Issue of Equity

Centamin Egypt Limited
02 November 2007

November 1, 2007



                     Centamin Egypt Limited (the 'Company')



                                Issue of Equity



CENTAMIN EGYPT LIMITED ANNOUNCES C$100,000,000 'BOUGHT DEAL' FINANCING



THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN THE UNITED KINGDOM AND CANADA
ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES.



Centamin Egypt Limited (TSX:CEE, AIM:CEY, ASX:CNT) is pleased to announce that
it has entered into an agreement with Westwind Partners Inc. as lead underwriter
on behalf of a syndicate of underwriters (collectively, the 'Underwriters') to
purchase, on a bought deal private placement basis, 83,333,334 special warrants
of the Company at a price of C$1.20 per special warrant, for aggregate gross
proceeds of C$100,000,001 (the 'Offering').   As a result of this raising the
Company is debt free, unhedged and able to aggressively pursue further
exploration and the underground development of the newly discovered high grade
Amun Deeps.


The Underwriters will arrange for purchasers of the special warrants.  Each
special warrant shall be automatically exercised for no additional consideration
to acquire one ordinary share in the capital of the Company, subject to
adjustment in certain events, at 5:00pm (Toronto time) on the earliest of (a)
the third business day after the date that a receipt is issued by the securities
regulatory authorities in Canada for a final prospectus qualifying the ordinary
shares to be issued upon the exercise of the special warrants and (b) the date
that is four months and one day following the closing date.



The Underwriters will have the option to purchase up to an additional 28,666,666
special warrants at the issue price for a period of up to one day prior to
closing for additional gross proceeds of up to C$34,399,999.  The aggregate
gross proceeds of the Offering if the Underwriters' Option is exercised in full
is approximately C$134,400,000.



Centamin Egypt Limited plans to use the net proceeds of this financing to fund
the continued development of the Sukari gold project, underground development,
other exploration and general corporate purposes. The Underwriters shall receive
compensation comprised of cash and broker warrants upon closing of the Offering.



The Offering is scheduled to close on or about November 23, 2007.  Closing of
the Offering, and the Underwriters' obligation to purchase the Special Warrants
is subject to certain conditions including, but not limited to, the receipt of
all necessary approvals including the approval of the Toronto Stock Exchange and
approval by shareholders (at the Company's annual meeting on November 23, 2007)
of the issuance of 75,893,863 ordinary shares and 8,794,691 broker warrants
issued in April 2007 which negates the need to obtain prior shareholder approval
for this financing. The securities to be issued under this Offering will be
offered by way of private placement exemptions in all the provinces of Canada
other than Quebec, offshore including in the United Kingdom pursuant to
applicable exemptions and in the United States on a private placement basis
pursuant to exemptions from the registration requirements of the United States
Securities Act of 1933, as amended.



The securities being offered have not, nor will they be registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons
absent U.S. registration or an applicable exemption from the U.S. registration
requirements. This release does not constitute an offer for sale of securities
in the United States.



For more information please contact:

Centamin Egypt Limited
+ 61 (8) 9316 2640
Josef El-Raghy
www.centamin.com

Ambrian Partners Limited  
+ 44 (0)207 776 6400
Richard Brown

Pelham Public Relations
+ 44 (0) 207 743 6376
Candice Sgroi
Mobile: + 44 (0) 7894 462 114










                      This information is provided by RNS
            The company news service from the London Stock Exchange