3rd Quarter Results
08 Abril 2002 - 11:32AM
UK Regulatory
RNS Number:2027U
Centamin Egypt Limited
8 April 2002
REPORT FOR QUARTER ENDED 31 MARCH 2002
HIGHLIGHTS
• Drill hole SDDH208 in the southern section of the RA zone,
(10625 N 10428E) intersected very strongly altered mineralised porphyry
virtually from the collar. The hole is almost horizontal, being drilled
to the east at -3 degrees (3 degrees below horizontal). At 67.27m depth
the hole entered a very strongly brecciated and veined zone which
continued for 10 metres and contained visible gold in the
diamond core. This zone is a repetition but stratigraphically higher,
"closer to the hanging wall" of the Sukari porphyry and in an area of the
resource currently classified as either inferred or waste.
This zone will be drilled in detail, as it could provide access to high
grade feed early in the development stage of Sukari, this would increase
the economics at the start up period of the project.
The core from hole SDDH208 is currently amongst the batch being prepared
for shipment to Australia for assaying.
• A major drilling program, utilizing 6 drilling rigs has commenced. The
program is designed to significantly increase the current reserve and to
provide the resource base for a 4 to 5 million tonne p.a. production
facility.
• Infill drilling continues to confirm that the AMUN Zone of the Sukari
porphyry is substantially mineralised. Further significant gold
intersections through the main mineralised zone include:-
114.2m @ 1.33g/t Au
21.0m @ 2.53g/t Au
4.0m @ 4.56g/t Au
15.0m @ 2.65g/t Au
10.0m @ 2.67g/t Au
41.0m @ 1.53g/t Au
1.0m @ 228.00g/t Au (Provisional subject to check assay).
• Feasibility Study review by SNC Lavalin continued.
• Legal Action COR350 of 1998 was dismissed in the Supreme Court of Western
Australia.
REVIEW OF OPERATIONS
• CORPORATE
• With the successful listing on the AIM market of the London Stock
Exchange, completed in December 2001, the board has now reviewed the
development plan for the Sukari project with the intention of developing the
Company into a substantial mining house.
• The current recoverable resource at Sukari is 1.7 million ounces which is
contained in less than 10% (by volume) of the mineralised system tested to
date, to a depth of 100m below the valley floor. The original plan was to
develop the Sukari project into a mining operation with a throughput of 2
million tonne per annum, producing approximately 130,000 ounces of gold per
year. Following the review it was decided to embark on an aggressive
drilling program, designed to at least double the current resources and
increase the Sukari operation to a much larger capacity of 5 million tonne
per annum, producing in excess of 300,000 ounces of gold per year. To
accelerate this development the company has increased the drilling fleet by
the addition of two large multi purpose rigs and one RC rig to bring the
total drilling fleet on site to 6 rigs. The Company has also increased its
field support facilities to enable speedy processing of the new data
generated.
The Company is also continuing to up-grade the 2 million tonne per annum
feasibility study to reduce the time required for a final study of a 5
million tonne per annum operation after the resource increase is
attained, planned for the third quarter period.
• Discussions are in progress with number of international banks, to develop
a financial package for the Sukari operation, this will run in coordination
with the project up-grade.
• Discussions are also in progress with number of financial institutions to
underwrite the Company's current listed and unlisted options. This will
provide additional working capital and provide the Company's equity
requirement for the Sukari development.
• On 25th March 02, Justice Templeman, in the Supreme Court of Western
Australia, dismissed the application brought against Sami El-Raghy, Michael
Kriewaldt, El-Raghy Kriewaldt, Nordana P/L, Pharaoh Gold Mines NL and
Centamin (respondents) by Mohamed El-Ansary and Barbara El-Ansary
(applicants).
Mohamed and Barbara El-Ansary contended that, Sami El-Raghy and Michael
Kriewaldt in their capacity as company directors of Pharaoh Gold Mines
NL and the associated companies, issued shares for the sole or
substantial purpose of diluting the shareholding of the applicants and
that the directors' conduct was accordingly oppressive, or unfairly
prejudicial to, or unfairly discriminatory against them.
Justice Templeman, accepting the evidence given on behalf of the
respondents dismissed the application. His Honour found that the conduct
of the directors in making the share placement complained of was, in all
the circumstances, commercially reasonable and not oppressive or
unfairly prejudicial or unfairly discriminatory against the applicants
(Mohamed and Barbara El-Ansary), having regard to ordinary standards of
reasonableness and fair dealing.
EXPLORATION AND DEVELOPMENT
Drilling:
The drilling programme now in progress is designed to at least double the
Sukari recoverable resource and to test continuation both to the surface and
along strike of the Hapi Shoot which returned high grade intersections
including 14.25m of 94.43 g/tonne, also testing for similar high grade
repetition.
One large Multi purpose rig, LMP 850 has started on line 10700mN. This rig
will drill a fan of RC (with diamond tail) holes on 50 metre sections moving
north through the RA zone. The three smaller diamond rigs will drill
horizontal and inclined holes both from the west and eastern boundaries of
the RA zone so as to give full coverage of each section. Drilling will be
down to the same level (100m below the valley floor) as drilled in the AMUN
Zone. Taking into consideration that the RA zone is at least four times the
width of the AMUN Zone, around 120m higher together with surface trenching
and mineralisation, the Company is confident that substantial resources will
be drilled out in this Zone.
The other large multi purpose rig LK600 has commenced drilling in the wadi
area on the western side of the Sukari hill to test the extension of AMUN
zone and the Hapi shoot. Due to coverage by unconsolidated valley sediments
it was previously impossible to drill in the wadi using the Company's small
diamond drill rigs. This rig will initially drill RC holes north to line 10
600mN on 25 and 50 metre traverses. The rig will also infill any gaps in the
traverses previously drilled, so as to up-grade the quality of the current
resource to predominantly a measured and indicated category. At the
completion of this program the rig will be moved to the eastern side of the
hill, to drill RC holes (with diamond tail) to infill sections of the AMUN
Zone between
10400mN and 10600mN.
The small RC rig will drill 50-60m deep holes to test the surface
mineralisation of the RA zone where trenching has outlined up to 400m in
width of mineralisation, at a considerably higher grade than the surface
mineralisation contained on the AMUN zone.
The Company has contracted a full time 'D8' dozer and rock breaker to
construct roads and drilling platforms over the rugged Sukari hill, this
will enable greater access along the traverses for the drill rigs and
support vehicles.
Drill holes currently in progress are listed in Table 1.
Table 1
Sukari Diamond Drilling
Holes SDDH 200 to SDDH 216
Hole Collars and Length
Hole Length Bearing Inclin'n North East RL
No m degrees degrees m m m
SDDH200 163.72 270 -70 10525.0 10570.0 1170.0
SDDH201A 43.52 270 -80 10450.0 10519.0 1160.0
SDDH201 222.12 270 -80 10450.0 10519.0 1160.0
SDDH202 283.55 270 -45 10575.0 10642.0 1189.0
SDDH203 301.92 270 -78 10475.0 10538.0 1163.0
SDDH204A 150.67 270 -55 10598.6 10618.8 1196.5
SDDH204 197.78 270 -55 10598.6 10618.8 1196.5
SDDH205 267.79 270 -60 10624.2 10606.4 1202.0
SDDH206 275.92 270 -60 10650.9 10618.4 1206.2
SDDH207 199.14 270 -25 10650.0 10618.0 1206.0
SDDH208 119.02 090 -03 10625.0 10428.0 1136.0
SRC209 100 00 -90 10000.0 9300.0 1070.0
SDDH210A 11.27 90 -01 10725.0 10335.0 1125.0
SDDH210 In Progress 90 -01 10725.0 10335.0 1125.0
SRC211 22 (Abd) 270 -60 9975.0 10525.0 1114.0
SDDH212 In Progress 270 -20 10600.0 10620.0 1197.0
SRC213 184 270 -60 10700.0 10582.0 1213.0
SDDH214 In Progress 90 -02 10650.0 10400.0 1139.0
SRC215 147.3 270 -80 10700.0 10582.0 1213.0
SDDH215 (Tail) In Progress 270 -80 Continuation of
SRC215
SRC216 In Progress 270 -60 9975.0 10475.0 1113.0
NOTE SDDH=Diamond Drill Hole, SRC=Reverse Circulation Drill
Hole, Abd=Abandoned. (Tail) denotes First section of hole is RC with
Diamond continuing from final RC Depth.
Bearing=Sukari grid (Grid north nominally 020degrees Magnetic)
Inclination=Below horizontal (-ve); Above horizontal (+ve)
RL=arbitrary 1100m at grid origin 10,000N 10,000E.
Drill hole SDDH208 in the southern section of the RA zone, (10625 N 10428E)
intersected very strongly altered mineralised porphyry virtually from the
collar. The hole is almost horizontal, being drilled to the east at -3
degrees (3 degrees below horizontal). At 67.27m depth the hole entered a
very strongly brecciated and veined zone which continued for 10 metres and
contained visible gold in the diamond core. This zone is a repetition but
stratigraphically higher, "closer to the hanging wall" of the Sukari
porphyry, it is part of the main structure of the AMUN zone, previously
mined in Pharaonic times. This zone will be drilled in detail, as it could
provide access to high grade feed early in the development stage of Sukari,
this would increase the economics at the start up period of the project.
The core from hole SDDH208 is currently amongst the batch being prepared for
shipment to Australia for assaying.
SIGNIFICANT ASSAYS RECEIVED DURING THE QUARTER
Hapi Shoot
A one metre assay of 228g/t was recorded in the provisional results from the
laboratory (check assays awaited). This assay was between 289-290m depth in
hole SDDH203, this hole is on traverse 10475N or 75m north of traverse
10400N. The intersection is at the correct depth and line of strike to
suggest that it may be an extension of the Hapi shoot.
Amun Zone
Significant assays received during the quarter are listed in table 2. The
whole of drill hole SDDH201 appears to be mineralized, the section of the
Sukari porphyry between 108m to the bottom of the hole at 222.2m, averaged
1.33g/t over 114.22m.
Table 2
Sukari Gold Mine
Selected Gold Assays
Diamond Drill Holes SDDH200 to SDDH 206
Drill Hole Intersection Grades From To
No. m g/t m m
SDDH200 24 1.18 122 146
(incl) 3 3.17 122 125
(incl) 3 2.22 141 144
5 1.36 153 158
SDDH201 4.25 2.22 75 79.25
11.25 2.51 82 93.25
(incl) 5 3.81 84 89
(incl) 1 6.30 85 86
114.2 1.33 108 222.2
(incl) 21 2.53 116 137
(incl) 3 9.18 119 122
19 1.98 149 168
(incl) 5 2.92 155 160
(incl) 1 7.11 163 164
11 2.57 178 189
(incl) 4 4.07 180 184
10 1.07 210 220
SDDH202 3 3.17 175 178
3 2.34 192 195
29 1.75 229 258
(incl) 4 4.56 232 236
SDDH203 15 2.65 86 101
(incl) 4 4.56 89 93
3 1.69 111 114
36 1.94 124 160
(incl) 10 2.67 135 145
6 1.47 166 172
41 1.53 248 289
(incl) 6 2.18 265 271
(incl) 4 2.27 274 278
(incl) 4 2.93 284 287
(Provisional)(Hapi) 1 228.0 289 290
SDDH204 Assays to come
SDDH205 Assays to come
SDDH206 11 1.79 178 179
(incl) 2 3.72 187 189
3 1.75 197 200
1 2.95 209 210
1 2.72 258 259
FEASIBILITY STUDY
SNC Lavalin has continued its review of the 2 million tonne p.a. Feasibility
Study.
The data generated from the accelerated drilling program will enable the
feasibility study to be upgraded to facilitate an increase from a 2 million
tonne per year to a 5 million tonne per year operation. The Company expects to
be in a position to commence construction early in 2003.
Australia:
No exploration or mining activities were carried out in Australia during the
quarter and none are expected to occur in the next quarter.
Yours faithfully
G B Speechly
Director
ASX Listing Rules 5.10 1
Information in this report which relates to exploration, geology, sampling and
drilling is based on information compiled by consulting geologist Mr M Kriewaldt
who is a corporate 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 not a full time employee of the Company. 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. Mr Kriewaldt declares an interest in
shares of the Company.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/
2001.
Name of entity
Centamin Egypt Limited
ABN Quarter ended ("current quarter")
86 007 700 352 31 March 2002
Consolidated statement of cash flows
Cash flows related to operating activities Current quarter Year to date
(...9....months)
$A'000
$A'000
1.1 Receipts from product sales and related debtors
1.2 Payments for:
(a) exploration and evaluation (1,571) (4,140)
(b) development
(c) production
(d) administration (264) (1,707)
1.3 Dividends received
1.4 Interest and other items of a similar nature 66 113
received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid (16)
1.7 Other (provide details if material)
Net Operating Cash Flows (1,769) (5,750)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a)prospects
(b)equity investments
(c) other fixed assets (35) (53)
1.9 Proceeds from sale of:
(a)prospects
(b)equity investments
(c)other fixed assets 1
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other (provide details if material)
Net investing cash flows (35) (52)
1.13 Total operating and investing cash flows (carried (1,804) (5,802)
forward)
1.13 Total operating and investing cash flows (brought (1,804) (5,802)
forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 7,750
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (provide details if material)
Net financing cash flows 7,750
Net increase (decrease) in cash held (1,804) 1,948
1.20 Cash at beginning of quarter/year to date 6,769 3,060
1.21 Exchange rate adjustments to item 1.20 (319) (362)
1.22 Cash at end of quarter 4,646 4,646
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties included in item 1.2
87
1.24 Aggregate amount of loans to the parties included in item 1.10
1.25 Explanation necessary for an understanding of the transactions
(a) A Director of the Company, Mr. S. El-Raghy, is also a Director and
Shareholder of Nordana Pty Ltd ("Nordana"). Nordana provides
consulting and management services, including the provision of office
premises, to the Company and its subsidiaries. All dealings with
Nordana are in the ordinary course of business and on normal terms
and conditions. Fees paid to Nordana during the current quarter,
including reimbursement of expenditure, were $82,510 ($266,241 for
the year to date).
Mr. S. El-Raghy is also a Director and Shareholder of El-Raghy
Kriewaldt Pty Ltd ("El-Raghy Kriewaldt"). El-Raghy Kriewaldt took
over the provision of office premises to the Company from 1
(b) March 2002. All dealings with El-Raghy Kriewaldt are in the ordinary
course of business and on normal terms and conditions. Fees paid to
El-Raghy Kriewaldt during the current quarter amounted to
$4,000 ($4,000 for the year to date).
Directors Fees
(c) Directors fees and superannuation paid during the quarter were
$20,250 ($65,875 for the year to date).
Audit Committee
The Company does not have a formally constituted Audit Committee of
the Board of Directors.
(d)
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did not
involve cash flows
Nil
2.2 Details of outlays made by other entities to establish or increase
their share in projects in which the reporting entity has an interest
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities *NOTE 937 Nil
3.2 Credit standby arrangements
*NOTE: This facility is with MI Bank in Egypt for US$.5 million and may only be
drawn on if the equivalent amount of the draw-down is provided by way of
security.
Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation 1,200
4.2 Development
Total 1,200
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as Current quarter Previous quarter
shown in the consolidated statement of cash flows) to the
related items in the accounts is as follows. $A'000 $A'000
5.1 Cash on hand and at bank (8) 982
5.2 Deposits at call -
5.3 Bank overdraft -
5.4 Other (term deposits) 4,654 5,787
Total: cash at end of quarter (item 1.22) 4,646 6,769
Changes in interests in mining tenements
Tenement Nature of interest Interest at Interest at
reference beginning of end of quarter
(note (2)) quarter
6.1 Interests in mining
tenements relinquished,
reduced or lapsed
6.2 Interests in mining
tenements acquired or
increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total number Number quoted Issue price per Amount paid up per
security (see note security (see note 3)
3) (cents) (cents)
7.1 Preference +securities
(description)
7.2 Changes during quarter
(a) Increases through
issues
(b) Decreases through
returns of capital,
buy-backs, redemptions
7.3 +Ordinary securities 357,950,949 357,950,949
7.4 Changes during quarter
(a) Increases through
issues
(b) Decreases through
returns of capital,
buy-backs
7.5 +Convertible debt
securities (description)
7.6 Changes during quarter
(a) Increases through
issues
(b) Decreases through
securities matured,
converted
7.7 Options (description and Exercise price Expiry date
conversion factor)
7,700,000 Nil 20c 30.11.2002
113,679,293 113,679,293 20c 03.03.2003
49,999,744 Nil 20c 09.11.2003
7.8 Issued during quarter
7.9 Exercised during quarter
7.10 Expired during quarter
7.11 Debentures
(totals only)
7.12 Unsecured notes (totals
only)
Compliance statement
1 This statement has been prepared under accounting policies which comply
with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ......................... Date:............................
(Director)
Print name: G.B. Speechly................
Notes
1 The quarterly report provides a basis for informing the market how the
entity's activities have been financed for the past quarter and the
effect on its cash position. An entity wanting to disclose additional
information is encouraged to do so, in a note or notes attached to this
report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect
of interests in mining tenements acquired, exercised or lapsed during the
reporting period. If the entity is involved in a joint venture agreement
and there are conditions precedent which will change its percentage
interest in a mining tenement, it should disclose the change of
percentage interest and conditions precedent in the list required for
items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for
Extractive Industries and AASB 1026: Statement of Cash Flows apply to
this report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities. If the standards
used do not address a topic, the Australian standard on that topic (if
any) must be complied with.
== == == == ==
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