Listed options underwritten

Centamin Egypt Limited
23 January 2003



             CENTAMIN EGYPT LIMITED ('CENTAMIN' OR THE 'COMPANY')

                   LISTED OPTIONS FULLY UNDERWRITTEN


Centamin has entered into agreements for the underwriting of the exercise of its
111,244,446 listed options which are due to expire on 3 March 2003.  The options
can be exercised at any time on or before that date at an exercise price of
A$0.20 per share.

The total amount raised by the exercise of all 111,244,446 options at A$0.20 per
share will be A$22,248,889 to be applied to the Sukari Gold project in Egypt.
The underwriters and sub-underwriters will be paid an aggregate fee of 5 per
cent of the amount to be underwritten as at 3 February 2003 and standard
termination clauses apply (some of which are referred to below).

The underwriters are Williams de Broe Plc, Argonaut Capital Limited and Southern
Cross Equities Limited, who are individually underwriting the exercise of 50 per
cent, 25 per cent and 25 per cent Respectively, of the total amount of 3 March
2003 options that remain unexercised, as notified by the Company in writing to
the Underwriters as at 6pm WST on the 3 February 2003.

The Company has applied for 111,244,446 ordinary shares of no par value to be
admitted to trading on the Alternative Investment Market of the London Stock
Exchange under a block admission.  These shares will rank pari passu with
existing ordinary shares.  It is expected that the block admission will become
effective on 29 January 2003.


Other Terms of Underwriting Agreements

Under the terms of each underwriting agreement, each underwriter has the right
to appoint sub underwriters to sub underwrite some or all of the underwriter's
share of the shortfall. In the event of a shortfall the underwriter has the
right to have the shortfall shares issued to the underwriter, a sub underwriter
or to allottees nominated by the underwriter.

Williams de Broe Plc and Argonaut Capital Limited have the right to terminate
their respective  underwriting agreements if a variety of circumstances occur
affecting the company including:


(a)   the gold price falling below US$315 per ounce.

(b)   the ASX/S&P 200 All Ordinaries Index, the FT-100 Share Index or the
      ASX/S&P Materials Index falling to a level which is 10% or more below its 
      level at the close of trading on the last Business Day immediately before 
      the date of the Agreement.

(c)   An out break of hostilities involving Australia, the US or a number
      of other specified countries.

(d)   Regulatory or legal breaches involving the Company.

(e)   An adverse change occurring affecting the Company.

(f)   Insolvency events occurring or suspension on the ASX or a prescribed 
      occurrence occurring.


Southern Cross Equities Limited has the right to terminate its underwriting
agreement in a variety of circumstances which are substantially similar to those
in the Williams de Broe and Argonaut underwriting agreements.




Enquiries:

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]










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