Centamin Egypt Limited (CEY) – Quarterly Report

31 Oct

QUARTERLY REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2008

Highlights

Construction and Development

Commissioning and gold production remains on track for Q2 2009
Seawater pipeline high density polyethylene (“HDPE”) complete, work now focused on the pumping stations and water source
CIL tank erection progressing well and scheduled for completion in Q4 2008
Structural steel erection underway
Construction of non-process buildings commenced

Operations

Sukari mineral resource was upgraded to 9.01 million ounces of gold Measured and Indicated, plus 3.3 million ounces of gold Inferred, at a 0.5 g/t cut off grade
An increase of 5% or 454,552oz in Measured and Indicated resources above the June resource (8.56Moz)
Measured and Indicated resources account for 73% of the total resource
12,885m of diamond drill (“DD”) resource definition and 2,210m of reverse circulation (“RC”) exploration drilling completed during the quarter; over 360,000m of total drilling has been completed to date
Drilling continues from Wadi Fault, infilling the Hapi Zone for underground mining studies, targeting the down thrust extension of the Amun Deeps porphyry block, deeper zones beneath Amun Deeps and Hapi Zone mineralisation in the southern part of the Pharaoh Zone, moving north
Grade Control RC drilling of 3,484m completed for the quarter, and 17,300m to date; confirming the high grade surface mineralisation in the Pharaoh Zone from previous resource drilling
Regional Exploration has discovered several previously unknown prospects with +1g/t Au surface assays in quartz veins and shear zones in old workings north and east of Sukari Hill
Deepest hole drilled at Sukari to date (1,018m) stopped due to rig capacity in porphyry mineralisation
Commencement of negotiations with key underground mining contractors

Corporate

Professor Robert Bowker was appointed to the Board on 21 July 2008
Mr Mark Di Silvio was appointed Chief Financial Officer on 25 July 2008
Mr Trevor Schultz was appointed as Executive Director of Operations on 15 August 2008