bullion on hand was higher than expected due to some minor logistical
delays in shipping gold at the end of the period. These issues were
resolved, with the gold having been shipped shortly after the period
end and to be realised as revenue in Q4.

Sukari generated revenue of US$103.1 million in the third quarter, a 7%
increase on the previous quarter. Revenue reported comprises proceeds
from gold and silver sales.

Centamin's unit cash costs (including fuel subsidy) were US$539 per
ounce, $26 per ounce lower than in Q2. This reduction is primarily a
result of improved productivities in both the mine and the mill areas,
more than offsetting the lower production. Including fuel prepayments
(excluding the fuel subsidy), the Q2 unit cash costs were US$724/oz, $5
lower than in Q2 reflecting a higher quarter-on-quarter international
fuel price.

Operating cash costs reduced quarter-on-quarter by US$5.3m or 14% to
$32.8 million. Processing costs were 2% lower versus Q2 due to a 13%
decrease in plant utilisation. Mining costs were down significantly by
16% versus Q2 as a result of better utilisation of equipment, lower
maintenance charges as well as the need for less drilling and blasting
during the period.

The Company reported EBITDA of $67.1 million, a 25% increase on Q3 2011
and a 22% increase on the previous quarter. The key drivers were:

(a) a moderate increase in revenue, as described above
(b) a decrease in the cash cost of production, as described above
(c) a $1.8 million increasein inventory movement
(d) a 34% decrease in corporate costs to $1.3 million, and
(e) a foreign exchange gain of $2.0 million.

Basic Earnings per Share for the quarter was 5.53 cents,a 22% increase
on Q3 2011 and a 43% increase on the previous quarter. The increase is
mainly due to the effects noted above and offset by a 45%
quarter-on-quarter increase in depreciation and amortisation to $7.5
million, a result of an increase in the underlying capitalised
preproduction costs and mine development properties.


Chief Executive Officer Appointment Process

The Board continues on an on-going basis to assess the options for
ensuring that the Company has the right leadership to best further its
future development and at present the Board believes that there is no
urgent requirement to fill the CEO position. In arriving at this
decision the Board has taken into account the degree and breadth of
experience brought to the senior management team by Chief Operating
Officer, Andrew Pardey, Chief Financial Officer, Pierre Louw and Head
of Business Development and Investor Relations, Andy Davidson, as well
as the requirements of the UK Corporate Governance Code. In relation to
the Code, the Board believes the interests of shareholders are best
served by the current arrangement and that the Company is not at risk
from an undue concentration of decision-making authority by the
temporary combination of the Chairman and Chief Executive Officer
roles. In reaching this conclusion, the Board has taken into
consideration the strong presence of highly experienced independent
non-executive directors on the Board and the structure of the Board
Committees designed to devolve away from the Chairman the
responsibility and control of certain key areas of Board

Egyptian Court Litigation (post-period end)

A ruling was made on 30th October by the administrative court in Egypt,
in relation to a claim brought by Hamdy El Fakharany, an independent
member with the previous parliament. The ruling makes it clear that it
rejects any request to terminate or treat as invalid the Concession
Agreement entered into between the Arab Republic of Egypt, the Egyptian
Mineral Resources Authority ("EMRA") and Centamin's wholly owned
subsidiary PGM, and approved by the People's Assembly as law 222 of
1994. The judgement further makes it clear that PGM had made the
necessary notifications to be entitled to be granted an "exploitation
lease" in accordance with the Concession Agreement. However, the
judgement states that, although agreement was reached between PGM and
EMRA with respect to the grant of the 160km2 "exploitation lease" at
Sukari, sufficient evidence was not submitted to Court in order to
demonstrate that, as required by the terms of the Concession Agreement,
the requisite approval from the relevant Minister had been obtained,
and thus the Court determined that the process of the conversion to an
exploitation lease was therefore invalid. Centamin, however, is in
possession of the executed original lease documentation which clearly
shows such approval from the Minister of Petroleum and Mineral
Resources. It appears that this document was not listed in the
documents supplied to the Court. As such the Company is confident that
this matter can be resolved during the appeal process.

Pending the appeal hearing, the notice of "objection to enforcement",
lodged on 31st October has the effect of "staying" (postponing) the
implementation of any judicial decision for a period until any hearing
on such notice. As notified to the market on 31st October, the appeal
process would be accompanied by a further request for the decision to
be "stayed" pending the outcome of a final court hearing. Centamin
therefore remains confident that normal operations at Sukari will be
maintained whilst our appeal case is heard.

The Company continues to work in close co-operation with EMRA and both
parties are currently in the process of initiating the necessary
vigorous action to appeal this decision. The formal appeal is expected
to be lodged shortly.

Cost recovery and profit share

Based on current gold prices, production forecasts and operating
expenses, it is expected that there will be a net production surplus
(revenue in excess of production royalty and cost recoveries) available
for sharing betweenEMRA and PGM for the Egyptian financial year ending
30 June 2013. The amount of this will clearly be dependent in large
part on the success of the operations during this period.

OUTLOOKCentamin remains focused on advancing all three pillars of our
strategy. At Sukari, we are committed to delivering on our full year
production guidance of 250,000 ounces, a 25% increase in production
from 2011. The full year cash cost forecast remains at US$550 per
ounce at subsidised fuel prices and, inclusive of fuel pre-payments, at
approximately US$700 per ounce. Even after fuel advance prepayments,
PGM (Centamin's 100% owned subsidiary) is still projected to be able to
fund Sukari's 2012 capex from cash flow received from cost recoveries
and the operation remains a relatively low cost one. We are on track to
further consolidate our position asa significant mid-tier gold
producer,with the commissioning of the Stage 4 expansion during 2013
and the on-going ramp-up towards 450-500,000 ounces production per
annum from 2015. Our regional exploration efforts within the 160km2
Sukari tenement continue to look promising and with the commencement of
drilling at UnaDeriam in Ethiopia our diversification within the highly
prospective and under-explored Arabian Nubian Shield is underway.

Josef El-Raghy
14 November 2012


This document contains "forward-looking information" which may include,
but is not limited to, statements with respect to the future financial
or operating performance of Centamin plc ('Centamin' or 'the Company'),
its subsidiaries (together 'the Group'), affiliated companies, its
projects, the future price of gold, the estimation of mineral reserves
and mineral resources, the realization of mineral reserve and resource
estimates, the timing and amount of estimated future production,
revenues, margins, costs of production, estimates of initial capital,
sustaining capital, operating and exploration expenditures, costs and
timing of the development of new deposits, costs and timing of future
exploration, requirements for additional capital, foreign exchange
risks, governmental regulation of mining operations and exploration
operations, timing and receipt of approvals, consents and permits under
applicable mineral legislation, environmental risks, title disputes or
claims, limitations of insurance coverage and regulatory matters.
Often, but not always, forward-looking statements can be identified by
the use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "targets", "aims",
"anticipates" or "believes" or variations (including negative variations)
of such words and phrases, or may be identified by statements to the
effect that certain actions, events or results "may", "could", "would",
"should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks,
uncertainties and a variety of material factors, many of which are
beyond the Company's control which may cause the actual results,
performance or achievements of Centamin, its subsidiaries and
affiliated companies to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Readers are cautioned that forward-looking
statements may not be appropriate for other purposes than outlined in
this document. Such factors include, among others, future price of
gold; general business, economic, competitive, political and social
uncertainties; the actual results of current exploration and
development activities; conclusions of economic evaluations and
studies; fluctuations in the value of the U.S. dollar relative to the
local currencies in the jurisdictions of the Company's key projects;
changes in project parameters as plans continue to be refined; possible
variations of ore grade or projected recovery rates; accidents, labour
disputes or slow-downs and other risks of the mining industry; climatic
conditions; political instability, insurrection or war, civil unrest or
armed assault; labour force availability and turnover; delays in
obtaining financing or governmental approvals or in the completion of
exploration and development activities; as well as those factors
referred to in the section entitled "Risks and Uncertainties"section
of the Management discussion & analysis. The reader is also cautioned
that the foregoing list of factors is not exhausted of the factors that
may affect the Company's forward-looking statements.

Although the Company has attempted to identify important factors that
could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. Forward-looking statements
contained herein are made as of the date of this document and, except
as required by applicable law, the Company disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.


Information of a scientific or technical nature in this document was
prepared under the supervision of Andrew Pardey, BSc. Geology, Chief
Operating Officer of Centamin plc and a qualified person under the
Canadian National Instrument 43-101.

Refer to the technical report entitled "Mineral Resource and Reserve
Estimate for the Sukari Gold Project, Egypt" dated 14 March 2012 and
filed on SEDAR, 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, or other relevant issues.

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