Drilling Report

Centamin Egypt Limited
30 May 2003



30 May 2003

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

                                Drilling Report



In the March quarterly report released 24th of April 2003, it was stated that
the Company had experienced slower than anticipated drilling for the last month
of the quarter as a result of delays in obtaining security passes for its
personnel. At the time of release of the quarterly discussions were ongoing with
the relevant Minister and it was the Company's view that drilling would not be
impacted in the June quarter. Centamin considers it necessary to inform the
market that drilling is not progressing at this time due to slower than
anticipated progress in obtaining clearance for its workers.

The Company is confident that the current delays will be overcome. Centamin has
seven rigs on site at Sukari and with the planned arrival of an eighth, the
drilling program will be restored rapidly.

Although frustrated by the current delay, the directors believe that it is
important to resolve all such procedural issues to the Company's satisfaction
for the longer term goal of establishing a significant gold project in Egypt,
being the first in modern times.

Work proceeds with the Bankable Feasibility Study through Ausenco Ltd, the
digitising of geological data and planning of the ongoing exploration program.
In preparation for development, the Company has also taken the opportunity to
send two of its senior Egyptian geologists to the Ashanti/Anglogold operated
Geita Gold mine in Tanzania for training and experience, with plans also made
for a further four geologists to visit over the next six months.



Josef El-Raghy

Managing Director




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