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Centamin Egypt Ltd

Gold Project: 9.39 Moz Measured and Indicated, Plus 3.5 Moz Inferred

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posted on Oct 15, 2008 01:01PM

October 15, 2008

Centamin Egypt Limited: Sukari Gold Project Resource Upgrade 9.01 Moz Measured and Indicated, Plus 3.3 Moz Inferred

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2008) - Centamin Egypt Limited ("Centamin" or "the Company") (TSX:CEE)(ASX:CNT)(AIM:CEY) announces upgrades to the Sukari Gold Project in Egypt.

HIGHLIGHTS

- The Sukari mineral resource upgraded to 9.01 Moz Measured and Indicated, plus 3.3 Moz Inferred

- Measured and Indicated resource increased by 454,552oz or 5% to 9.01 Moz (from 8.56 Moz in July 2008)

- Measured and Indicated resources equal to 73% of global resources

- South of 11312.5N (ie 1.3km of the 2.3km outcrop) the resource is estimated at 8.24 Moz Measured and Indicated and 2.7 Moz Inferred, equal to 89% of global resource

- The resource increase is based on additional assay results from approximately 14,076 metres of drilling received from 30 June 2008 to 02 October 2008

- Total drilling to date exceeds 350,000 metres and drilling continues with 8 rigs on site

- Deepest hole drilled at Sukari (1,018.30 metres) to date stopped due to rig capacity in porphyry mineralization

- Results include 22m @ 14.26g/t Au, 10m @ 45.90g/t Au and 81m @ 4.07g/t Au

To view "Figure 1 - Sukari resource growth graph from April 1997 to October 2008", please visit the link below:

http://media3.marketwire.com/docs/fi...

RESOURCE MODELLING

Table 1 - Total Resource (October 2008)

---------------------------------------------------------------------------
                                             Total
           Measured     Indicated    Measured + Indicated     Inferred
---------------------------------------------------------------------------
Cut-off Tonnes  Grade Tonnes  Grade Tonnes   Grade   Gold Tonnes Grade Gold
g/t Au      Mt g/t Au     Mt g/t Au     Mt  g/t Au    Moz     Mt g/tAu  Moz
---------------------------------------------------------------------------
0.50     69.73   1.48 114.15   1.55 183.88    1.52   9.01   60.7   1.7  3.3
---------------------------------------------------------------------------
0.70     50.51   1.82  83.29   1.91 133.80    1.87   8.06   44.1   2.1  3.0
---------------------------------------------------------------------------
1.00     33.05   2.34  55.40   2.44  88.44    2.40   6.84   29.8   2.7  2.6
---------------------------------------------------------------------------

Note to Table: Figures in table may not add correctly due to rounding.

The last three months drilling has been very successful in both conversion of Inferred resources to Measured and Indicated resources, and in global resource growth. Measured and Indicated resources grew by approximately 5% to 9.01Moz and the Inferred resource grew by approximately 4% to 3.3Moz. Measured and Indicated resources now account for 73% of the global resource (ie all categories).

Resource growth at Sukari occurred within the Amun Zone from 10100N to 10625N, testing the offset Down Thrust shear structure and deeper porphyry mineralization where mineralization remains open at greater than 1km below wadi level. Drilling also focused on the definition and conversion of Inferred resources to higher confidence categories (Measured and Indicated) around underground mining target the Hapi Zone. In the Pharaoh Zone, significant resource addition occurred from 11250N to 11425N where the Hapi Zone has been defined further along strike. The structure remains open.

Some of the high grade intersections in the estimate included the Hapi Zone at 10250N where hole D1386 intersected highly mineralised porphyry returning 22m @ 14.26g/t Au from 257m. In the Down Thrust structure at 10275N, hole D1366 intersected 10m @ 45.90g/t Au from 511m and in the Pharaoh Zone at 11275N, hole D1364 returned 81m @ 4.07g/t Au from 473m. Details on these and other significant intersections are in the table below.

Table 2 - Significant high grade samples included in October 2008 Resource

---------------------------------------------------------------------------
                            EOH  From  Interval    Gold
Hole  North  East Azi Dip    (m)   (m)       (m)   (g/t)  Zone
---------------------------------------------------------------------------
D303  10375 10590 270 -73 825.6   611         6   62.15   Down Thrust
---------------------------------------------------------------------------
                          incl.   612         2  183.00
---------------------------------------------------------------------------
D308  10275 10600 270 -70   836   617        14    4.86   Down Thrust
---------------------------------------------------------------------------
D1271 10425 10700 270 -77 936.7   575        55    1.01   Down Thrust
---------------------------------------------------------------------------
D1298 10325 10700 270 -74 758.1   537         3   10.59   Down Thrust
---------------------------------------------------------------------------
D1364 11275 10745 270 -80 656.3   473        81    4.07   Pharaoh Zone
---------------------------------------------------------------------------
D1366 10325 10640 270 -77 745.8   238        58    2.53   Hapi Zone Infill
                                                           Hole
---------------------------------------------------------------------------
                                  511        10   45.90   Down Thrust
---------------------------------------------------------------------------
                                  591        39    1.76   Down Thrust
---------------------------------------------------------------------------
D1368 11325 10645 270 -85 608.5   556        26    4.57   Pharaoh Zone
---------------------------------------------------------------------------
D1370 11300 10740 270 -77 656.6   531        41    2.85   Pharaoh Zone
---------------------------------------------------------------------------
D1374 10575 10645 270 -70 417.4   259       121    2.07   Hapi Zone Infill
                                                           Hole
---------------------------------------------------------------------------
D1380 10225 10690 270 -79 377.8   332        17   29.70   Hapi Zone Infill
                                                           Hole
---------------------------------------------------------------------------
                          incl.   333         2  241.00
---------------------------------------------------------------------------
D1382 11375 10650 270 -80   640   572        19    3.01   Pharaoh Zone
---------------------------------------------------------------------------
D1386 10250 10595 270 -60   360   257        22   14.26   Hapi Zone Infill
                                                           Hole
---------------------------------------------------------------------------
                          incl.   277         1  239.00
---------------------------------------------------------------------------

Note to table: Intervals shown are down hole intercepts, drilled at high
               angles relative to the internal mineralized structures and
               the Sukari Porphyry.

Planned drilling will continue in the Pharaoh Zone to define the Hapi Zone and related high grade structures north along strike. In the Amun Zone, drilling will continue to outline the promising porphyry mineralization at depth below the Down Thrust structure.

For Centamin Egypt Limited

Josef El-Raghy, Managing Director/CEO

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