Admission to AIM

Centamin Egypt Limited
21 December 2001



             Centamin Egypt Limited ('Centamin or the 'Company')

        £2.7 million (A$7.5 million) Fund Raising and Admission to AIM

The Directors of Centamin are pleased to announce that the Company has,
through Williams de Broe Plc, its UK based broker, successfully completed a
Placing of 45 million new ordinary shares at 6 pence per share to raise a
total of £2.7 million (A$7.5 million). The Directors also announce that the
ordinary shares of Centamin, including the ordinary shares issued pursuant to
the Placing, have been admitted to the Alternative Investment Market ('AIM')
of the London Stock Exchange and dealings in its ordinary shares and its
listed share options have commenced today. Application will be made on 21
December 2001 for the new ordinary shares issued pursuant to the Placing to be
listed on the ASX.

The funds raised will be used to complete and then upgrade the current
Feasibility Study, to undertake further drilling to significantly increase the
resource base for the Sukari Project and to fund the working capital
requirements of the Group.

The Company's subsidiary, Pharaoh Gold Mines, together with the Egyptian
Geological Survey and Mining Authority, has recently been awarded an
Exploitation Lease over three Concession Areas in the Eastern Desert of Egypt
for a period of thirty years and extendable for another thirty years. The
Concession Areas are calculated by the Company to cover a total area of
approximately 4,600 km2. Of the three areas, the project at Sukari is the most
advanced.

As at November 2001, the gold resource for the Amun Zone contained within the
Sukari Hill was estimated by Hellman & Schofield Pty Ltd to be 1.7 million
ounces of gold contained in 37 million tonnes of ore at a grade of 1.4g/t (at
a cut off grade of 0.5g/t). The Directors believe that the Sukari Project has
the potential to contain a multi million ounce gold deposit.

The intention of the Directors is to continue to focus on Egypt with the
objective of becoming a large producer of gold and base metals in the Eastern
Desert Region and to establish the Company as a major North African mining
house.


For further information, please contact:

Sami El-Raghy

Centamin Egypt Limited

Tel: [phone]

[e-mail]


Louis Castro

Williams de Broe Plc

Tel: [phone]

[e-mail]


Leesa Peters

Capital PR

Tel: [phone]

[e-mail]