Drilling Report

Centamin Egypt Limited
2 July 2002

                             Centamin Egypt Limited

                                 2nd July 2002


             PROGRESS REPORT ON THE CURRENT DRILLING PROGRAM AT THE

                              SUKARI GOLD PROJECT


General

Drilling to upgrade the present gold resource is well under way with all
completed holes intersecting mineralisation. Assays and geology show that the
mineralisation extends north into the RA zone with the additional drilling also
proving up further measured, indicated and inferred resources in the AMUN zone.
Metres drilled for the year to date total 8355m with an expected increase in the
rate of drilling as the six rigs on site reach capacity.



High Grade Hapi Zone.

Following on from the discovery hole SDDH169 (14m @ 94g/t), this latest drilling
has also intersected the HAPI zone.


        DDH213 with 28m @ 6.85g/t including 3m @ 56.83g/t extends the potential
        strike length of the Hapi zone to over 300m in length and still open to
        both north and south.

        DDH223 with 1m @36g/t is significant as the intersection is only 10m
        below the valley floor and is the probable extension of the Hapi zone
        towards the surface, which was expected. This will give access to this
        high-grade zone from the start of mining and will have an extremely
        positive impact on the project economics.



New High Grade Zone


        DDH208 with 12m @ 11.99g/t including 2m @ 48.18g/t is a horizontal hole
        that was one of the initial holes into the RA zone.

        The mineralisation is high grade, close to the surface and down dip from
        surface mineralisation.

        DDH207 with 5m @ 3.51g/t which is 25m north of DDH208 is directly down
        dip from surface trenching samples which have an average of 6m @ 6.55g/t.



Table of Significant Intersections

Significant intersections encountered in the period since the March 2002
quarterly report are tabulated below:
HOLE              Northing         Easting              From (m)            To (m)      Interval (m)       Grade Au g/t
DDH205              10624           10606                    237               244                 7               2.75

DDH207              10650           10618                    123               128                 5               3.51

DDH208              10623           10425                     66                78                12              11.99
incl                                                          69                71                 2              48.15
incl                                                          76                77                 1              16.10

DDH213              10704           10573                    197               216                19               2.19
incl                                                         202               213                11               3.39
incl                                                         202               206                 4               6.03
                                                             230               258                28               6.85
incl                                                         236               239                 3              56.83

RC221               10255           10427                     57               110                53               2.36
incl                                                          76               107                31               3.25
incl                                                          93               103                10               5.59
incl                                                         101               103                 2              10.65

RC222               10203           10452                     96               114                18               1.46

RC223               10175           10475                     10                11                 1              36.00
                                                              92               102                10               2.03
                                                             164               165                 1              21.00

RC224               10141           10463                     74               130                56               2.32
incl                                                         110               124                14               4.95
                                                             110               112                 2              11.60

RC225               10121           10444                     71                79                 8               2.19
                                                             100               111                11               4.63
incl                                                         104               105                 1              21.20

RC226               10100           10431                     97               110                13               2.69
incl                                                         108               110                 2               7.92

RC231               10000           10499                     71                75                 3               3.37

RC237               9966            10480                     75                81                 6               3.13

RC238               10201           10343                      7                 8                 3               3.81

RC244               10479           10415                     26                41                15                2.6
incl                                                          30                41                11               3.19



Resources

The Company continues to focus on building its resource base and adding ounces
to the 1.73M oz last calculated in September 01. A resource upgrade is expected
to be carried out after a further 12 000m of diamond and RC drilling.

The large rigs have been predominantly drilling reverse circulation (RC) drill
holes with holes from 219 onwards all RC 'pre collar' holes, these are due to be
continued (tailed) as diamond drill holes.


_________________________________

Sami El-Raghy

Managing Director






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