3rd Quarter Results

Centamin Egypt Limited
8 April 2002


                     REPORT FOR QUARTER ENDED 31 MARCH 2002


                                   HIGHLIGHTS


•      Drill hole SDDH208 in the southern section of the RA zone, 
       (10625 N 10428E) intersected very strongly altered mineralised porphyry 
       virtually from the collar. The hole is almost horizontal, being drilled
       to the east at -3 degrees (3 degrees below horizontal). At 67.27m depth 
       the hole entered a very strongly brecciated and veined zone which 
       continued for 10 metres and contained visible gold in the
       diamond core. This zone is a repetition but stratigraphically higher, 
       'closer to the hanging wall' of the Sukari porphyry and in an area of the 
       resource currently classified as either inferred or waste.
       This zone will be drilled in detail, as it could provide access to high 
       grade feed early in the development stage of Sukari, this would increase 
       the economics at the start up period of the project.

       The core from hole SDDH208 is currently amongst the batch being prepared 
       for shipment to Australia for assaying.

•      A major drilling program, utilizing 6 drilling rigs has commenced. The 
       program is designed to significantly increase the current reserve and to 
       provide the resource base for a 4 to 5 million tonne p.a. production 
       facility.

•      Infill drilling continues to confirm that the AMUN Zone of the Sukari 
       porphyry is substantially mineralised. Further significant gold 
       intersections through the main mineralised zone include:-

       114.2m @ 1.33g/t Au
       21.0m @ 2.53g/t Au
       4.0m @ 4.56g/t Au
       15.0m @ 2.65g/t Au
       10.0m @ 2.67g/t Au
       41.0m @ 1.53g/t Au
       1.0m @ 228.00g/t      Au (Provisional subject to check assay).

•      Feasibility Study review by SNC Lavalin continued.

•      Legal Action COR350 of 1998 was dismissed in the Supreme Court of Western 
       Australia.












                              REVIEW OF OPERATIONS






  • CORPORATE

  • With the successful listing on the AIM market of the London Stock
    Exchange, completed in December 2001, the board has now reviewed the
    development plan for the Sukari project with the intention of developing the
    Company into a substantial mining house.

  • The current recoverable resource at Sukari is 1.7 million ounces which is
    contained in less than 10% (by volume) of the mineralised system tested to
    date, to a depth of 100m below the valley floor. The original plan was to
    develop the Sukari project into a mining operation with a throughput of 2
    million tonne per annum, producing approximately 130,000 ounces of gold per
    year. Following the review it was decided to embark on an aggressive
    drilling program, designed to at least double the current resources and
    increase the Sukari operation to a much larger capacity of 5 million tonne
    per annum, producing in excess of 300,000 ounces of gold per year. To
    accelerate this development the company has increased the drilling fleet by
    the addition of two large multi purpose rigs and one RC rig to bring the
    total drilling fleet on site to 6 rigs. The Company has also increased its
    field support facilities to enable speedy processing of the new data
    generated.


        The Company is also continuing to up-grade the 2 million tonne per annum
        feasibility study to reduce the time required for a final study of a 5
        million tonne per annum operation after the resource increase is
        attained, planned for the third quarter period.


  • Discussions are in progress with number of international banks, to develop
    a financial package for the Sukari operation, this will run in coordination
    with the project up-grade.

  • Discussions are also in progress with number of financial institutions to
    underwrite the Company's current listed and unlisted options. This will
    provide additional working capital and provide the Company's equity
    requirement for the Sukari development.

  • On 25th March 02, Justice Templeman, in the Supreme Court of Western
    Australia, dismissed the application brought against Sami El-Raghy, Michael
    Kriewaldt, El-Raghy Kriewaldt, Nordana P/L, Pharaoh Gold Mines NL and
    Centamin (respondents) by Mohamed El-Ansary and Barbara El-Ansary
    (applicants).


        Mohamed and Barbara El-Ansary contended that, Sami El-Raghy and Michael
        Kriewaldt in their capacity as company directors of Pharaoh Gold Mines
        NL and the associated companies, issued shares for the sole or
        substantial purpose of diluting the shareholding of the applicants and
        that the directors' conduct was accordingly oppressive, or unfairly
        prejudicial to, or unfairly discriminatory against them.

        Justice Templeman, accepting the evidence given on behalf of the
        respondents dismissed the application. His Honour found that the conduct
        of the directors in making the share placement complained of was, in all
        the circumstances, commercially reasonable and not oppressive or
        unfairly prejudicial or unfairly discriminatory against the applicants
        (Mohamed and Barbara El-Ansary), having regard to ordinary standards of
        reasonableness and fair dealing.





EXPLORATION AND DEVELOPMENT


    Drilling:

    The drilling programme now in progress is designed to at least double the
    Sukari recoverable resource and to test continuation both to the surface and
    along strike of the Hapi Shoot which returned high grade intersections
    including 14.25m of 94.43 g/tonne, also testing for similar high grade
    repetition.

    One large Multi purpose rig, LMP 850 has started on line 10700mN. This rig
    will drill a fan of RC (with diamond tail) holes on 50 metre sections moving
    north through the RA zone. The three smaller diamond rigs will drill
    horizontal and inclined holes both from the west and eastern boundaries of
    the RA zone so as to give full coverage of each section. Drilling will be
    down to the same level (100m below the valley floor) as drilled in the AMUN
    Zone. Taking into consideration that the RA zone is at least four times the
    width of the AMUN Zone, around 120m higher together with surface trenching
    and mineralisation, the Company is confident that substantial resources will
    be drilled out in this Zone.

    The other large multi purpose rig LK600 has commenced drilling in the wadi
    area on the western side of the Sukari hill to test the extension of AMUN
    zone and the Hapi shoot. Due to coverage by unconsolidated valley sediments
    it was previously impossible to drill in the wadi using the Company's small
    diamond drill rigs. This rig will initially drill RC holes north to line 10
    600mN on 25 and 50 metre traverses. The rig will also infill any gaps in the
    traverses previously drilled, so as to up-grade the quality of the current
    resource to predominantly a measured and indicated category. At the
    completion of this program the rig will be moved to the eastern side of the
    hill, to drill RC holes (with diamond tail) to infill sections of the AMUN
    Zone between

    10400mN and 10600mN.

    The small RC rig will drill 50-60m deep holes to test the surface
    mineralisation of the RA zone where trenching has outlined up to 400m in
    width of mineralisation, at a considerably higher grade than the surface
    mineralisation contained on the AMUN zone.

    The Company has contracted a full time 'D8' dozer and rock breaker to
    construct roads and drilling platforms over the rugged Sukari hill, this
    will enable greater access along the traverses for the drill rigs and
    support vehicles.

    Drill holes currently in progress are listed in Table 1.

                                        Table 1

                                Sukari Diamond Drilling

                               Holes SDDH 200 to SDDH 216

                                Hole Collars and Length

     Hole            Length         Bearing      Inclin'n         North           East             RL
      No               m            degrees       degrees           m               m              m

SDDH200                   163.72      270           -70              10525.0         10570.0         1170.0
SDDH201A                   43.52      270           -80              10450.0         10519.0         1160.0
SDDH201                   222.12      270           -80              10450.0         10519.0         1160.0
SDDH202                   283.55      270           -45              10575.0         10642.0         1189.0
SDDH203                   301.92      270           -78              10475.0         10538.0         1163.0
SDDH204A                  150.67      270           -55              10598.6         10618.8         1196.5
SDDH204                   197.78      270           -55              10598.6         10618.8         1196.5
SDDH205                   267.79      270           -60              10624.2         10606.4         1202.0
SDDH206                   275.92      270           -60              10650.9         10618.4         1206.2
SDDH207                   199.14      270           -25              10650.0         10618.0         1206.0
SDDH208                   119.02      090           -03              10625.0         10428.0         1136.0
SRC209                       100      00            -90              10000.0          9300.0         1070.0
SDDH210A                   11.27      90            -01              10725.0         10335.0         1125.0
SDDH210              In Progress      90            -01              10725.0         10335.0         1125.0
SRC211                  22 (Abd)      270           -60               9975.0         10525.0         1114.0
SDDH212              In Progress      270           -20              10600.0         10620.0         1197.0
SRC213                       184      270           -60              10700.0         10582.0         1213.0
SDDH214              In Progress      90            -02              10650.0         10400.0         1139.0
SRC215                     147.3      270           -80              10700.0         10582.0         1213.0
SDDH215 (Tail)       In Progress      270           -80      Continuation of
                                                                 SRC215
SRC216               In Progress      270           -60               9975.0         10475.0         1113.0


            NOTE     SDDH=Diamond Drill Hole, SRC=Reverse Circulation Drill
            Hole, Abd=Abandoned. (Tail) denotes First section of hole is RC with
            Diamond continuing from final RC Depth.

             Bearing=Sukari grid (Grid north nominally 020degrees Magnetic)

             Inclination=Below horizontal (-ve); Above horizontal (+ve)

             RL=arbitrary 1100m at grid origin 10,000N 10,000E.

    Drill hole SDDH208 in the southern section of the RA zone, (10625 N 10428E)
    intersected very strongly altered mineralised porphyry virtually from the
    collar. The hole is almost horizontal, being drilled to the east at -3
    degrees (3 degrees below horizontal). At 67.27m depth the hole entered a
    very strongly brecciated and veined zone which continued for 10 metres and
    contained visible gold in the diamond core. This zone is a repetition but
    stratigraphically higher, 'closer to the hanging wall' of the Sukari
    porphyry, it is part of the main structure of the AMUN zone, previously
    mined in Pharaonic times. This zone will be drilled in detail, as it could
    provide access to high grade feed early in the development stage of Sukari,
    this would increase the economics at the start up period of the project.

    The core from hole SDDH208 is currently amongst the batch being prepared for
    shipment to Australia for assaying.



    SIGNIFICANT ASSAYS RECEIVED DURING THE QUARTER

    Hapi Shoot

    A one metre assay of 228g/t was recorded in the provisional results from the
    laboratory (check assays awaited). This assay was between 289-290m depth in
    hole SDDH203, this hole is on traverse 10475N or 75m north of traverse
    10400N. The intersection is at the correct depth and line of strike to
    suggest that it may be an extension of the Hapi shoot.

    Amun Zone

    Significant assays received during the quarter are listed in table 2. The
    whole of drill hole SDDH201 appears to be mineralized, the section of the
    Sukari porphyry between 108m to the bottom of the hole at 222.2m, averaged
    1.33g/t over 114.22m.

                                    Table 2


                                    Sukari Gold Mine

                                  Selected Gold Assays

                        Diamond Drill Holes SDDH200 to SDDH 206

     Drill Hole        Intersection        Grades            From              To

         No.                 m              g/t                m               m
SDDH200                            24       1.18                     122            146
               (incl)               3       3.17                     122            125
               (incl)               3       2.22                     141            144
                                    5       1.36                     153            158
SDDH201                          4.25       2.22                      75          79.25
                                11.25       2.51                      82          93.25
               (incl)               5       3.81                      84             89
               (incl)               1       6.30                      85             86
                                114.2       1.33                     108          222.2
               (incl)              21       2.53                     116            137
               (incl)               3       9.18                     119            122
                                   19       1.98                     149            168
               (incl)               5       2.92                     155            160
               (incl)               1       7.11                     163            164
                                   11       2.57                     178            189
               (incl)               4       4.07                     180            184
                                   10       1.07                     210            220
SDDH202                             3       3.17                     175            178
                                    3       2.34                     192            195
                                   29       1.75                     229            258
               (incl)               4       4.56                     232            236
SDDH203                            15       2.65                      86            101
               (incl)               4       4.56                      89             93
                                    3       1.69                     111            114
                                   36       1.94                     124            160
               (incl)              10       2.67                     135            145
                                    6       1.47                     166            172
                                   41       1.53                     248            289
               (incl)               6       2.18                     265            271
               (incl)               4       2.27                     274            278
               (incl)               4       2.93                     284            287
(Provisional)(Hapi)                 1      228.0                     289            290
SDDH204               Assays to come
SDDH205               Assays to come
SDDH206                            11       1.79                     178            179
               (incl)               2       3.72                     187            189
                                    3       1.75                     197            200
                                    1       2.95                     209            210
                                    1       2.72                     258            259



FEASIBILITY STUDY

SNC Lavalin has continued its review of the 2 million tonne p.a. Feasibility
Study.

The data generated from the accelerated drilling program will enable the
feasibility study to be upgraded to facilitate an increase from a 2 million
tonne per year to a 5 million tonne per year operation. The Company expects to
be in a position to commence construction early in 2003.



Australia:

No exploration or mining activities were carried out in Australia during the
quarter and none are expected to occur in the next quarter.



Yours faithfully







G B Speechly

Director

ASX Listing Rules 5.10 1

Information in this report which relates to exploration, geology, sampling and
drilling is based on information compiled by consulting geologist Mr M Kriewaldt
who is a corporate 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 not a full time employee of the Company. 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. Mr Kriewaldt declares an interest in
shares of the Company.

                                                                        Rule 5.3

                                  Appendix 5B

                   Mining exploration entity quarterly report


        Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/
        2001.



Name of entity
Centamin Egypt Limited
ABN                                                                Quarter ended ('current quarter')
86 007 700 352                                                     31 March 2002

                                            Consolidated statement of cash flows

Cash flows related to operating activities                   Current quarter                 Year to date
                                                                                           (...9....months)
                                                             $A'000
                                                                                                $A'000
1.1        Receipts from product sales and related debtors

1.2        Payments for:

           (a) exploration and evaluation                             (1,571)                   (4,140)

           (b) development

           (c) production

           (d) administration                                          (264)                    (1,707)

1.3        Dividends received

1.4        Interest and other items of a similar nature                 66                        113
           received

1.5        Interest and other costs of finance paid

1.6        Income taxes paid                                                                     (16)

1.7        Other (provide details if material)
           Net Operating Cash Flows                                   (1,769)                   (5,750)
           Cash flows related to investing activities

1.8        Payment for purchases of:

           (a)prospects

           (b)equity investments

           (c) other fixed assets                                      (35)                      (53)

1.9        Proceeds from sale of:

           (a)prospects

           (b)equity investments

           (c)other fixed assets                                                                   1

1.10       Loans to other entities

1.11       Loans repaid by other entities

1.12       Other (provide details if material)
           Net investing cash flows                                    (35)                      (52)

1.13       Total operating and investing cash flows (carried          (1,804)                   (5,802)
           forward)



1.13      Total operating and investing cash flows (brought           (1,804)                   (5,802)
          forward)


          Cash flows related to financing activities


1.14      Proceeds from issues of shares, options, etc.                                          7,750
1.15      Proceeds from sale of forfeited shares
1.16      Proceeds from borrowings
1.17      Repayment of borrowings
1.18      Dividends paid
1.19      Other (provide details if material)
          Net financing cash flows                                                               7,750
          Net increase (decrease) in cash held                        (1,804)                    1,948
1.20      Cash at beginning of quarter/year to date                    6,769                     3,060
1.21      Exchange rate adjustments to item 1.20                       (319)                     (362)
1.22      Cash at end of quarter                                       4,646                     4,646

             Payments to directors of the entity and associates of the directors

        Payments to related entities of the entity and associates of the related
                                                                        entities

                                                                                     Current quarter

                                                                                     $A'000
1.23       Aggregate amount of payments to the parties included in item 1.2 
                     87
1.24       Aggregate amount of loans to the parties included in item 1.10

1.25       Explanation necessary for an understanding of the transactions

(a)        A Director of the Company, Mr. S. El-Raghy, is also a Director and 
           Shareholder of Nordana Pty Ltd ('Nordana'). Nordana provides 
           consulting and management services, including the provision of office
           premises, to the Company and its subsidiaries. All dealings with 
           Nordana are in the ordinary course of business and on normal terms 
           and conditions. Fees paid to Nordana during the current quarter,
           including reimbursement of expenditure, were $82,510 ($266,241 for 
           the year to date).

           Mr. S. El-Raghy is also a Director and Shareholder of El-Raghy 
           Kriewaldt Pty Ltd ('El-Raghy Kriewaldt'). El-Raghy Kriewaldt took 
           over the provision of office premises to the Company from 1
 (b)       March 2002. All dealings with El-Raghy Kriewaldt are in the ordinary 
           course of business and on normal terms and conditions. Fees paid to 
           El-Raghy Kriewaldt during the current quarter amounted to
           $4,000 ($4,000 for the year to date).

           Directors Fees

 (c)       Directors fees and superannuation paid during the quarter were 
           $20,250 ($65,875 for the year to date).

           Audit Committee

           The Company does not have a formally constituted Audit Committee of 
           the Board of Directors.
(d)







                                  Non-cash financing and investing activities

2.1      Details of financing and investing transactions which have had a 
         material effect on consolidated assets and liabilities but did not 
         involve cash flows

         Nil


2.2      Details of outlays made by other entities to establish or increase 
         their share in projects in which the reporting entity has an interest






                                                  Financing facilities available

Add notes as necessary for an understanding of the position.

                                                         Amount available            Amount used

                                                         $A'000                      $A'000
3.1   Loan facilities *NOTE                                          937                        Nil
3.2   Credit standby arrangements

*NOTE: This facility is with MI Bank in Egypt for US$.5 million and may only be
    drawn on if the equivalent amount of the draw-down is provided by way of
                                   security.

                                        Estimated cash outflows for next quarter

                                                                          $A'000

4.1     Exploration and evaluation                                         1,200
4.2     Development
        Total                                                              1,200

                             Reconciliation of cash

Reconciliation of cash at the end of the quarter (as      Current quarter           Previous quarter
shown in the consolidated statement of cash flows) to the
related items in the accounts is as follows.                      $A'000                    $A'000

5.1     Cash on hand and at bank                                     (8)                        982
5.2     Deposits at call                                                                         -
5.3     Bank overdraft                                                                           -
5.4     Other (term deposits)                                       4,654                      5,787
        Total: cash at end of quarter (item 1.22)                   4,646                      6,769





                                        Changes in interests in mining tenements

                                   Tenement        Nature of interest             Interest at    Interest at
                                   reference                                      beginning of   end of quarter
                                                   (note (2))                     quarter
6.1    Interests in mining
       tenements relinquished,
       reduced or lapsed


6.2    Interests in mining
       tenements acquired or
       increased



                          Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights
together with prices and dates.

                                   Total number      Number quoted     Issue price per      Amount paid up per
                                                                       security (see note   security (see note 3)
                                                                       3) (cents)           (cents)
7.1     Preference +securities
        (description)
7.2     Changes during quarter

        (a) Increases through
        issues

        (b) Decreases through
        returns of capital,
        buy-backs, redemptions
7.3     +Ordinary securities       357,950,949       357,950,949
7.4     Changes during quarter

        (a) Increases through
        issues

        (b) Decreases through
        returns of capital,
        buy-backs
7.5     +Convertible debt
        securities (description)
7.6     Changes during quarter

        (a) Increases through
        issues

        (b) Decreases through
        securities matured,
        converted
7.7     Options (description and                                       Exercise price       Expiry date
        conversion factor)
                                   7,700,000         Nil               20c                  30.11.2002

                                   113,679,293       113,679,293       20c                  03.03.2003

                                   49,999,744        Nil               20c                  09.11.2003
7.8     Issued during quarter
7.9     Exercised during quarter
7.10    Expired during quarter
7.11    Debentures

        (totals only)
7.12    Unsecured notes (totals
        only)





                              Compliance statement

1      This statement has been prepared under accounting policies which comply 
       with accounting standards as defined in the Corporations Act or other 
       standards acceptable to ASX (see note 4).

2      This statement does give a true and fair view of the matters disclosed.



Sign here:      .........................     Date:............................


                (Director)





Print name:      G.B. Speechly................

                                     Notes

1      The quarterly report provides a basis for informing the market how the 
       entity's activities have been financed for the past quarter and the 
       effect on its cash position. An entity wanting to disclose additional 
       information is encouraged to do so, in a note or notes attached to this 
       report.

2      The 'Nature of interest' (items 6.1 and 6.2) includes options in respect 
       of interests in mining tenements acquired, exercised or lapsed during the 
       reporting period. If the entity is involved in a joint venture agreement
       and there are conditions precedent which will change its percentage 
       interest in a mining tenement, it should disclose the change of 
       percentage interest and conditions precedent in the list required for 
       items 6.1 and 6.2.

3      Issued and quoted securities The issue price and amount paid up is not 
       required in items 7.1 and 7.3 for fully paid securities.

4      The definitions in, and provisions of, AASB 1022: Accounting for 
       Extractive Industries and AASB 1026: Statement of Cash Flows apply to 
       this report.

5      Accounting Standards ASX will accept, for example, the use of 
       International Accounting Standards for foreign entities. If the standards 
       used do not address a topic, the Australian standard on that topic (if 
       any) must be complied with.

                                 == == == == ==

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