SOURCE: Centamin plc

December 18, 2013 02:00 ET

Centamin - Updated Resource and Reserve Statement

PERTH, AUSTRALIA--(Marketwired - Dec 18, 2013) -

Centamin plc (LSE: CEY) (TSX: CEE)

For immediate release                                  18 December 2013

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

             Updated Resource and Reserve Statement

Centamin is pleased to provide an update to its resources and reserves
for the Sukari Gold Mine as outlined below.


* Total Measured and Indicated resource containing 13.4 million
ounces (Moz) (previously 13.1Moz) comprising open pit resource of
12.6Moz and underground resource of 0.8Moz.

* Total combined open pit and underground reserve containing
8.2Moz, down 19% from 10.1Moz at 31 December 2011 due to mining
depletion and increased mining and processing costs associated with a
change from subsidised to international fuel prices.

* Open pit and surface stockpile reserve containing 7.7Moz.

* Underground reserve of 2.30 million tonnes (Mt), a 120% increase
on 1.1Mt at 31 December 2011.

* Underground proven component of the mineral reserve of 0.52Mt
grading 11.4g/t gold provides support that further higher grades will
continue to be defined as drilling and development continues.

* Resource and reserve definition continues in parallel with
expanding underground infrastructure, targeting high grade areas.

Open Pit Resource for the Sukari Gold Mine.

         Measured     Indicated    Total Measured &      Inferred

Cut-off Tonnes Grade Tonnes Grade Tonnes Grade Gold  Tonnes Grade Gold

(g/t)   (Mt)   (g/t) (Mt)   (g/t) (Mt)   (g/t) (Moz) (Mt)   (g/t) (Moz)

0.1     333.9  0.62  350.8  0.69  684.7  0.66  14.53 73.7   0.7   1.66

0.2     241.3  0.81  257.0  0.89  496.2  0.85  13.56 52.2   0.9   1.51

0.3     183.8  0.98  201.5  1.06  385.4  1.02  12.64 39.5   1.1   1.40

0.4     145.7  1.15  164.3  1.22  310.0  1.19  11.86 31.9   1.3   1.33

0.5     118.7  1.31  135.1  1.39  253.8  1.35  11.01 26.1   1.5   1.26

0.7     82.6   1.62  97.4   1.70  179.9  1.66  9.60  18.7   1.9   1.14

1.0     52.9   2.06  64.4   2.14  117.3  2.11  7.95  12.5   2.4   0.96

Notes to Table:

* Totals may not equal the sum of the components due to rounding

* The mineral resource estimate is based on the mined surface as
at 30 June 2013 and adjusted for historical, current and planned
underground mining.

* All available assays as at June 2013.

* Resource data set comprises 234,788 two metre down hole
composites and surface rock chip samples.

* Proven and Probable mineral reserves are included in mineral

* 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 0mRL (a maximum depth of approximately 1000 metres
below wadi level).

Underground Resource for the Sukari Gold Mine.

          Tonnes    Grade    Contained gold
Resource  ('000 t) (g/t Au) ('000 oz)
Measured  537      12.8        222

Indicated 3,805    5.1         622

Total M&I 4,342    6.1         844

Inferred  2,925    5.2         489

Notes to Table:

* Totals may not equal the sum of the components due to rounding

* The underground resource has been generated from available
drilling (35,000 metres and 12,300 face samples) and modelled using a
2g/t cut off to determine resource outlines.

Total Combined (Open Pit and Underground) Mineral Reserve for the
Sukari Gold Mine.

                Proven         Probable       Mineral Reserve

                Tonnes Grade   Tonnes Grade   Tonnes Grade   Contained
                (Mt)   (g/t    (Mt)   (g/t    (Mt)   (g/t
                       Au)            Au)            Au)     (Moz)

New Reserve     119.5  1.06    110.6  1.17    230.1  1.11    8.2

Previous        125.5  1.04    151.5  1.21    277.0  1.13    10.1

Notes to Table:

* Totals may not equal the sum of the components due to rounding

(1) Total includes:

OpenPit reserve = 212Mt @ 1.10g/t for 7.5Mozs

Underground reserve = 2.3Mt @ 7.20g/t for 0.5Mozs

Stockpiles = 16Mt @ 0.45g/t for 0.2Mozs

(2) Based on mined surface as at 30 September 2013 and a gold
price of US$1,300 per ounce

(3) Ultimate Open Pit design has a waste to ore ratio of 5:1.

(4) See additional notes in tables below for the underground and
open pit reserves

(5) The change from subsidised to international fuel price has
reduced the new reserve by approximately 1.8Mozs

(6) As at 31 December 2011 at US$1,100 per ounce

Open Pit Mineral Reserve by Classification

The component of the combined reserve as outlined above that relates to
the open pit operation is summarised below.

Reserve Classification Tonnes  Grade   Contained gold

                       (Mt)   (g/t Au) (Moz)

Proven                 112    1.04     3.76

Probable               100    1.16     3.73

Stockpile              16     0.45     0.23

Total                  230    1.05     7.70

Notes to Table:

* Totals may not equal the sum of the components due to rounding

* Based on mined surface as at 30 September 2013 and a gold price
of US$1,300 per ounce.

* The change from the previous US$1,100 to US$1,300 gold price has
increased the new reserve by approximately 0.6Mozs.

* Cut-off grades (gold): CIL oxide 0.20g/t, CIL transitional 0.45g
/t, CIL sulphide 0.44g/t, Dump Leach oxide 0.08g/t.

* Designed underground reserves detailed below do not form part of
the Open Pit Reserve.

Underground Reserve

The component of the combined reserve as outlined above that relates to
the underground operation is summarised below.

         Tonnes   Grade    Contained gold
Reserve  ('000 t) (g/t Au) ('000 oz)
Proven   520      11.4     191

Probable 1,815    6.0      349

Total    2,335    7.2      540

Notes to Table:

* Totals may not equal the sum of the components due to rounding

* Stopes for reserves are then designed using a 3g/t cut off and
mining dilution applied at 15% @ 0.8g/t as all stopes are located in
mineralised porphyry and 10% mining loss is then assumed to allow for
stope bridges and material left in stopes after mining.

An updated NI 43-101 resource and reserve report will be completed and
filed in due course on SEDAR at  and on the Company's web

Josef El-Raghy, Chairman of Centamin, commented:"As expected there has been
some impact on the overall reserve from the
higher international fuel price environment that Sukari has operated
under since Q1 2012. However, it is pleasing to note that the
underground drilling campaign, which has escalated steadily during
2013, has started to outline substantial regions of high grade ore. It
is our expectation that this trend will continue as underground
development is expanded and the multiple high-grade drill targets at
Sukari are tested and defined over the coming months and years."

For more information please contact:

Centamin plc                                       Buchanan
Josef El-Raghy, Chairman                           Bobby Morse
Andy Davidson, Head of Business Development and    Cornelia Browne
Investor Relations                                 Gabriella Clinkard
( )                        + 44 20 7466 5000
+44 1534 828708


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.

The open pit resource was prepared by Nic Johnson of MPR Geological
Consultants Pty Ltd, Australia. The open pit mineral reserve was
prepared by Patrick Smith of AMC Consultants Pty Ltd, Australia. The
underground resource and reserve was prepared by Chris Boreham,
Underground Mine Manager of Centamin plc and audited by Declan
Franzmann of Crosscut Consulting, Australia. All the above persons are
qualified as Competent Persons as defined in the 2012 Edition of
the"Australian Code for Reporting Exploration Results, Mineral Resources
and Ore Reserves (JORC Code)".

Such qualified persons have verified the data disclosed, including
sampling, analytical, and test data underlying the information or
opinions contained in this announcement in accordance with standards
appropriate to their qualifications.

An updated NI 43-101 resource and reserve report will be completed and
filed in due course on SEDAR at  and on the Company's web

In relation to historical resources and reserves, 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
at , 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.


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 realisation 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

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 and 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.


Centamin is a mining company that has been actively exploring in Egypt
since 1995. The Company's principal asset is its interest in the large
scale, low cost Sukari Gold Mine, located in the Eastern Desert of
Egypt. The operating company Sukari Gold Mines is jointly owned by
Centamin's wholly owned subsidiary Pharaoh Gold Mines NL and the
Egyptian Mineral Resource Authority on a 50% equal basis. Sukari
produced 150,000 ounces of gold in its maiden year of production in
2010, consistently expanding thereafter to reach over 260,000 ounces in
2012. The 'Stage 4' plant expansion programme commenced in 2011 to
target 450-500,000 ounces per annum production from 2015 onward. 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,
through Sheba Exploration Holdings Limited, four mineral licences in
Ethiopia where it is conducting further exploration activities. In
September 2013, the Group entered into a joint venture with Alecto
Minerals plc ("Alecto") to pursue existing and new opportunities
identified by Alecto in Ethiopia. The initial joint venture projects
relate to two exploration licenses, Wayu Boda and Aysid Meketel.

                    This information is provided by RNS
          The company news service from the London Stock Exchange


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