CEY Centamin Plc

 

TIDMCEY 
 
RNS Number : 4372G 
Centamin Egypt Limited 
01 February 2010 
 

 
 
 
 Immediate Release 
                                                                    01 February 
2010 
 
 
 
              Centamin Egypt Limited ("Centamin" or "the Company") 
                               (LSE:CEY, TSX:CEE) 
 
 
                      SUKARI GOLD PROJECT - RESERVE UPGRADE 
 
Centamin is pleased to announce an increase in total reserves at the Sukari Gold 
Mine in Egypt. 
 
The total reserves have increased to 7.1 million ounces from the previously 
reported 6.4 million ounces. The new mineral reserves are based on drilling up 
to 01 November 2009 and a gold price of US$700 per ounce.  Details of the new 
reserves calculated for Sukari are listed in the table below. The reserves have 
been marginally depleted using the 31 December 2009 topographic survey and 
exclude material mined between April and December 2009. 
 
 
+---------------------+----------+----------+----------+----------+----------+----------+--------------+ 
|                   Sukari Open Pit Mineral Reserve Estimate as at 31 December 2009                    | 
|      (reported at a cut-off grade of 0.4 g/t Au for oxide and sulphide material and 0.5 g/t for      | 
|                                            transitional)                                             | 
+------------------------------------------------------------------------------------------------------+ 
|                     |       Proven        |      Probable       |          Mineral Reserve           | 
+---------------------+---------------------+---------------------+------------------------------------+ 
|                     | Tonnes   |   Au     | Tonnes   |   Au     |  Tonnes  |   Au     |  Cont Au     | 
|                     |  (Mt)    |  (g/t)   |  (Mt)    |  (g/t)   |  (Mt)    |  (g/t)   |    (Moz)     | 
+---------------------+----------+----------+----------+----------+----------+----------+--------------+ 
| New Reserve         |  69.1    |  1.37    |  90.1    |  1.41    |  159.3   |  1.39    |     7.1      | 
+---------------------+----------+----------+----------+----------+----------+----------+--------------+ 
| Previous Reserve    |    64    |  1.38    |    78    |  1.43    |   142    |   1.4    |    6.4       | 
+---------------------+----------+----------+----------+----------+----------+----------+--------------+ 
Note to Table: new reserve figure includes 1,167,798t @ 0.74g/t for 27,762ozs of 
                    stockpile material in the proven category 
 
 
The current reserve has been calculated from a Measured and Indicated resource 
of 210Mt at 1.5g/t Au for 10.2 million ounces. A total Measured and Indicated 
resource increase of 0.80 Million ounces has resulted in a 0.60 Million ounce 
increase in total reserves. 
 
The Sukari pit is being developed in a number of stages and the mining and 
processing schedule developed for Sukari uses an elevated cutoff grade through 
the early years to increase the head grade to the processing plant. It is 
currently assumed that the material between this elevated cutoff grade and the 
cutoff grade used for the Mineral Reserve estimate is stockpiled and treated at 
the end of the project life. 
 
For further information please refer to our website www.centamin.com. 
 
For Centamin Egypt Limited 
 
 
 
 
Josef El-Raghy 
Managing Director/CEO 
01 February 2010 
 
 
For more information please contact: 
 
+---------------------------------+--------------------------------------------------------------------------+ 
| Centamin Egypt Limited          |                                          Buchanan Communications Limited | 
| + 61 (8) 9316 2640              |                                                   + 44 (0) 207 7466 5000 | 
| Josef El-Raghy                  |                                                              Bobby Morse | 
| www.centamin.com                |                                                               Ben Willey | 
+---------------------------------+--------------------------------------------------------------------------+ 
 
 
Quality Assurance and Control and Qualified Person 
 
The information in this report that relates to ore reserves has been compiled by 
Mr Andrew Pardey. Mr Pardey is a Member of the Australasian Institute of Mining 
and Metallurgy and is a full time employee of the Company. He has sufficient 
experience which is relevant to the style of mineralisation and type of deposit 
under consideration and to the activity he is undertaking, to qualify as a 
"Competent Person" as defined in the 2004 Edition of the "Australasian Code for 
Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a 
"Qualified Person" as defined in the "National Instrument 43-101 of the Canadian 
Securities Administrators" and "CIM Definition Standards For Mineral Resources 
and Mineral Reserves" of December 2005 as prepared by the CIM Standing Committee 
on Reserve Definitions of the Canadian Institute of Mining. Mr Pardey's 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. 
 
Information in this report which relates to exploration, geology, sampling and 
drilling is based on information compiled by geologist Mr Richard Osman who is a 
full time employee of the Company, and is a 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 a 'Competent Person' for this purpose and is 
a "Qualified Person" as defined in "National Instrument 43-101 of the Canadian 
Securities Administrators". 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. 
 
The assay samples were analysed by Ultra Trace Pty Ltd, Canning Vale, Western 
Australia. 
 
The information in this report that relates to mineral resources is based on 
work completed independently by Mr Nicolas Johnson, who is a Member of the 
Australian Institute of Geoscientists.  Mr Johnson is a full time employee of 
Hellman and Schofield Pty Ltd and has sufficient experience which is relevant to 
the style of mineralisationand type of deposit under consideration and to the 
activity which he is undertaking to qualify as a "Competent Person" as defined 
in the 2004 edition of the "Australasian Code for Reporting of Exploration 
Results, Mineral Resources and Ore Reserves" and is a "Qualified Person" as 
defined in "National Instrument 43-101 of the Canadian Securities 
Administrators".  Mr Johnson consents to the inclusion in the report of the 
matters based on his information in the form and context in which it appears. 
 
Refer to the Technical Report which was filed in May 2009 for further discussion 
of the extent to which the estimate of mineral resources/reserves may be 
materially affected by any known environmental, permitting, legal, title, 
taxation, socio-political, marketing or other relevant issue. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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