Drilling Report

Centamin Egypt Limited
13 March 2002



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

                                Drilling Report


The Board of Centamin is pleased to announce that in line with the decision to
rapidly increase the Company's gold reserves at the Sukari project in Egypt, a
contract was entered into for additional drilling using two multi purpose (RC
and Diamond) and one dedicated RC rig. This now brings the drilling capacity on
site to six rigs. The RC rigs will accelerate the drilling and it is estimated
that an additional 25,000 metres of RC and diamond drill core will be completed
at a rate of approximately 5000m per month.


Currently the measured/indicated/inferred resource at Sukari stands at 1.73
million ounces, with the majority of this resource in the southern 400m of the
600m long AMUN zone.


The planned drilling program has two focuses:


  • 'Follow up' drilling of the Hapi shute, which returned high grade
    intersections including 14.25m of 94.43 g/tonne, to test continuation both
    to the surface and along strike as well as testing for similar high grade
    repetition.


  • Infill drilling of the resources in the northern 200m strike length of the
    AMUN zone and stepping out into the much wider abutting RA zone.


As reported previously, the AMUN zone represents less than 10% of volume of the
mineralised Sukari, system down to approximately 100m below the valley floor.
The mineralisation at Sukari proven-up by the extensive drilling to date
indicates that not only does the mineralised system continue into the RA zone,
but also it increases substantially in width, to at least four times the width
of the AMUN zone. The Company's trenching and rock chip sampling results from
this zone support this. Taking also into consideration that the highest sections
of the RA zone are 120m higher than the AMUN zone, there will be a considerable
volume of mineralisation above the valley floor. The Company is confident that
the drilling within this zone will delineate further substantial resources,
capable of supporting a large tonnage gold operation that will place Sukari
among the world's larger mining projects.




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