Drilling Report

Centamin Egypt Limited
07 January 2003


                             Centamin Egypt Limited

                      SUKARI GOLD PROJECT DRILLING UPDATE

                         SIGNIFICANT NEW INTERSECTIONS
                           (detailed table attached)

                                 41m @ 2.06g/t Au

                                 54m @ 3.11g/t Au

                                 49m @ 2.10g/t Au

                                 31m @ 2.74g/t Au

                               120m @ 1.63g/t Au

                               107m @ 2.42g/t Au

                                 21m @ 2.43 g/t Au

                                 31m @ 2.74 g/t Au

                                 40m @ 2.09 g/t Au



                            HIGH GRADE INTERSECTIONS

                         1m @ 75.10 g/t Au (new shoot)

                          1m @ 567 g/t Au (Hapi Zone)


                       WIDTH OF MINERALISATION INCREASING

               Ra zone mineralisation has averaged 400m in width,

        a considerable increase to the 90m experienced in the Amun zone.


As reported in October 2002 the company engaged Stanley Mining Services to begin
drilling the Ra Zone at Sukari with the intention to add to the existing
2,040,000 oz resource of the Amun zone.  Two Stanley Rigs were added to the
company's three existing rigs on October 13th and the company expects to drill
its 300th (Sukari Diamond Drill Hole, SDDH300) this month. Stanley Rig 10 moved
south from 10675N to add reserve ounces to the resource, whilst Rig 37 together
with Centamin's rigs stepped out north into the Ra zone to add resource ounces.



The mineralised system has now been proven to be continuous from section to
section as the drilling has progressed into the Ra zone, with the mineralisation
being consistent with the mineralisation logged in the Amun Zone



Geological logging of the diamond drill core indicates that the zones of
mineralisation are well defined within the Sukari porphyry.  Mineralisation is
related to stockworks, brecciation, quartz veining and contact mineralisation,
these are traceable along the strike and dip of the Sukari porphyry.



Stockworks are broad zones defined by sericitic and chloritic alteration, the
porphyry is highly fractured and jointed, these are infilled with high ratios of
disseminated fine grained pyrite and arsenopyrite in the altered porphyry.



Zones of brecciation are well defined within the broader stockwork. The breccia
is characterised by fragments of porphyry supported by fine grained pyrite and
sulphide matrix.  Quartz veins and zones of breccitaion are easily identified
and indicate an increase in the tenor of the gold mineralisation.



Stacked east dipping structures (breccia) normally contain the high grade with
medium to low grade mineralization occurring in the quartz and sulphide
stockwork in between these structures.



Contact mineralisation with the footwall is in close proximity to the porphyry
and found in association with highly foliated metavolcanics, these display a
high ratio of pyrite and quartz veinlets.  Along the foot wall contact an
extremely high grade zone, the 'Hapi Zone', is present and continues to be
intersected



The extensiveness of the system is best demonstrated by SDDH 284 which
encountered the mineralised porphyry 9m from surface with an intersection of 1m
@ 75 g/t Au, and continued in mineralisation for over 400m down hole.  Drill
hole data and assays are included in the tables below with some assays still to
be received.



Holes drilled and assayed to date show continuity along strike adding
significant ounces in areas previously undrilled.  For Example:



SDDH 275, 100m @ 1.71 g/t incl. 41m @ 2.06 g/t is 25m along strike from


SDDH 278, 120m @ 1.63 g/t incl. 38m @ 2.27 g/t which is 50m along strike from


SDDH 282, 107m @ 2.42 g/t. incl. 40m @ 3.37 g/t.



The development program to move one of the Stanley rigs and Centamin's 3 rigs
north into the Ra zone and add resource ounces has been a resounding success,
with significant mineralisation encountered in every hole.



It must be stressed that the Amun and Ra zones are continuous and contained
within the Sukari outcrop, with the division between zones made purely for ease
of reference rather than being separate structures.  As such Sukari has the
ability to be a multi million ounce single pit deposit, with the Ra zone yet to
be included in the resource calculation and the Gazelle and Pharaoh zones yet to
be tested by drilling.



Drilling is continuing and further results will be released at the time of the
resource upgrade which is planned for February 2003.



                    Drill Hole collar positions and depths.

                Northing and Easting are Local Grid coordinates.

Azimuth is Grid bearing: Grid North = 20degrees Magnetic north.                       Dip, is degrees below horizontal
   Hole No.       Northing       Easting           RL          Azimuth          Dip           Depth

    RC266          11250          10948           1104           270            -60           70.00
    RC267          11302          10923           1101           270            -60           82.00
    RC268          11353          10877           1102           270            -60           100.00
    RC268A         11353          10877           1102           270            -60            4.00
    RC269          10176          10563           1119           270            -90            6.00
    DDH270         10842          10718           1181          267.5           -15           153.63
    RC271          10255          10429           1169            90            -85            4.00
    DDH272         10770          10651           1190           267            -44           303.72
    DDH273         10850          10700           1185           270            -45           85.62
    DDH274         10791          10742           1170           270            -65           437.40
    DDH275         10675          10610           1210           270            -75           372.30
    DDH276         10801          10678           1183           270             -5           162.00
   DDH276B         10801          10678           1183           270             -5           107.22
    DDH277         10575          10642           1178           270            -65           317.92
    DDH278         10650          10618           1209           270            -80           442.60
    DDH279         10791          10742           1170           270            -45           152.70
   DDH279A         10791          10742           1170           270            -45           403.70
    DDH280         10847          10718           1181           270            -40           138.82
    DDH281         10625          10606           1210           270            -80           370.70
    DDH282         10611          10610           1197           270            -70           384.80
    DDH283         10600          10560           1220           270            -45           25.02
   DDH283A         10600          10560           1220           270            -45           176.77
    DDH284         10900          10740           1215           270            -60           494.00
    DDH285         10675          10610           1210           270            -55           301.10
    DDH286         10575          10640           1190           270            -80           433.00



                    Significant Intersections in drill holes


Hole No.                   From (m)               To (m)             Width (m)           Assay (g/t)

RC266                          9                    10                   1                   2.37

RC268                         45                    46                   1                   2.51
                              49                    50                   1                   2.94
                              58                    59                   1                   2.93

DDH270                        84                   100                   16                  2.24
incl                          98                   100                   2                   4.85

DDH272                        70                    82                   12                  2.02
                              120                  121                   1                   2.27
                              125                  126                   1                   2.39
                              198                  199                   1                   3.32
                              216                  217                   1                   5.06
                              264                  265                   1                   4.42

DDH273                        38                    40                   2                   2.69
                              59                    66                   7                   3.03
DDH274                        110                  120                   10                  1.92
Hole No.                   From (m)               To (m)             Width (m)           Assay (g/t)
                              197                  199                   2                   2.35
                              355                  376                   21                  1.78
incl                          369                  370                   1                   5.95
incl                          374                  375                   1                   5.47
                              384                  385                   1                   6.15
                              413                  414                   1                  11.80
                              428                  431                   3                  10.20

DDH275                        221                  228                   7                   2.05
                              231                  232                   1                   3.55
                              253                  254                   1                   2.78
                              259                  359                  100                  1.71
incl                          259                  300                   41                  2.06
incl                          266                  267                   1                  15.30
                              306                  313                   7                   2.60
incl                          310                  311                   1                   7.97
                              328                  337                   9                   2.86
                              330                  332                   2                   5.88
                              343                  345                   2                   4.32
                              354                  359                   5                   2.71

DDH276A                       11                    12                   1                   2.66
                              38                    39                   1                   8.25

DDH276                        63                    66                   3                   2.23
                              81                    82                   1                   6.12
                              92                    96                   4                   3.48
                              99                   100                   1                   4.96
                              113                  114                   1                   3.45

                              122                  131                   9                   2.18

DDH 276B                      92                    96                   4                   3.58

DDH277                        223                  231                   8                   3.72
                              237                  238                   1                   4.77
                              242                  245                   3                   2.61
                              277                  280                   3                   3.14

DDH278                        134                  135                   1                   5.80
                              317                  437                  120                  1.63
incl                          318                  322                   4                   2.62
incl                          341                  348                   7                   3.29
incl                          365                  367                   2                   3.42
incl                          385                  483                   38                  2.27
incl                          413                  414                   1                  10.10

DDH279A                       178                  181                   3                   2.00
                              187                  193                   6                   2.39
                              293                  304                   11                  2.27
                              319                  373                   54                  3.11
incl                          326                  328                   2                   5.03
incl                          336                  342                   6                   7.91
incl                          353                  356                   3                  11.80

DDH280                        28                    29                   1                   2.60
Hole No.                   From (m)               To (m)             Width (m)           Assay (g/t)
                              66                   115                   49                  2.10
incl                          75                    81                   6                   4.88
incl                          99                   100                   1                   8.65
incl                          109                  114                   5                   4.89
                        Assays awaited

DDH281                        275                  287                   12                  1.82
                              314                  317                   3                   2.90
                              339                  345                   6                   5.25
                              368                  394                   26                  1.65
incl                          368                  375                   7                   3.34
                        Assays awaited

DDH282                        184                  185                   1                   2.59
                              194                  195                   1                   2.75
                              210                  317                  107                  2.42
incl                          210                  232                   22                  2.55
incl                          264                  266                   2                   8.77
incl                          275                  315                   40                  3.37
                              319                  320                   1                  567.00
                              320                  327                   7                   5.11

DDH283A                 Assays awaited

DDH284                         9                    10                   1                  75.10
                              12                    16                   4                   1.93
                              100                  101                   1                  11.70
                              139                  160                   21                  2.43
incl                          144                  149                   5                   5.79
                              183                  216                   31                  2.74
                              274                  277                   3                   5.11
                              293                  296                   3                   2.05
                              299                  300                   1                   4.40
                              312                  352                   40                  2.09
incl                          316                  320                   4                   4.22
incl                          348                  349                   1                  10.60
incl                          351                  352                   1                   7.15
                              378                  385                   7                   1.97
                              395                  412                   17                  1.93
                        Assays awaited

DDH285                        118                  122                   4                   2.93
                              133                  134                   1                   3.02



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/ 0418 333 444                 Tel: [phone]
[e-mail]                                   [e-mail]

Louis Castro

Williams de Broe Plc
Tel:  + 44 (0) 20 7588 7511
[e-mail]

                              www.centamin.com.au


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