Market Update -- Centamin Gains Controlling Interest in Ampella Mining

PERTH, AUSTRALIA--(Marketwired - Feb 26, 2014) - Centamin plc ("Centamin" or "the Company") (LSE: CEY) (TSX: CEE) -- Further to the announcements of 10 December 2013 and 13 January 2014, Centamin declared, on 20 February 2014, that its off-market takeover offer for Ampella was free from all defeating conditions pursuant to a notice filed on the Australian Stock Exchange ("ASX") and ASIC. Accordingly, the offer is now unconditional.

As at 7.00pm (Sydney time) on 24 February 2014, Centamin, through its wholly owned subsidiary, Centamin West Africa Holdings Limited ("CWA"), had a relevant interest in 126,321,285 shares or 51.14% in Ampella Mining Limited ("Ampella"). 

This gives Centamin the right under the offer to appoint a majority of the directors to the board of Ampella and to take effective control of all operational matters concerning Ampella. Centamin has requested that Paul Kitto, Ron Renton and Michael Anderson resign from the board of Ampella and has nominated Josef El-Raghy, Mark Arnesen and Heidi Brown to be appointed as directors of Ampella. Peter Mansell and Ronnie Beevor shall continue as non-executive directors of Ampella until the earlier of Ampella de-listing from the ASX or CWA acquiring a relevant interest in 90% of the shares in Ampella. 

Josef El-Raghy, Chairman of Centamin, commented:

"We are pleased to have successfully gained control of Ampella and thank the outgoing directors for their support during this recommended offer process. We also recognise the key contribution that Dr Paul Kitto has made to establishing a significant new gold province in Burkina Faso and we welcome his future involvement with our management group so that we may continued to discover and develop gold projects in this area and the wider region."