4th quarter results - Part I

Centamin Egypt Limited
31 July 2003


CENTAMIN EGYPT LIMITED

ABN 86 007 700 352


                   AUSTRALIA: 57 Kishorn Road, MOUNT PLEASANT

                             WESTERN AUSTRALIA 6153

                    EGYPT: 356 El-Horreya Road, Sedi Gaber,

                               ALEXANDRIA, EGYPT.



                QUARTERLY REPORT FOR PERIOD ENDING 30 JUNE 2003



CORPORATE.


As previously advised, the company has been in ongoing discussions with the
Egyptian Geological Survey and Mining Authority (EGSMA) and the Minister for
Industry in order to obtain the renewal of security passes for its staff and
contractors, so that the work programme at the Sukari project site can
recommence.


As the renewal of these passes is still awaited, the company has taken the
decision to instigate Arbitration proceedings in the Regional Centre for
Commercial Arbitration, and an action in the Administrative Court of Cairo to
ensure a timely return to work.


The company has at all times fulfilled its obligations under the terms of the
Concession Agreement which was granted by an Act of the Egyptian Parliament
under the terms of Law 222 of 1994 and has not, during the course of its
discussions with EGSMA and the Minister, been advised formally of any reasons
for the continued delay in obtaining the security passes.


The company is confident that the approvals will be forthcoming and that it is
important to resolve all such procedural issues to the company's satisfaction
prior to the decision to commence development of the Sukari gold project.


SUKARI GOLD PROJECT BANKABLE FEASIBILITY STUDY (BFS)


The company has continued to progress the upgrading of the current 2 million
tonne per year feasibility study.


Utilising the increased resource base at Sukari and as part of the ongoing
review, a scoping study was completed by Ausenco Limited to determine which
throughput capacity, process design flow sheet and degree of mining selectivity
would best optimise project economics. The Scoping Study was conducted on 3, 4,
and 5 million tonne per year scenarios. The results of the study indicate that
the higher process capacities, flotation followed by regrinding and leaching of
concentrate (subject to confirmatory metallurgical testwork) and a bulk mining
method provide the most attractive economics. These results will be used to
focus the upgraded BFS now in progress.


DEVELOPMENT


A local and regional hydrogeology study commenced to assess the availability and
quality of water needed for the operation. Water for gold recovery and domestic
requirements may be contained in local underground sources, however it is
considered unlikely that enough water could be located for use in the process
plant and as such, it is still planned to source this water from the Red Sea.
The study will also look at water inflow during mining.


An onsite study of existing geotechnical data and assessment of parameters for
mining was initiated. The results of this study will assist in planning further
geotechnical drilling and logging requirements in order to determine slope
stability and the design of pit wall angles. The majority of the planned holes
will test the footwall shear zones that will influence pit wall slope angles.





The company's policy of ongoing training for site personnel has, through the
generosity of Geita Goldmines (Ashanti and Anglogold JV) allowed for the
secondment of two geologists to the Geita open pit gold mine in Tanzania. After
a period of three months, another two of Centamin's Egyptian geologists will
replace these geologists. As no gold mining has been carried out in Egypt for
many years these secondments are invaluable in the preparation of staff for the
forthcoming operation. Additionally a consultant has been engaged to instruct
the site geologists in the requirements of logging and data collection on a
typical minesite.


METALLURGY


Additional metallurgical samples have been collected and are awaiting shipment
to an Australian laboratory for comminution testwork and for optimising the
flotation and leaching of whole ore.


SURVEY


A survey pickup of the old underground workings (shafts and stoping) has been
carried out along with random checks on drill hole positions. The check survey
validated the existing data and methods.


GEOLOGY


Geological surface mapping continues. The data is being edited and compiled for
computer map generation. Most of the accessible, outcropping mineralized
(auriferous) quartz veins over the Sukari hill have been mapped. The outcropping
Sukari porphyry with auriferous quartz veining and stockworks is shown in Fig 1.


It must be highlighted that the current resource of 3 million ounces of gold is
defined only in the southern end of the hill, as drilling is yet to test any
further north than 11000N.


Drilling to date in the southern section has encountered mineralised porphyry in
all holes drilled into the hill, and the density of the quartz veining along
with intense alteration in the northern section indicates that this trend will
continue. The north west of the hill is still to be mapped comprehensively.


The company is confident that drilling in the middle and northern sections of
the hill will bring about a large increase in the existing resource. The
southern section still remains open at depth.



ASX Listing Rule 5.10

Information in this report which relates to exploration, geology, sampling and
drilling is based on information compiled by economic geologist Mr M Kriewaldt
who is a employee of the Company, and 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 a 'Competent Person' for this
purpose. 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.








                      This information is provided by RNS
            The company news service from the London Stock Exchange
             GDXGGXB