Drilling Report

Centamin Egypt Limited
07 October 2002



                                 7 OCTOBER 2002






   MORE HIGH GRADE INTERCEPTS AT THE SUKARI GOLD PROJECT FROM LATEST ROUND OF
                          DRILLING / SURFACE SAMPLING






DRILLING

Recent drilling results at Sukari continue to confirm significant mineralisation
and high grade intercepts at depth. The company is now drilling outside and
below the pit design used for the reserve estimation, as well as drilling north
into the Ra zone.


Some outstanding results were:

                                        6m @ 14.87g/t Au
                                        1m @ 20.80g/t Au
                                        1m @ 38.50g/t Au
                                        2m @ 17.30g/t Au
                                        3m @ 15.20g/t Au
                                        1m @ 17.20g/t Au
                                        4m @ 42.18g/t Au


Differing elevations, combined with locations in plane of the high grade
intersections, strongly point to the probability of there being more than one
high grade (Hapi) shoot.


These higher grade intercepts are contained within broader zones of
mineralisation, which are all outside of the existing reserve. These include:

                                        13m @ 5.45g/t Au
                                        14m @ 4.69g/t Au
                                        17m @ 6.06g/t Au
                                        10m @ 3.54g/t Au
                                        7m @ 5.45g/t Au
                                        12m @ 3.19g/t Au
                                        15m @13.42g/t Au



As reported in early September 2002, the global resource now contains 2.04
million ounces of gold averaging 1.54g/t at 0.5g/t cut-off. This includes 1.56
million ounces averaging 2.33g/t at 1.0g/t cut-off.


Pit optimisation, mine planning and scheduling based on this resource were
performed to produce a 'Base Case' RESERVE of 12.5 million tonnes of ore
averaging 1.82g/t gold for 736,120oz gold in the range above 0.8g/t.


'These results all add to our existing resource base and take us closer to an
upgraded 5 million tonne per year throughput feasibility study' said Managing
Director, Mr Josef El-Raghy, 'and with the addition of two diamond drill rigs
which will begin work this week, we should see the pace of progress pick up
again'.






SURFACE SAMPLING


Surface sampling from rock faces on benches, cut into the steep sides of Sukari
hill in the Ra Zone for drill access, returned runs of continuous gold
mineralisation. Sampling was over horizontal 2 metre intervals and some of the
better results were:


1)     Between 10830N to 10796N a 40m long mineralised zone returned results of:


        20m @ 2.12g/t Au, 16m @ 1.35g/t and 4m @ 17.53g/t Au


2)     Between 10772N to 10758N an 18m long mineralised zone returned results
of:


        18m @ 1.82g/t Au with 2m @ 3.82g/t Au a further 18m distant


This sampling follows a zone of mineralisation dipping easterly into the Ra
zone, which is to be followed up by drilling.


Further sampling along a bench constructed around the southern end of the Sukari
Hill in the Amun Zone returned assays of:


     4m @ 11.98g/t Au and 8m @ 1.05g/t Au


The grid location of these latter samples has not yet been received.






Table of Significant Drilling Intersections
                                                    
                  Northing        Easting                 From                To             Interval            Grade
     Hole                                                   (m)               (m)               (m)              Au g/t
SDDH244             10478          10414                     26                41                15               2.60
                                                            114               116                 2               5.11

SDDH246             10634          10407                      5                 7                 2               5.87
                                                             29                37                 8               2.26

SDDH249             10775          10650                    236               238                 2               7.74

SDDH251             10845          10735                     63                70                 7               1.78
                                                            169               173                 4               2.18
                                                            236               241                 5               2.77
                                                            262               268                 6               3.44
                                                            341               346                 5               3.41
                                                            408               422                14               2.48

SDDH252             10918          10869                     37                38                 1               6.22

SDDH255             10800          10358                     37                54                17               6.06
         incl.                                               43                49                 6              14.87
                                                             83                85                 2               7.66

SDDH256             10455          10693                     58                68                10               3.54
                                                            169               176                 7               3.18
                                                            252               255                 3               2.74
                                                            273               276                 3               3.31
                                                            332               339                 7               5.45
         incl.                                              338               339                 1               20.8

SDDH257             10775          10650                     79                83                 4               2.07
                                                            150               154                 4               2.48

SDDH259             10540          10580                    252             264.9              12.9               5.45
incl.                                                       257             264.9               7.9               7.89
incl.                                                       263               264                 1              38.50

SDDH260             10700          10575                    175               189                14               4.69
         incl.                                              181               183                 2              17.30
                                                            271               282                11               2.40
                                                            291               295                 4               2.35
                                                            309               336                27               3.73
         incl.                                              328               336                 8               8.27
         incl.                                              332               335                 3              15.20
                                                            352               357                 5               3.77
                                                            365               369                 4               2.23

SDDH261             10590          10580                    129               133                 4               2.84
                                                            150               151                 1               5.02
                                                            212               214                 2               3.80
                                                            226               238                12               3.19
         incl.                                              236               237                 1              17.20
                                                            281               296                15              13.42
         incl.                                              289               293                 4              42.18

SDDH264             11100          10925                     54                55                 1               5.85
                                                             72                73                 1               4.80

SDDH265             11200          10958                     25                27                 2               6.86
                                                             85                86                 1               6.98

Note:     Some drill hole collars have been surveyed since previous reporting






Stanley Drilling have flown in two diamond drill rigs which have been
transported from Cairo airport to the Sukari minesite. These are expected to
considerably increase the drill metreage, back to that which had been planned
earlier.

It is planned that they begin drilling in the Ra zone, with one rig proceeding
north from 10800N and the other south from 10675N, back towards the Amun zone.

The 10800N line where Stanley are to begin has returned excellent surface
sampling results to date and we expect these zones and others to be picked up
with drilling.

The companies three diamond rigs will concentrate on the shallower holes
required to add resource ounces around the 10900N.




Yours faithfully






Josef El-Raghy

Managing Director




For more information please contact


Josef El Raghy                             Leesa Peters

Centamin Egypt Ltd                         Capital PR

Tel: + 61 (0) 8 9316 2640      Tel: [phone]

[e-mail]                     [e-mail]



Louis Castro

Williams de Broe Plc

Tel: + 44 (0) 20 7588 7511

[e-mail]




                              www.centamin.com.au



ASX Listing Rule 5.10.1


Information in this report which relates to exploration, geology, sampling and
drilling is based on information compiled by consulting geologist Mr M Kriewaldt
who 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 not a full time employee of the Company. His written consent has been
received by the Company for this information to be included in this report in
the form and context that it appears. Mr Kriewaldt declares an interest in
shares of the Company.


The information in this report that relates to mineral resources is based on
information compiled by Mr Gary Brabham, a member of the Australasian Institute
of Mining and Metallurgy. Mr Brabham is employed by Hellman & Schofield Pty Ltd
a consultancy primarily concerned with estimation of mineral resources
worldwide. Mr Brabham is a Competent Person under the meaning of the J.O.R.C.
code with respect to the mineralisation being reported in this report. Mr
Brabham has more than five years' experience in the mining industry and has
given his consent to the public reporting of this information in the section
headed Mineral Resources.


The information in this report that relates to open pit mine design is based on
information compiled by Mr Tamer Dincer of Mining Solutions Consultancy Pty Ltd.
Mr Dincer is a member of the Australasian Institute of Mining and Metallurgy, a
member of the Mineral Industry Consultants Association and has 15 years
experience in the mining industry. Mr Dincer has given his consent for this
information to be included in this report as presented under the heading Open
Pit Design.



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