16th Aug 2006 11:15
Centamin Egypt Limited16 August 2006 16 AUGUST 2006 CENTAMIN EGYPT LIMITED ("CENTAMIN" OR THE"COMPANY") SUKARI GOLD PROJECT RESOURCE UPGRADE Centamin Egypt, the dual listed gold exploration company, today announces aresource upgrade at its Sukari Gold Project. The resource has been upgraded to6.79 million ounces of gold - a 13% increase on the resource announced in July2006. HIGHLIGHTS: • Sukari JORC compliant resource upgrade to 6.79 million ounces of gold • Increase of 795,000 ounces or 13% above the resource announced in July 2006 • Increase of 3.73 million ounces or 121% above the resource statement at recommencement of drilling in May 2005 • Cost per ounce discovered since recommencement of drilling in May 2005 - US$3.60 • Confirmation of extension of mineralisation from the Amun and Ra zones into the Pharaoh zone with higher grade north plunging ore shoots • Near surface mineralisation encountered on eastern flank of Sukari • Potential to add significant ounces up dip to the west of RCD 553 (111m @ 15.06g/t Au) RESOURCE MODELLING The Sukari global resource now stands at 142.96Mt @ 1.48g/t Au for 6.79 Moz Au,at a 0.5g/t Au cut off grade. Table 1 - July 2006 Resources by Confidence Category Total Resource (July 2006 - Global All Data)Cut-off Measured Indicated Inferred Total TOTAL Mt g/t Mt g/t Mt g/t Mt g/t Moz 0.5 36.06 1.45 54.63 1.50 52.30 1.50 142.96 1.48 6.79 0.7 27.24 1.73 41.77 1.78 37.3 1.80 106.34 1.78 6.09 1.0 18.42 2.15 28.64 2.21 24.40 2.40 71.47 2.24 5.15 Note to Table: Figures in table may not add correctly due to rounding The resources are estimates of recoverable tonnes and grades using MultipleIndicator Kriging with block support correction. Measured resources lie in areaswhere drilling is available at a nominal 25 x 25 metre spacing, Indicatedresources occur in areas drilled at approximately 25 x 50 metre spacing andInferred resources exist in areas of broader spaced drilling. The resource estimate has been based on the sampling and geological loggingcoming from 647 diamond and RC drill holes combining to give approximately 130Kmetres of drilling and from available assaying as at 21 July 2006. The resourcedata set comprises approximately 66,400 two-metre down hole composites and rockchip samples. The mineral resource estimate has been adjusted to present landsurfaces (currently available and subject to change) and previous undergroundmining (very minor effect on total resources). EXPLORATION AND GEOLOGY Significant areas of resource increase occurred at 11000N, 11100N and 11175N to11550N. Drilling on sections 11000N to 11100N intersected high grademineralisation from 930RL to the 500RL. The zone of mineralisation confirms theextension of mineralisation that occurs to the south in the Amun and Ra zoneswhich is related to north plunging ore shoots. The grade of the mineralisationis >1g/t with zones grading >3g/t and 10g/t. Drilling continues with 9 rigs onsite. For Centamin Egypt LimitedJosef El-RaghyManaging Director16 August 2006 Enquiries: Centamin Egypt Limited + 61 (8) 9316 2640Josef El-Raghy Bishopsgate Communications Ltd + 44 (0) 20 7430 1600Nick Rome or Fran Read The information in this report that relates to mineral resources is based onwork completed by Mr Nicolas Johnson, who is a Member of the AustralianInstitute of Geoscientists. Mr Johnson is a full time employee of Hellman andSchofield Pty Ltd and has sufficient experience which is relevant to the styleof mineralisation and type of deposit under consideration and to the activitywhich he is undertaking to qualify as a Competent Person as defined in the 2004edition of the "Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserves". Mr Johnson consents to the inclusion in the reportof the matters based on his information in the form and context in which itappears. Information in this report which relates to exploration, geology, sampling anddrilling is based on information compiled by geologist Mr R Osman who is a fulltime employee of the Company, and is a member of the Australasian Institute ofMining and Metallurgy with more than five years experience in the fields ofactivity being reported on, and is a 'Competent Person' for this purpose. Hiswritten consent has been received by the Company for this information to beincluded in this report in the form and context which it appears. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Centamin PLC