Underground Mining Contract & Mobilisation
03 Abril 2009 - 2:03AM
UK Regulatory
TIDMCEY
RNS Number : 0864Q
Centamin Egypt Limited
03 April 2009
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| Immediate Release | 3 April 2009 |
+-----------------------------------+-----------------------------------+
Centamin Egypt Limited ("Centamin" or "the Company")
(TSX:CEE, ASX:CNT, AIM:CEY)
AWARD OF UNDERGROUND MINING CONTRACT AND MOBILISATION
Centamin today announces it has issued a Letter of Intent to Barminco for the
immediate mobilisation of personnel and equipment, and subsequent commencement
of underground mining activities at the Sukari Gold Project in Egypt.
During the fourth calendar quarter of 2008, underground mining contractors were
invited to attend site meetings and a detailed tender process was conducted. The
subsequent award to Barminco, one of Australia's leading underground
contractors, will see the immediate mobilisation of personnel and equipment to
Sukari targeting a start date of 01 July 2009 for the underground decline. Site
works have begun at Sukari for the commencement of portal construction.
An initial underground mining rate of 500,000 tonnes per annum at a grade
between 5-10g/t Au is being targeted thus bringing higher grade ore feed into
production earlier than otherwise would have been scheduled through surface
mining at circa 2g/t. Within the initial 12 months of operation, the 6mx6.5m
decline will progress 1,200m and begin to develop in ore roughly 200m below the
valley floor. Initial ore from development work will begin at this stage with
full production from the underground being achieved approximately 18 months
after commencement of the decline.
Centamin is a mineral exploration and development company that has been actively
exploring in Egypt since 1995. Centamin's principal asset is the Sukari Gold
Project, located in the Eastern Desert of Egypt. The Sukari Gold Project is at
an advanced stage of development, with construction having commenced in the
second quarter of 2007.
The Sukari Gold Project will be Egypt's first modern gold mine and has a current
resource of 9.39Moz Measured and Indicated, and 3.5Moz Inferred. Completion of
mine development includes a processing plant with initial throughput capacity of
4M tonnes per annum. Progress at the Sukari Gold Project has continued in line
with expectations and the Company continues to expect first production in the
second quarter of 2009.
For Centamin Egypt Limited
Josef El-Raghy
Managing Director/CEO
03 April 2009
For more information please contact:
+--------------------------+------------------------------+---------------------------+
| Centamin Egypt Limited | Buchanan Communications | Ambrian Partners Limited |
| + 61 (8) 9316 2640 | + 44 (0) 207 466 5000 | + 44 (0) 207 7634 4700 |
| Josef El-Raghy | Bobby Morse | Richard Brown |
| www.centamin.com | Mobile: + 44 (0) 7802 875 | Richard Greenfield |
| | 227 | |
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This information is provided by RNS
The company news service from the London Stock Exchange
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