3rd Quarter Results

Centamin Egypt Limited
30 April 2004



CENTAMIN EGYPT LIMITED
ACN 007 700 352

             QUARTERLY REPORT FOR THE PERIOD ENDING 31st MARCH 2004

                              CORPORATE ACTIVITES

Eastern Desert Concession - Legal Actions

In the 5th April 2004 update the Company stated the present position in relation
to legal and arbitration proceedings in Egypt between the Company's wholly owned
operating subsidiary, Pharaoh Gold Mines NL (Pharaoh), EGSMA and the Minister
for Industry, and also an update on other legal developments. The Company wishes
to ensure that there is no misunderstanding as to the matters covered by the
announcement and re-confirms the following:

• The Company has been advised by its Egyptian legal counsel
that in the Administrative Court proceedings commenced by Pharaoh, the Court has
advised that it has declined to proceed with Pharaoh's claim against both EGSMA
and the Minister, on the basis that the claim against EGSMA should have been
submitted to formal arbitration under the terms of the Concession Agreement. The
Company is advised that the Court has not made any other decision or finding.
Since the update, Pharaoh has received the Court's formal written decision which
confirms this advice. As a result of the Court's decision, the relevant aspects
of the claim concerning the Minister will be re-submitted by Pharaoh to the
Court. As announced, arbitration proceedings against EGSMA have already been
commenced in the Cairo Regional Centre for Commercial Arbitration, with Pharaoh
having recently concluded its presentation. EGSMA is required to respond by the
16th May 2004.

• The Concession Agreement provides that pending an arbitration
award, operations and activities on the Concession are to continue. Pharaoh is
seeking to ensure that EGSMA complies with this provision.

• As announced in November 2001, Pharaoh submitted a
Feasibility Study to EGSMA in November 2000 relating to the Commercial Discovery
made at Sukari, in accordance with the terms of the Concession. After many
months of negotiations with EGSMA and continued work on the project, meetings of
the entire board of EGSMA were held on 21st October 2001 and 28th October 2001
and were attended by the then Minister for Industry. The Chairman of EGSMA
subsequently issued a formal letter to Pharaoh confirming that a Commercial
Discovery had been made in accordance with the terms of the Concession
Agreement. The letter also confirmed that the Concession Agreement had moved
from the exploration phase to the exploitation phase, which granted the company
a 30 year lease (renewable for a further 30 years) over the entire areas covered
by the Concession Agreement.

• The Attorney General's investigation referred to in the 5th
April 2004 update arose from a complaint by EGSMA that Pharaoh's employees and
consultants on site had not renewed the requisite authorisation of the Egyptian
military to carry on activities in the Eastern Desert. The military and civil
authorities did not press any charges and the Attorney General's subsequent
investigation found no evidence of an offence and indicated that no further
action would be taken.

• Pharaoh is presently discussing with the relevant military
authorities whether security permits may be renewed on the basis of the Attorney
General's report, thus allowing an immediate return to drilling and exploration
activities.

• The Company's Egyptian lawyers have advised that the findings
of the Attorney General's investigation should strongly support Pharaoh's
position in the arbitration and court proceedings.

Following the release of the Company's announcement on the 5th April 2004,
certain comments have been made by Mr Abdul El Hassan Abd El Raouf Soliman, the
current Chairman of the Egyptian Geological Survey and Mining Authority (EGSMA)
and have also been published on the EGSMA website. The Company considers that Mr
Soliman's comments are deceptive and misleading and therefore require
substantial correction. The Company has decided to issue this confirmatory
announcement to ensure that there is no misunderstanding as to the Company's
position.

The Company has written to Mr Soliman requesting him to formally withdraw or
correct his comments immediately. The Company has also instructed its Egyptian
lawyers to commence legal action against Mr Soliman as chairman of EGSMA and
EGMSA itself over his statements.

In the meantime the Company continues to have discussions with the Egyptian
Investment Authority, Cabinet ministers and relevant security agencies, with a
view to settling the outstanding legal and other matters and permitting a return
to operations under the Concession Agreement.

For Centamin Egypt Limited



Josef El-Raghy
Managing Director

30th April 2004



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