Centamin Egypt Limited

Centamin Egypt Limited

October 29, 2009 03:00 ET

Removal from the Australian Securities Exchange Official List

Immediate Release                                                                29 October 2009
                      Centamin Egypt Limited ("Centamin" or "the Company")
                                   (TSX:CEE, ASX:CNT, AIM:CEY)

Centamin  Egypt Limited announces that it has applied to the Australian Securities Exchange  Ltd
("ASX") and been given approval under Listing Rule 17.11 for the Company to be removed from  the
ASX official list.

The  Company is currently listed on three stock exchanges - the ASX, the Toronto Stock  Exchange
("TSX")  and  the AIM Market of the London Stock Exchange ("AIM").  As announced  on  04  August
2009,  the Company has applied to the UK Listing Authority ("UKLA") to move from the AIM  market
to  the  Official  List of the UKLA (the "Official List") and to trading  on  the  London  Stock
Exchange's Main Market for listed securities ("Main Market"). It is expected that the  Company's
ordinary  shares  will be admitted to the Official List and to trading on the  Main  Market  and
simultaneously  cancelled  from trading on AIM on or around 05 November  2009,  subject  to  the
receipt of the necessary approvals from the UKLA and the London Stock Exchange ("LSE").

Following  due  consideration and in an effort to streamline listing and compliance  costs,  the
Board  believes  it  is  in the best interests of the Company and all of its  Shareholders  that
Centamin be removed from the ASX official list for the following reasons:-

    *       the relatively low level of liquidity in trading in the Company's shares on ASX compared
        to the AIM and TSX (of all of the shares traded from 01 October 2008 to 30 September 2009, only
        2.2% were traded through the ASX, hence creating disproportionately high costs); and
    *       the Australian register accounts for less than 15% of the share capital of the Company
        (or less than 8% if you exclude the Directors' holdings on the Australian register).

The  ASX  has advised Centamin that it will be removed from the ASX official list if it complies
with the following conditions:-

    *       Release of this announcement to the market;
    *       Provision of a facility for Australian Shareholders to sell their Centamin shares on the
        LSE and/or TSX through an ASX participating organisation for a period of not less than three
        months after the removal of Centamin from the ASX official list; and

    *        Provision  of  a  letter  to shareholders on Centamin's Australian  share  register
        ("Australian Shareholders") informing them of Centamin's intention to seek removal from the
        official list and of a facility for Australian Shareholders to sell their Centamin shares on the
        AIM/LSE or TSX.

Centamin  will  comply  with all these conditions and will therefore be  removed  from  the  ASX
official  list  on  29 January 2010, which is three months after the date of this  announcement.
Prior to 29 January 2010, trading in Centamin shares will continue on an uninterrupted basis  on
the  ASX, AIM/LSE and TSX. From 29 January 2010, Centamin shares will be quoted on the  LSE  and
TSX only.

Following  delisting, Australian Shareholders will have their electronic  holdings  on  the  ASX
register  converted to certificated holdings on the Australian register (which will continue  to
be  maintained on Centamin's behalf by Computershare). This process will occur automatically and
no  action will be required by an Australian Shareholder. Australian Shareholders will  then  be
issued  with  a share certificate representing their holding. This share certificate  should  be
kept in a safe place as it is evidence of the shareholding.

To  assist  Australian Shareholders who may want to transact Centamin shares on LSE or  the  TSX
following  Centamin's removal from the ASX official list, Centamin has entered into an agreement
with  Southern  Cross  Securities Limited, which has agreed to facilitate  trading  in  Centamin
shares  for a period of 3 months following the delisting. Shareholders can contact either  David
Keogh or Les Blake at Southern Cross Securities on + 61 2 8224 2887.

Alternatively,  the Depositary Interest ('"DI") facility in the UK allows UK  brokers  to  trade
Centamin  shares in the usual way.  UK domiciled holders are advised to contact their UK  broker
to  arrange  the  transfer of their shares.  Canadian domiciled holders can  arrange  for  their
shares  to be transferred to the Canadian Register by completing an Australia to Canada  removal
request  form  and  submitting it to Computershare/their local broker  along  with  their  share
certificate/SRN number. The shares can be deposited directly with a Canadian Participant at  the
Canadian  Depository  for Securities ("CDS") or the request can be to  issue  a  Canadian  share

A  letter  will  be  sent  to  the Australian Shareholders today, advising  them  of  Centamin's
application  for removal from the ASX official list and including details of the facilities  for
trading Centamin shares on the LSE and TSX.

For Centamin Egypt Limited

Josef El-Raghy
Managing Director/CEO
29 October 2009

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