Sukari Gold Project Resource Upgrade 9.39 Moz Measured and Indicated, Plus 3.5 M

Centamin Egypt Ltd

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

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Sukari Gold Project Resource Upgrade 9.39 Moz Measured and Indicated, Plus 3.5 M

posted on Feb 12, 2009 03:42AM

February 12, 2009

Sukari Gold Project Resource Upgrade 9.39 Moz Measured and Indicated, Plus 3.5 Moz Inferred

TORONTO, ONTARIO--(Marketwire - Feb. 12, 2009) - 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 9.39 Moz Measured and Indicated, plus 3.5 Moz Inferred, at 0.5g/t cut-off

- Measured and Indicated resource increased by 376,582oz, Inferred increased by 174,355oz

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

- South of 11312N (ie 1.3km of the 2.3km outcrop) the resource is estimated at 8.53 Moz Measured and Indicated and 2.8 Moz Inferred, equal to 88% of global resource

- The resource increase is based on additional assay results from approximately 14,352 metres of drilling received from 02 October 2008 to 25th January 2009

- Total drilling to date exceeds 380,000 metres and drilling continues with 8 rigs on site

- Deepest hole drilled at Sukari (1,176 metres) to date stopped due to rig capacity in porphyry mineralization

- Results include 189m @ 2.51g/t Au, and 66m @ 4.80g/t Au

To view Figure 1, the Sukari resource growth graph from April 1997 to February 2009, please visit the following link: http://media3.marketwire.com/docs/Ce...

RESOURCE MODELLING

                 Table 1 - Total Resource (February 2009)

------- ------------- ------------- -------------------- ------------------
                                           Total
          Measured     Indicated    Measured + Indicated     Inferred
------- ------------- ------------- -------------------- ------------------
Cut-off Tonnes  Grade Tonnes  Grade  Tonnes  Grade  Gold Tonnes Grade Gold
------- ------------- ------------- -------------------- ------------------
g/t Au     (Mt)  (g/t    (Mt)  (g/t     (Mt)  (g/t  (Moz)   (Mt) (g/t (Moz)
                   Au)           Au)            Au)                Au)
------- ------------- ------------- -------------------- ------------------
0.50     72.39   1.48 118.73   1.56  191.11   1.53  9.39   64.3   1.7  3.5
------- ------------- ------------- -------------------- ------------------
0.70     52.46   1.82  86.68   1.91  139.14   1.88  8.40   46.5   2.1  3.2
------- ------------- ------------- -------------------- ------------------
1.00     34.35   2.34  57.67   2.45   92.02   2.41  7.13   31.3   2.7  2.7
------- ------------- ------------- -------------------- ------------------

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

The last four months drilling effort has been very successful in both conversion of inferred resources to Measured and Indicated resources and in global growth. Measured and Indicated resources grew by approximately 4% to 9.39Moz and the inferred grew by approximately 5% to 3.5Moz. Measured and Indicated resources account for 73% of the global resource (i.e. all categories).

Resource growth at Sukari occurred within the Amun Zone from 10350N to 10550N, testing the Horus Zone at depth where mineralization remains open greater than 1.1km below wadi level. Drilling also focused on the definition and conversion of inferred resources to higher confidence categories (Measured and Indicated) in the Amun Deeps and the Hapi Zone from 10475N to 10575N. In the Pharaoh Zone, significant resource addition occurred from 11425N to 11575N where the Hapi Zone has been defined further along strike. The structure remains open.

Some of the high grade intersections in the estimate included in the Amun Deeps at 10475N, where hole RCD1391 intersected highly mineralised porphyry returning 189m @ 2.51g/t Au from 356m. The hole also intersected the Horus Zone at depth, returning 9m @ 4.52g/t from 860m. In the Pharaoh Zone at 11500N, re-entry hole RCD470 returned 66m @ 4.80g/t Au from 691m in the Hapi Zone. Details on these and other significant intersections are in the table below.

Table 2 - Significant high grade samples included in February 2009 Resource 

---------------------------------------------------------------------------
                                    EOH   FROM INTERVAL  GOLD
HOLE     NORTH   EAST  DIP  AZI      (m)    (m)      (m) (g/t)         ZONE
---------------------------------------------------------------------------
RCD470   11500  10669  -85   90   817.5    691       66   4.8  Pharaoh Zone
---------------------------------------------------------------------------
RCD571   11450  10652  -88   90   867.8  763.7     48.3  1.42  Pharaoh Zone
---------------------------------------------------------------------------
D1388    10050  10550  -83  270   670.7    439       20  7.39    Downthrust
---------------------------------------------------------------------------
RCD1391  10475  10795  -75  270  1136.7    356      189  2.51    Amun Deeps
---------------------------------------------------------------------------
                                           860        9  4.52    Horus Zone
---------------------------------------------------------------------------
D1392    10525  10587  -86  270  1076.1    314       14  6.28     Hapi Zone
---------------------------------------------------------------------------
D1408    11575  10683  -87  270     788    686       47  1.78  Pharaoh Zone
---------------------------------------------------------------------------
Intervals shown in the table 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 test the Amun Deeps north of 10600N, and continue to outline the Downthrust and Horus Zones at depth.

For Centamin Egypt Limited

Josef El-Raghy, Managing Director/CEO

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