Centamin Plc-Results for the Quarter Ended 31 December 2011-Correction From Source

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2012) - Centamin plc ("Centamin" or "the Company") (LSE:CEY)(TSX:CEE) announces a correction to the Results for the Quarter Ended 31 December 2011 announcement released via Marketwire on Monday, 30 January 2012 at 04:03 ET.

The grade of the underground ore mined was incorrect. The correct number is 13.31g/t (not 19.2g/t). There are no changes to ounces produced, cash costs or any other key metrics. However, the figures given for the ounce weighted allocation of costs should now read US$330/oz for the underground (not US$175/oz) and US$428 for surface operations (not US$649/oz).

All other details remain the same and the full wording of the corrected press release is reproduced below.

HIGHLIGHTS

• Q4 gold production of 58,965 ounces from the Sukari Gold Mine, 10% higher than the corresponding quarter in 2010 and 17% higher than the previous quarter

• Cash operating costs of US$473 per ounce, 4% lower than the corresponding quarter in 2010 (US$498/oz) and 26% lower than the previous quarter (US$635/oz)

• Average gold sales price received of US$1,671 per ounce

• Record processing plant throughput of 1,066kt, 38% higher than the corresponding quarter in 2010 and 11% higher than Q3 2011, as the ramp up to higher production rates continued post-Stage 3 (5Mtpa) commissioning

• Stage 4 (10Mtpa plant) expansion remains on schedule for commissioning in Q1 2013 with expenditure to date of US$52.6 million

• Operating profit of US$37.5 million, 103% higher than the corresponding quarter in 2010 (US$18.4 million)

• Cash and liquid assets of US$200 million as at 31 December 2011. Centamin remains debt-free and unhedged

• Total reserves increased by 1 million ounces to 10.1 million ounces, comprising 9.5 million ounces from the open pit and 600,000 ounces from the underground

• 2011 gold production of 202,698 ounces at a cash cost of US$556 per ounce, an increase of 35% on 2010 gold production (150,289 ounces)

• 2012 production is expected to be 250,000 ounces with average cash costs of approximately US$550 per ounce

		Q4 2011	Q3 2011	Q2 2011	Q4 2010
	Total Gold Production (oz)	58,965	50,539	47,991	53,189
	Cash Operating Cost of Production (US$/oz)	473	635	606	498
	Average Sales Price (US$)	1,671	1,721	1,545	1,369
	Revenue (US$M)	85.8	89.1	78.0	48.3
	EBITDA (US$M)	54.9	62.0	58.3	25.8
	Basic EPS (cents)	3.42	3.97	4.42	3.2

Josef El-Raghy, Chairman of Centamin, said: "A record quarter of gold production with low cash costs has demonstrated the deliverability of a significantly higher production profile for Sukari in 2012. With expanding production, increasing resources and reserves and a robust balance sheet, we are well positioned for a strong 2012."

Centamin will host a conference call on Monday, 30 January at 11am (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 (0) 203 140 0693

Participant pass code: 982750#

A live audio webcast of the call will be available on:
http://mediaserve.buchanan.uk.com/2012/centamin300112/registration.asp

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 Sukari Gold Mine, located in the Eastern Desert of Egypt. Construction at the Sukari Gold Project commenced in March 2007 with first gold being produced on 26 June 2009.

The Sukari Gold Mine is the first 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 Plc and now has interests in four mineral licences in Ethiopia where it is conducting further exploration activities.

As a consequence of the redomicile, which completed on 30 December 2011, the ultimate holding of the group became Centamin plc, a company incorporated under the laws of Jersey.

CHAIRMAN'S STATEMENT

Overview

Centamin has delivered strong Q4 results, achieving a record performance across all operating metrics. We have maintained an emphasis on rigorous cost control and have continued to reap the benefits of the high gold price through our debt-free and unhedged position. Sukari continues to be highly cash generative, with EBITDA of US$54.9 million, a 113% increase on our EBITDA on the corresponding quarter in 2010, and a robust cash balance of c.US$200m as at 31 December 2011.

We have advanced all three pillars of our growth strategy, particularly through the expansion of Sukari's reserves to 10.1Moz and resources to 13.13Moz Measured and Indicated, and 2.3Moz Inferred. We have met our revised full year production and cash cost targets, and we remain focused on ramping up production by a further 25% in 2012 to target production of 250,000 ounces for the full year. Meanwhile we continue to receive encouraging results from the regional exploration programmes at the V-Shear and Quartz Ridge prospects on the wider Sukari tenement area and drilling is due to begin in Q1 at Una Deriam, one of our four land packages in Ethiopia.

2011 has been a challenging year for Centamin, but a solid third quarter and a record fourth quarter of production have shown that a substantially larger production profile is achievable for Sukari. Combined with our growing reserves, an expansion programme, a solid financial position, and an experienced team, we are well positioned for a strong performance in 2012.

Operational Review

Production

Centamin achieved record gold production in Q4. This was underpinned by record material movement in the open pit and in the underground, as well as in the elevated grade delivered from the underground.

The production summary for Sukari Gold Mine is as follows:

			Q4 2011	Q3 2011	Q2 2011	Q1 2011	Q4 2010
	Ore Mined - Open Pit(1)	('000t)	1,988	2,129	1,039	1,212	2,123
	Ore Grade Mined - Open Pit	Au g/t	1.12	0.96	NR	NR	NR
	Total Open Pit Material Mined	('000t)	7,701	5,847	3,030	4,552	5,975
	Strip Ratio	waste/ore	2.9	1.8	1.9	2.8	1.8
	Ore Mined - Underground Development	('000t)	45	47	39	41	40
	Ore Mined - Underground Stopes	('000t)	25	11	4	-	-
	Ore Grade Mined - Underground	Au g/t	13.31	10.4	NR	NR	NR
	Ore Processed	('000t)	1,066	954	850	741	773
	Head Grade	(g/t)	2.02	1.82	1.82	1.94	2.30
	Gold Recovery	(%)	84.0	85.5	85.0	86.7	88.1
	Gold Produced - Dump Leach	(oz)	2,302	2,921	2,765	2,676	2,387
	Gold Produced - Total(2)	(oz)	58,965	50,539	47,991	45,204	53,189
	Surface Operations Cost of Production	$/oz	428	843	NR	NR	NR
	U/ground Operations Cost of Production	$/oz	330	208	NR	NR	NR
	Cash Operating Cost of Production(3)	$/oz	473	635	606	525	498
	Gold Sold	(oz)	46,837	51,570	50,262	63,240	35,150
	Average Sales Price	US$/oz	1,671	1,721	1,545	1,405	1,369

Notes:-

(1)	Ore mined in Q4 2011 includes 472,568t @ 0.48g/t delivered to the dump leach.
(2)	Gold produced is gold poured and does not include gold-in-circuit at period end.
(3)	Cash operating costs excludes royalties, exploration and corporate administration expenditure.
(4)	With the commencement of underground commercial production the company will henceforth report underground tonnes, grade and cost/oz
(5)	NR - Not Reported

Open Pit

The open pit delivered greater than 2.4Mt per month in both October and November and 2.8Mt in December, achieving total material movement of over 7.7Mt for the quarter, an increase of 31% on the previous quarter (5.8Mt). Ore production from the open pit was 1,988kt at 1.12g/t.

Staged pit development progressed well during the quarter. Mining was completed in Stage 1 and continued in Stage 2 down to the 1004RL and 1076RL respectively. Pioneering work continued in the Stage 3 pit in preparation for large scale load and haul activities to commence in 2012.

Underground Mine

The underground mine also continued to ramp up smoothly, with ore production reaching 70,000t, a 20% increase on the previous quarter (58,000t), with 25,000t from stoping and 45,000t from development.

Grades were consistently high, as several very well grading structures on levels 890 and 875 were mined. The ratio of stoping ore to development ore mined continued to increase as a teleremote bogging system was commissioned at the end of November and further stopes came on line.

Development of the Amun Decline advanced 73.4 metres during the quarter, reaching the 845 level take off point. After establishing the 860 access, the level was opened further into the porphyry for over 55 metres, while ore development continued on the 875 level (223m) and 890 level (257m). Diamond drilling from the 850 level indicated a continuation of the high grade zone encountered on the southern side of the 875 level.

With higher material movements from the open pit and underground, the run of mine ore stockpile balance increased by 264kt to 720kt by the end of the quarter.

Development of the Ptah Decline, which will move towards the north of Sukari hill and provide access to the high grade Julius zone, began in October 2011 and had advanced 140 metres by the quarter end. The Ptah Decline will take underground activity away from the pit shell over the next two years, allowing Centamin to maintain two separate production sources once the Amun Decline becomes part of the open pit.

The underground production rate is expected to increase to 350,000 tonnes per annum ("tpa") in 2012 and the introduction of the Ptah Decline will increase it further to approximately 500,000tpa from 2013. The anticipated capital cost of the Ptah Decline is US$18 million.

Processing

For a second consecutive quarter the processing plant delivered record quarterly throughput, driven by improved productivity and overall plant availability. A total of 1,066kt of ore were processed during Q4, 38% higher than the corresponding quarter in 2010 and 11% higher than Q3 2011. The plant continued to progress towards achieving an annualised rate of 5 million tonnes per annum ("Mtpa") on a consistent basis and construction is due to begin on the Stage 4 expansion to double the processing capacity to 10Mtpa in Q1 2012.

Plant metallurgical recoveries were lower than anticipated, partly due to the recent increases in throughput, but are expected to increase with improvements to plant automation and carbon management techniques.

The dump leach operation continued to perform in line with expectations, producing 2,302oz in Q4. 472,568t 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 5,536,450t at 0.51g/t.

Costs

Operating cash costs for the quarter totalled US$473/oz, 4% lower than the corresponding quarter in 2010 and 26% lower than the previous quarter. This reduction in costs reflected the lower unit costs as a result of the increase in production and the absence of the various one-off maintenance costs that were incurred in Q2 and Q3. We expect to maintain our low cash cost profile in 2012 as Sukari continues to ramp up production.

Stage 4 Expansion

The first pillar of Centamin's growth strategy is the expansion of Sukari. It includes the Stage 4 expansion (doubling the capacity of the processing plant from 5Mtpa to 10Mtpa), the development of the underground mine, and increasing our resources and reserves through the further exploration of Sukari hill (detailed in the Exploration Update below).

The detailed engineering of the Stage 4 process plant was 50% complete at the end of Q4, with the issuing, evaluation and award of equipment packages ongoing. The concrete batch plant was erected on site and commissioned and the new 250 tonne crane for construction was also commissioned, with initial site works underway.

The EPCM contractor, Wartsila, is making solid progress on the engineering, design and engine fabrication of the new power station and this project remains on schedule and on budget. Similarly, ENNPI, the EPCM contractor responsible for the seawater supply, continued with its design work, and the main tender packages for pumps, piping and installation are due to be issued in early Q1 2012.

Civil work on the second raw water pond commenced during the quarter and good progress was made on raising the dam wall for the expanded tailings storage facility, as sufficient volumes of suitable waste material became available from the mine.

In addition, an evaluation based on the performance to date of the existing crushing and grinding circuits has led to the Board approving an additional and larger primary crusher. It will have enhanced tipping arrangements to ensure that the expanded throughput of 10Mtpa is achieved by the new plant, and that the throughput is not dependent on or constrained by the existing single primary crusher. Additional capex for this item is of the order of US$32 million, with US$21 million of this amount anticipated to be incurred during 2012. This addition to the processing plant equipment will increase the capex estimate for Stage 4 from US$255m to US$287m.

As at the end of the quarter the project remained on schedule for commissioning in Q1 2013 with expenditure to date of US$52.6m million.

Exploration Update

Sukari Hill

In 2011, Centamin's focus was on moving ounces up through the resource categories and increasing the underground reserve. The Company increased its reserves by 1Moz to 10.1Moz and its resources to 13.13Moz Measured and Indicated, and 2.3Moz Inferred (at a cut-off grade of 0.3 g/t), which represent an 11% increase and 7% increase respectively.

Measured and Indicated resources represent approximately 85% of global resources.

Significant intercepts during the quarter included:

D1688	106m @ 3.02 g/t	(from 511m)
D1694	96m @ 1.64 g/t	(from 572m)
D1711	119m @ 1.11 g/t	(from 182m)

As the underground mine further develops it is envisaged that the remaining surface drilling for the main zone of the deposit will be limited to two modified surface inclined rigs to target the northern part Sukari Hill, which has historically been difficult to reach. The balance of resource definition drilling will be undertaken from underground drill points.

Sukari Global Resource (as at 01 October 2011)

	Measured		Indicated		Total Measured + Indicated			Inferred
Cut-off	Tonnes	Grade	Tonnes	Grade	Tonnes	Grade	Gold	Tonnes	Grade	Gold
g/t Au	(Mt)	(g/t Au)	(Mt)	(g/t Au)	(Mt)	(g/t Au)	(Moz)	(Mt)	(g/t Au)	(Moz)
0.3	150.04	1.00	238.90	1.08	388.9	1.05	13.13	66.0	1.1	2.3
0.4	120.72	1.16	196.27	1.23	317.0	1.21	12.33	53.0	1.2	2.0
0.5	98.72	1.32	164.85	1.38	263.6	1.36	11.53	43.3	1.4	1.9
0.7	69.57	1.63	120.81	1.67	190.4	1.65	10.10	30.4	1.8	1.8
1.0	44.97	2.06	80.53	2.09	125.5	2.08	8.39	15.1	2.7	1.3

Notes to Table:	1.	Figures in table may not add correctly due to rounding.
	2.	The resources are estimates of recoverable tonnes and grades using Multiple Indicator Kriging with block support correction.
	3.	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.
	4.	The resource model extends from 9700mN to 12200mN and to a maximum depth of 2mRL (a maximum depth of approximately 1050 metres below wadi level).

Sukari Mineral Reserves (as at 31 December 2011)

	Proven		Probable		Mineral Reserve
	Tonnes (Mt)	Au (g/t)	Tonnes (Mt)	Au (g/t)	Tonnes (Mt)	Au (g/t)	Cont Au (Moz)
New Reserve (1)(2)(3)	125.5	1.04	151.5	1.21	277	1.13	10.1
Previous Reserve(4)	102.4	1.09	142.9	1.19	245.4	1.15	9.1

Notes to Table:	(1)	Includes:
		Open Pit reserves totaling 266.6Mt @ 1.09g/t
		Underground reserves totaling 1.1Mt @ 16.30g/t
		Surface stockpiles totaling 9.4Mt @ 0.57g/t
	(2)	Based on mined surfaced as at 31 December 2011 and a gold price of US$1,100/oz
	(3)	Ultimate Open Pit design has a waste to ore ratio of 5.6:1
	(4)	Announced 15 September 2010 at US$900/oz Au

Regional Exploration

The second pillar of Centamin's growth strategy is regional exploration. Seven other prospects besides Sukari Hill have been identified on the 160km² Sukari mining lease. Ore from all of the prospects would be truckable to the existing processing plant, and the Company is currently focusing on Quartz Ridge and V-Shear, to the east and north-east of the hill respectively.

Both reverse circulation and diamond drilling continued on the V-Shear prospect and a drilling programme is planned for 2012 to further evaluate V-Shear's potential to act as a relatively high grade satellite pit to the Sukari open pit.

Growth Beyond Sukari

The third pillar of our strategy is growth beyond Sukari. Centamin has interests in 4 exploration licences in northern Ethiopia and we plan to add value to the Ethiopian properties through exploration and development, as we have done at Sukari.

Drilling is expected to commence at the first of the four land packages, Una Deriam, in Q1 2012. The results of four previous open percussion holes are encouraging, reporting significant (+20 metres) intersections.

The acquisition of Sheba Exploration Plc was part of our plan to diverse into other countries in the prospective Arabian-Nubian Shield. The Company plans to continue to grow and diversify its asset base through targeted acquisitions in the region and beyond.

Financial Review

Centamin has a strong and flexible financial position with no debt, no hedging and cash and liquid assets of c.US$200m at 31 December 2011.

Revenue increased by 78% to US$85.8 million in Q4 2011 on the corresponding period in 2010 (US$48.3 million), although it was down 4% on Q3 2011 (US$89.1 million). This was due to the weakening spot gold price towards the end of the year and the short delay between producing gold and receiving payments from our nominated overseas refinery. This meant that although Centamin produced more gold in Q4 than in Q3, our gold sales are recorded as being slightly lower in the most recent quarter.

We maintained tight control on our cash costs, which resulted in our lowest quarter of cash costs in 2011 at US$473/oz. We reported EBITDA of US$54.9 million and Basic Earnings Per Share of 3.42 cents.

Corporate Update

Redomicile to Jersey and change of corporate structure

On 30 December 2011, the Centamin group successfully implemented a Scheme of Arrangement whereby Centamin plc, a company incorporated under the laws of Jersey, became the ultimate holding of the group ("the Redomicile"). Under the Scheme the shares in Centamin plc were exchanged on a one for one basis for shares in Centamin Egypt Limited. Trading in the shares of Centamin plc on the London Stock Exchange and on the Toronto Stock Exchange began on 30 December 2011 immediately following the cessation of trading of shares in Centamin Egypt Limited.

In the context of the Company's current operations and plans for expansion, Centamin's board of directors determined that the Redomicile is in the best interests of shareholders and will better position the Group to realise its strategic goals. The key potential advantages of the Redomicile are that it allows Centamin to position itself in the EMEA region, where all of our operations are currently based, allows our shareholders to benefit from the protection of the UK City Code on Takeovers and Mergers and provides the Company with the potential to create a more flexible global structure.

Opening of London office

During Q4 2011 Centamin opened its London office at 14 Berkeley Street. As was announced in Q3, the Company has appointed a General Counsel and Company Secretary, and a Head of Investor Relations who are based in the London office, reaffirming our commitment to communicating with shareholders.

Outlook

Centamin is committed to progressing all three pillars of its growth strategy in 2012. At Sukari, we are targeting a 25% increase in production from 2011, with production expected to be approximately 250,000 ounces at an average cash cost of around US$550/oz. We are due to commence construction of the Stage 4 expansion in Q1 2012 and continue with the development of the second decline. In mid 2012 we expect to publish a resource statement for the regional prospects on the Sukari tenement area, as well as receiving the first drilling results from the Una Deriam prospect in Ethiopia. 2012 will be a transformational year for Centamin and we are well positioned to deliver on our targets.

Josef El-Raghy

Chairman

30 January 2012

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

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, 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.

COMPETENT PERSONS STATEMENT

Quality Assurance and Control and Qualified Person

The information in the Statement, to which this Competent Persons Statement is attached, that relates to the Open Pit Ore Reserves of the Sukari Gold Mine, is based on information compiled and reviewed by Mr Igor Bojanic, who is a Member of the Australasian Institute of Mining and Metallurgy, a member of the Mineral Industries Consultants Association and is an employee of Runge. Igor Bojanic, signing on behalf of Runge, is a Mining Engineer. He has extensive experience in the mining industry, working for almost 25 years with major mining companies, including gold mining operations, and for consultants. During this time he has either managed or contributed significantly to numerous mining studies related to the estimation, assessment, evaluation and economic extraction of gold in Australia and overseas. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify him as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, a "Qualified Person" as defined in the "National Instrument 43-101 of the Canadian Securities Administrators" and "CIM Definition Standards For Mineral Resources and Mineral Reserves" of December 2005 as prepared by the CIM Standing Committee on Reserve Definitions of the Canadian Institute of Mining".

The information in this report that relates to ore reserves has been compiled by Mr Andrew Pardey. Mr Pardey is a Member of the Australasian Institute of Mining and Metallurgy and is a full time employee of the Company. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity 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 the "National Instrument 43-101 of the Canadian Securities Administrators" and "CIM Definition Standards For Mineral Resources and Mineral Reserves" of December 2005 as prepared by the CIM Standing Committee on Reserve Definitions of the Canadian Institute of Mining. Mr Pardey's 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 independently 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's 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.

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.

All exploration and resource samples were analysed by Ultra Trace Pty Ltd, Canning Vale, Western Australia. All mine based production samples were analysed by Sukari Assay Laboratory, Egypt.

Refer to the updated Technical Report which was filed in December 2010 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 issue.