Quarterly Update
Centamin Egypt Limited
31 January 2008
Centamin Egypt Limited
('Centamin' or 'the Company')
Quarterly Report for the Quarter Ended 31 December 2007
Highlights
- Sukari mineral resource upgraded to 7.46 million ounces of gold Measured and
Indicated, and 3.7 million ounces of gold Inferred at 0.5 g/t cut off grade
- Measured and Indicated resources account for 67% of the total resource
- An increase of 0.62 Moz Measured and Indicated ounces and 0.04 Moz Inferred
ounces above the mineral resource announced in September 2007
- Amun Deeps discovery continues to add significant high grade ounces
- New high grade structure discovered below Hapi zone
- 25,195.86m of drilling completed during the quarter
- Initial regional exploration drilling at Kurdeman returned significant assay
results
- Grade control drilling continues
- Initial mining fleet commissioned
- Blast hole drilling commences
- Delivery of Process Plant from Bolivia to Sukari site completed
- Delivery of 28MW Power Plant from Turkey to Sukari site completed
- Completion of C$134.4m equity raising
- Significant intersections received for the quarter include:
Amun Deeps (9900N - 10700N)
• RCD1221 - 22m @ 21.83g/t Au
• RCD1224 - 10.3m @ 36.09g/t Au
• RCD1225 - 83m @ 1.95g/t Au
• RCD1228 - 61m @ 4.35g/t Au
• RCD1263 - 65m @ 3.96g/t Au
• RCD1264 - 30m @ 2.69g/t Au
• D1271 - 42m @ 2.75g/t Au
• RCD1279 - 2m @ 59.77g/t Au from 629m
Ra - Gazelle (10700N - 11200N)
• D1240 - 58m @ 4.32g/t Au and 43m @ 5.01g/t
• D1251 - 18m @ 3.30g/t Au
• D1281 - 123m @ 1.86g/t Au
RESOURCE ESTIMATION AND DRILLING PROGRAMME
In the December quarter, the Sukari Mineral Resource was upgraded to 7.46 Moz
Measured and Indicated, plus 3.7 Moz Inferred at a 0.5g/t cut off grade. The
Measured and Indicated Mineral Resource has increased by 0.62 Moz and by 9% to
7.46 Moz, from 6.84 Moz (20 September 2007) showing the effectiveness of the
infill drilling programme (Table 1). Measured and Indicated resources account
for 67% of total resource. The majority of the resource growth occurred within
the Amun Deeps and Ra - Gazelle Zones, both testing the Hapi Zone and parallel
mineralized structures.
Table 1 - December 2007 Resource Calculation
Measured Indicated Total Inferred
(Measured + Indicated)
Cut-off Mt g/t Mt g/t Mt g/t Moz Mt g/t Moz
0.5 60.10 1.41 99.87 1.48 159.96 1.45 7.46 64.0 1.8 3.7
0.7 43.01 1.73 72.25 1.81 115.26 1.78 6.61 47.6 2.2 3.3
1.0 27.66 2.22 47.20 2.33 74.86 2.29 5.52 32.9 2.8 2.9
Note to Table: Figures in table may not add correctly due to rounding
Figure 1 - Resource growth at Sukari from April 1997 to December 2007
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The resources are estimates of recoverable tonnes and grades using Multiple
Indicator Kriging ('MIK') with block support correction. Typically, Measured
resources lie in areas where drilling is available at a nominal 25 x 25 metre
spacing, Indicated resources occur in areas drilled at approximately 25 x 50
metre spacing and Inferred resources exist in areas of broader spaced drilling.
The resource model extends from 9700mN to 12200mN and to an approximate depth of
350mRL (approximately a maximum depth of 950 metres below the crest of the
Sukari hill) and is based on all assay data available (117,774 two metre down
hole composites and surface rock chip samples) at 12 December 2007.
DRILLING PROGRAMME
The drilling programme during the quarter was concentrated in the Amun Deeps
area. This resulted in added resource ounces down dip of the current geological
data, infilling resource block and geological data gaps at and beneath the pit
margins and increased the understanding of the mineralization trends. Strong
zones of mineralization were intersected relating to the high grade Hapi Zone
and deeper parallel structures. As mineralisation remains open, drilling will
continue in this area.
In the Ra-Gazelle Zone drilling tested open zones along the Hapi Zone structure
with several high grade intersections returned, this zone is not fully tested to
the north and there is further potential to add significant resources along
strike and at depth. Studies commenced of the underground mining potential on
the Hapi Zone structure.
Amun Deeps (9900 - 10700N)
The Amun Deeps system has been intersected over 700m along strike from 9950N,
drilling continues to define the extent of the mineralization. Several holes
returned strong assays over significant widths (Table 2); most have visible gold
in the high grade Hapi Zone quartz veins, strongly disrupted geological contacts
and areas of higher intensity arsenopyrite and pyrite mineralisation.
Figure 2 - Long section of Sukari showing the high grade mineralized structures
(Main and Hapi Zone) and highlighting the drill intercepts through the Amun
Deeps.
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High grade gold assay results were returned for RCD1221, the hole was drilled as
a step-out hole to test the down dip extension of the porphyry in the Amun zone
on northing 10525N (Figure 3). This hole intersected a high grade zone of 22m @
21.83g/t Au from 549m, containing a higher grade zone of 8m @ 58.58g/t Au from
559m. The intersection is a high grade structure parallel to and below the Hapi
Zone. This deeper structure correlates to 6m @ 15.21g/t Au in hole RCD521 from
542m, 25m north on 10550N and an adjacent extremely high grade looking zone
containing visible gold and sulphide, intersected in hole RCD1280 (assay results
are awaited) (Figure 4).
Figure 3 - Geological Section 10500N and hole D1221
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Figure 4 - D1280 558 - 559m; massive milky quartz vein, gold veinlets and
galena, zone beneath Hapi Zone
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Hole RCD1279, a further 100m north on 10650N, intersected, mineralised porphyry
with quartz veins containing several visible gold grains in a similar zone at
depth intersected 2m @ 59.77g/t from 629m. This is consistent with the
continuity along strike of the high grade Amun Deeps mineralization and the
possible presence of another significant high grade structure beneath the Hapi
Zone.
At the southern end of the Amun Deeps Zone hole RCD1263 on section 10050N
intersected a thick high grade zone (65m @ 3.96g/t Au from 283m) correlating
well with adjacent hole RCD1189. The zone contained several narrow, high grade
quartz vein/shears including 1m @ 147g/t Au from 347m.
On section 10125N RCD1225 intersected an 80m wide zone of porphyry as predicted
by the model, 83m @ 1.95g/t Au from the hangingwall (HW) contact at 366m with
the expected higher grade zones at the HW and footwall (FW) contact zones. The
HW contact Hapi Zone returned 3m @ 15.83g/t Au from 380m.
RCD1228 on section 10275N intersected very strong mineralised Hapi Zone, with
multiple specs of visible gold from 323 - 327m (2m @ 103.2g/t from 324m).
Overall porphyry mineralisation returned 61m @ 4.35g/t from the HW contact at
298m, also intersected a very high grade zone of 4m @ 36.62g/t Au from 434m, in
a block of porphyry in the FW.
Ra - Gazelle Zone - 10700N - 11200N
Results from infill holes all returned with significant mineralisation D1251 on
11050N infilling the Hapi and lower zones intersected 18m @ 3.30g/t from 661m.
D1281 on 11150N hit some very high grades around the predicted Hapi Zone area,
within a massive zone of 123m @ 1.86g/t Au. This hole also successfully
infilled a zone with high grade blocks in the resource model (Figure 5). D1240
on section 11200N intersected several high grade zones, particularly the near
footwall contact up-dip part of the Hapi zone of 58m @ 4.32g/t Au from 462m.
There exists further potential to add resource ounces to the north in this area.
Figure 5 - Geological Section 11150N, high grade thick zone in D1281
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REGIONAL EXPLORATION
Regional and near mine exploration continued, drilling at Kurdeman and Sami
South intersected high grade and anomalous gold mineralization results
respectively. Follow up drilling, detailed mapping and sampling continued at
Sukari North, Sami South and Kurdeman (Figure 6).
Figure 6 - Regional map of prospects and the current 160km2 licence area.
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Kurdeman
The initial 5 hole drill program (KRC001 to KRC005) at the Kurdeman prospect
intersected the targeted quartz vein-shear zone, which was worked by ancient and
colonial miners, hosted in felsic to intermediate volcanic and intrusive rocks.
The high grade gold mineralisation intersected is associated with smoky grey
quartz veins and sulphides. Hole KRC002 returned a high grade intercept of
downhole thickness 9m @ 9.29g/t Au from 27m, including 2m @ 32.2g/t Au from 32m
in the smoky quartz vein. The shallow high grade interval was in a wider 30m
zone of Au anomalous, hydrothermally altered and sheared felsic to intermediate
rock.
Hole KRC005, drilled 140m south along strike of KRC002, intersected similar
zones involving smoky, massive quartz veining in sheared and altered felsic
rocks. Two high grade zones were returned, 3m @ 4.56g/t Au from 18m (including
1m @ 8.54g/t from 19m) and 2m @ 11.92g/t from 26m, with a similar halo of
mineralisation in altered and sheared rock. The intersections are open along
strike and down dip.
Follow up holes, detailed geological mapping and sampling are in progress to
assess the depth, thickness, strike and nature of the Kurdeman Shear Zone and
quartz vein, results are awaited. The area beneath the historical underground
workings has yet to be tested.
Sami South
Numerous anomalous gold samples associated with quartz veining, shear zones and
alteration in sedimentary and volcanic rocks, were returned from three RC drill
holes and surface rock chip samples. The data is currently being assessed.
Sukari North
Detailed geological mapping and rock chip sampling is underway, following up on
historic work to fully define the felsic intrusive unit and the weakly
mineralised quartz veins. Adjacent to the felsic unit are several thicker (up to
3m), yet short strike length (< 20m) quartz reefs oriented at right angles to the
schistosity and these have minor Ancient workings.
Drill pads will be planned to test the quartz veins and shear zones delineated
by the mapping and sampling.
GRADE CONTROL
Grade control drilling continued on available tracks on Sukari Hill within the
mine footprint, 5,094m was drilled. Gold mineralisation estimated from grade
control modeling corresponds to expected mineralisation in the resource model;
assay results highlight shallow easterly and westerly dipping structures.
SUKARI GOLD PROJECT (CONSTRUCTION UPDATE)
The project schedule has been updated to 31 December 2007, covering all phases
of the project. Key completion dates are listed below:
Project Go-Ahead Decision Feb 2007 (Completed)
Kori Kollo Plant Arrives Egypt Q4 2007 (Completed)
Project Finance Q4 2007 (Completed)
Construction Camp Q1 2008 (Commenced)
Project Engineering & Design Q2 2008 (Commenced)
Site Works Q2 2008 (Commenced)
Tailings Storage Facility Q2 2008 (Commenced)
Mining Pre-strip Q2 2008
Seawater Pipeline Q3 2008
Commissioning and Production Q4 2008
Progress pictures can be viewed on the Company's website - www.centamin.com.
Kori Kollo Process Plant / Isparta Power Station
On 24 October 2007, the Company announced that both the Kori Kollo processing
plant and the Isparta power plant had arrived safely at the Egyptian seaport of
Alexandria and their cargoes had been discharged. The dismantling of the Kori
Kollo processing facility in Bolivia and the Isparta 28MW power plant in Turkey
were completed in September and both sites were closed and signed off. All staff
from Bolivia and Turkey have now relocated to Egypt to continue with the
reassembly of the plants at Sukari. The Isparta power plant consisted of 24
pieces of break bulk and 56 containers holding more than 900 individual
packages. The Kori Kollo processing plant comprised 270 pieces of break bulk and
55 containers.
Trucking of freight to the Sukari site is now complete. This latest development
represents an exciting phase for the Company as it takes another step towards
the commissioning of the first modern gold mine in Egypt which is scheduled for
the fourth quarter of 2008.
Project Finance
On 23 November 2007, the Company announced that it had sold on a private basis
an aggregate of 112,000,000 special warrants at a price of C$1.20 per special
warrant for aggregate gross proceeds of C$134,400,000, which includes the
exercise in full by the Underwriters of the Underwriters' option.
The net proceeds of this equity financing are to be applied to fund the
continued development of the Sukari gold project, underground development, other
exploration and general corporate purposes.
The Sukari Gold Project is 100% fully funded through to gold production
currently forecast to be in quarter four this calendar year. As a result the
Company no longer needs to pursue debt financing, has no debt, no hedging and at
31 December 2007, had a cash balance of US$226M.
Construction Camp
Completion of the 700 man accomodation facility is nearing finalisation with
several of the first accomodation parcels available for occupation during the
early part of quarter one. The accomodation facilities are a combination of the
traditional dome style bricked facility and conventional demountable style.
Project Engineering and Design
MetPlant Engineering Services Pty Ltd, an Australian-based company have
continued with the engineering and design work for the Process Plant.
Site Works
Activities completed and commenced to the end of the quarter are as follows:
• Upgrading of the 10km access road to the Sukari site (completed)
• Establishment of container & mine lay down and security hut complex
facilities (completed)
• Temporary maintenance, warehousing and fuelling facilities (completed)
• Bulk earthworks for the plant site (commenced)
• Crushed ore stockpile reclaim tunnel (commenced)
A significant amount of rocky outcrops overlaying the plant site area have been
removed through the utilisation of the new mining equipment which has
facilitated in the training of owner personnel.
Tailings Storage Facility
Knight Piesold Pty Ltd has been appointed to carry out the design and
construction supervision of the Tailings Storage Facility. Design work is
forecast to be completed in early the first quarter of 2008 with commencement of
earthworks to follow in the same quarter. The bulk earthworks component of the
tailings dam will be undertaken by the Company utilising the available capacity
of its own mining department and fleet combined with a local contractor.
Mining Pre-strip
Caterpillar, through their Egyptian authorised dealer Mantrac, was selected
through a competitive tender as the supplier of haulage trucks, articulated dump
trucks, excavators, graders and dozers for the project. The initial mining fleet
sufficient to commence mining pre-strip work will largely comprise:
CAT 785C Rear Dump Trucks (5)
CAT 785C Water Truck (1)
O&K RH120E Excavator (1)
CAT D10T Dozers (2)
CAT 14H Grader (1)
CAT 16M Grader (1)
CAT 365 BLME Excavator (1)
CAT 988G Wheel Dozers (2)
H180D Rock Breaker (1)
Atlas Copco has been selected to supply grade control and blast hole drilling
equipment. Initial fleet selection comprises:
ROC F9 Pioneer Drill (1)
L8 MKII Production Drill (1)
L8 MKII RC Rig (1)
During the quarter, following assembly and completion test, the Company took
possession of the five CAT 785C Rear Dump Trucks, one O&K RH120E Excavator, one
CAT 365 BLME Excavator, one CAT D10T Dozer and one CAT 14H Grader. The equipment
has been utilised since handover in various site works activity.
Mining pre-strip activity is scheduled to commence in quarter two of 2008.
Seawater Supply System
Tender documents were distributed during the quarter for the Seawater Supply
System which will draw in and transport raw seawater, via a staged pumped
pipeline, to the Sukari site where it will be processed through a desalination
plant for end use as process plant water, mine site dust suppression water and,
after secondary processing and treatment for construction camp drinking water.
SUKARI GOLD PROJECT (BACKGROUND)
Centamin is a mineral exploration and development company that has been actively
exploring in Egypt since 1995. The principal asset of Centamin is its interest
in the Sukari Gold Project, located in the Eastern Desert of Egypt. The Sukari
Gold Project is at an advanced stage of development, with construction having
commenced in quarter two of 2007 and first gold production expected during the
fourth quarter of 2008.
A definitive feasibility study (the 'DFS') for the development to commercial
production of the Sukari Gold Project was completed in February 2007.
A summary of the findings of the DFS were:
• the DFS concluded that a 4mpta plant producing on average 200,000 ounces
per annum, over 15 years of mining, is economically robust; and
• total Capital Construction costs are estimated at US$216m with average
cash operating costs of US$290/oz (inclusive of 3% royalty) over the 15 year
mining period.
The Sukari Gold Project will be the first large-scale modern gold mine to be
developed in Egypt. Centamin's operating experience in Egypt gives it a
significant first-mover advantage in acquiring and developing other gold
projects in the prospective Arabian-Nubian Shield.
The Sukari Gold Project is hosted by a large, sheeted vein-type and
brittle-ductile shear zone hosted gold deposit developed in a granitoid
intrusive complex. Gold mineralization is hosted exclusively by a granitoid body
of granodiorite - tonalite composition referred to as the Sukari Porphyry. The
Company has entered into a Concession Agreement with the Egyptian Government
that provides for exploration and exploitation rights at the Sukari Gold Project
and whereby the Operating Company, owned 50% by the Company's wholly owned
subsidiary, Pharaoh Gold Mines NL ('PGM') and 50% by Egyptian Mineral Resource
Authority ('EMRA'), has been established. Centamin is entitled to recover all of
its exploration, operating and capital costs from operating surpluses of the
operating company.
The Sukari Mining Licence covers an area of 160 km2 and is for a period of 30
years, with an option for a further 30 years.
The Sukari Gold Project has been scheduled for open pit mining over an initial
15-year period. During that time 78 Mt ore @ 1.5 g/t Au is expected to be mined,
producing 3.7 Moz gold. A further 374 Mt of waste material is also expected to
be mined resulting in a waste to ore strip ratio of 4.8:1.
Ore and waste will be mined using conventional open pit mining methods. The
operation is planned to utilize selective mining techniques to separate ore and
waste. Provision has been made for drilling and blasting all primary and oxide
materials. Ore will be hauled to the run of mine pad next to the Processing
Plant and either direct tipped to the crusher or stockpiled for future reclaim
at the 4 Mtpa Process Plant throughput rate.
Mining will be progressed at an increased rate compared to processing;
approximately 5 Mt of ore is expected to be mined and 4 Mt of ore will be
processed annually. Operating at an increased mining rate allows the cut off
grade for feed to the Plant (referred to as 'cutover' grade) to be increased in
the early years of the schedule. This in turn increases the metal output and
project revenue in these early years, thus increasing the discounted operating
surplus cashflow. According to current schedules, the low-grade stockpile
produced as a result of applying a cutover grade, will be processed after mining
has ceased, extending the current operating life of the project for a further
six years. As a result, the average milled grade during the mining period is
forecast to be 1.87 g/t Au, compared to 0.66 g/t Au for the low-grade stockpile.
Centamin will own and operate its mining fleet. The production fleet will be
based on 380 t class excavators and 150 t class rigid body trucks. At full
production, three production fleets, each comprising a single excavator and
sharing a maximum of 21 trucks, will be required. The capital cost of the
initial mining fleet has been estimated by AMC at US$48.8 million.
The proposed process route entails:
• crushing;
• stockpiling crushed ore;
• grinding;
• flotation of a (bulk sulphide) concentrate containing the precious metals;
• thickening of the concentrate;
• fine milling of the concentrate;
• leaching the precious metals from the concentrate in a dilute cyanide
solution;
• adsorbing the precious metals onto activated carbon;
• stripping the precious metals from the carbon;
• recovering the precious metals as gold dore; and
• placing the concentrate tailing in the tailings storage facility.
Tailings from the treatment of weathered oxide ore early in the mining schedule
contain too much gold to discard. Hence, the bulk flotation tail is further
treated by:
• thickening;
• leaching the precious metals into a dilute cyanide solution;
• adsorbing the precious metals onto activated carbon;
• stripping the precious metals from the carbon;
• recovering the precious metals as gold dore; and
• placing these tailings in the tailings storage facility.
Process water will be drawn from the Red Sea. The seawater will be pumped
approximately 25 km to the mine site to satisfy all Process Plant and mining
requirements. Most of the seawater will be pumped into a raw water pond located
near the Processing Plant, whilst around 500m(3)/day will be pumped to a Water
Treatment Plant for potable and fresh water supplies.
Power will be generated on site by a 28 MW power station, operated on heavy fuel
oil. A temporary construction camp facility will be required to cater for
approximately 500 construction employees and 20 senior staff. This is being
constructed at the Sukari Gold Project site.
On behalf of Centamin Egypt Limited
Josef El-Raghy
Managing Director/CEO
31 January 2008
For more information please contact:
Centamin Egypt Limited Pelham Public Relations Ambrian Partners Limited
+ 61 (8) 9316 2640 Te l : + 44 (0) 207 743 6376 + 44 (0) 207 776 6400
Josef El-Raghy Mobile : + 44 (0) 7894 462 114 Richard Brown
Candice Sgroi
Information in this report which relates to exploration, geology, sampling and
drilling is based on information compiled by geologist Mr R Osman who is a full
time employee of the Company, and is a 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 a 'Competent Person' for this purpose and is
a 'Qualified Person' as defined in 'National Instrument 43-101 of the Canadian
Securities Administrators'. His written consent has been received by the Company
for this information to be included in this report in the form and context which
it appears. The assay samples were analysed by Ultra Trace Pty Ltd, Canning
Vale, Western Australia.
The information in this report that relates to mineral resources is based on
work completed by Mr Nicolas Johnson, who is a Member of the Australian
Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and
Schofield Pty Ltd and has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a 'Competent Person' as defined in the
2004 edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' and is a 'Qualified Person' as defined in '
National Instrument 43-101 of the Canadian Securities Administrators'. Mr
Johnson consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
Refer to the Technical Report which was filed in March 2007 for further
discussion of the extent to which the estimate of mineral resources/reserves may
be materially affected by any known environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant issue.
Table 2 - Significant Intersections December 2007 Quarter
HOLE NORTH EAST DIP AZI EOH FROM TO INTERVAL Au ppm
D403 10875 10680 -82 270 636.00 509 547 38 1.14
incl. 512 513 1 6.38
incl. 527 528 1 5.54
568 582 14 0.94
RCD1174 10100 10665 -85 270 579.00 371 475 104 1.59
incl. 386 388 2 8.13
RCD1221 10525 10800 -85 270 666.20 393 415 22 2.01
incl. 401 404 3 4.14
455 481 26 3.07
incl. 463 472 9 6.35
501 504 3 1.40
519 520 1 73.40
549 571 22 21.83
incl. 559 567 8 58.58
RCD1224 10175 10665 -87 270 556.50 251 257 6 3.87
incl. 256 257 1 19.50
284 286 2 76.74
338 348.3 10.3 36.09
incl. 343 345 2 176.45
368 389 21 1.30
493 497 4 4.41
incl. 493 494 1 13.90
RCD1225 10125 10662 -88 270 586.70 366 449 83 1.95
incl. 373 374 1 5.62
incl. 380 383 3 15.83
incl. 435 437 2 5.75
incl. 447 448 1 8.68
RCD1228 10275 10700 -73 270 467.10 298 359 61 4.35
incl. 324 326 2 103.20
369 371 3 5.65
434 438 4 36.62
incl. 437 438 1 101.00
D1231 10500 10795 -80 270 705.70 241 245 4 2.93
375 379 4 3.14
541 575 34 1.77
RCD1235 10450 10800 -85 270 668.20 419 427 8 4.70
incl. 424 425 1 26.10
RCD1236 10025N 10568 -90 0 525.60 236 238 2 1.54
244 257 13 1.17
324 335 11 1.24
373 392 19 1.11
429 433 4 1.44
D1240 11200 10700 -77 270 652.20 426 437 11 1.27
462 520 58 4.32
incl. 472 474 2 36.63
incl. 479 481 2 7.75
incl. 488 489 1 20.70
incl. 501 507 6 6.83
incl. 511 513 2 5.49
incl. 518 519 1 9.31
532 564 32 1.49
incl. 542 543 1 15.80
incl. 562 563 1 6.36
593 636 43 5.01
incl. 628 629 1 24.80
incl. 632 634 2 79.51
RCD1241 9900 10546 -77 270 343.00 202 204 2 1.56
D1244 11950 10820 -10 270 299.27 0 15 15 1.25
incl. 488 489 1 20.70
D1251 11050 10716 -82 270 771.30 174 201 27 0.96
226 229 3 1.72
283 342 59 1.43
incl. 334 335 1 9.06
348 393 45 1.22
incl. 378 381 3 8.06
412 441 29 0.91
465 484 19 1.29
493 516 23 1.72
584 591 7 1.54
596 610 14 1.32
634 638 4 1.23
661 679 18 3.30
incl. 662 663 1 5.13
incl. 670 671 1 44.10
701 704 3 1.11
RCD1263 10050 10625 -87 270 540.40 203 205 2 4.10
283 348 65 3.96
incl. 287 291 4 5.58
incl. 298 299 1 12.00
incl. 347 348 1 147.00
389 392 3 2.00
RCD1264 10600 10833 -78 270 668.10 109 122 13 2.01
incl. 117 118 1 14.60
277 307 30 2.69
incl. 294 297 3 9.66
D1271 10425 10700 -77 270 481.80 297 339 42 2.75
incl. 311 314 3 9.52
incl. 317 319 2 7.58
incl. 328 329 1 11.70
363 392 29 1.65
incl. 364 365 1 6.00
incl. 387 389 2 6.33
398 410 12 1.16
RCD1279 10650 10818 -78 270 729.00 71 78 7 1.25
363 366 3 4.66
406 409 3 1.10
629 631 2 59.77
incl. 629 630 1 113.00
D1280 10550 10843 -82 270 726.70 430 454 24 0.93
461 500 31 1.82
incl. 471 473 2 6.47
incl. 477 478 1 5.71
D1281 11150 10630 -83 270 697.80 475 598 123 1.86
incl. 506 507 1 14.20
incl. 512 513 1 9.37
incl. 520 521 1 9.17
incl. 523 525 2 14.15
incl. 553 555 2 7.18
635 646 11 1.42
incl. 637 638 1 8.59
664 670 6 16.09
D1283 9900N 10562 -80 270 375.00 282 298 16 1.56
incl. 288 289 1 5.28
KRC002 2752141 671189 -60 270 150.00 27 36 9 9.29
incl. 32 34 2 32.20
145 146 1 14.00
KRC005 2751991 671194 -60 270 150.00 18 21 3 4.56
incl. 19 20 1 8.54
26 28 2 11.92
incl. 27 28 1 20.40
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin : Appendix 8. Amended 1/7/98, 30/9/2001.
Name of Entity
Centamin Egypt Limited
ABN
Quarter ended ('current quarter')
86 007 700 352 31 December 2007
Consolidated statement of cash flows
Centamin Egypt Limited
Pharaoh Gold Mines NL (100%)
Viking Resources Ltd (100%)
North African Resources (100%)
Centamin Limited (100%)
Current Quarter Year to date
Cash flows related to operating activities (6 months)
$US'000 $US'000
1.1 Receipts from product sales and related debtors - -
1.2 Payments for (a) exploration and evaluation (2,337) (5,115)
(b) development (24,845) (44,657)
(c) production - -
(d) administration (884) (1,881)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature received 1,777 3,290
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
Net Operating Cash Flows (26,288) (48,363)
Cash flows related to investing activities
1.8 Payment for purchases of (a) prospects - -
(b) equity investments - -
(c) other fixed assets - -
1.9 Proceeds from sale of (a) prospects investments - -
(b) equity - -
(c) other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -
Net investing cash flows - -
1.13 Total operating and investing cash flows (carried forward) (26,288) (48,363)
1.13 Total operating and investment cash flows (brought forward) (26,288) (48,363)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 132,961 133,030
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other (bank and financing charges) (1,098) (1,547)
Net financing cash flows (131,864) (131,483)
Net increase (decrease) in cash held 105,575 83,119
1.20 Cash at beginning of quarter/year to date 119,723 136,501
1.21 Exchange rate adjustments to item 1.20 819 6,497
1.22 Cash at end of quarter 226,117 226,117
Payments to directors of the entity and associates of the directors Current quarter
Payments to related entities of the entity and associates of the related entities $US'000
1.23 Aggregate amount of payments to the parties included in item 1.2 414
1.24 Aggregate amount of loans to the parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
- Salaries, superannuation contributions, consulting and Directors fees paid to Directors during the three months
ended December 31, 2007 amounted to A$257,175 (December 31, 2006: A$303,788).
- Mr S El-Raghy and Mr J El-Raghy are Directors and shareholders of El-Raghy Kriewaldt Pty Ltd ('ELK'), which
provides office premises to the Company in Australia. All dealings with ELK are in the ordinary course of business and
on normal terms and conditions. Rent paid to ELK during the three months ended December 31, 2007 amounted to A$15,601
(December 31, 2006: A$13,747).
- Mr S El-Raghy provides office premises to the Company in Alexandria, Egypt. All dealings are in the ordinary course
of business and on normal terms and conditions. Rent paid during the three months ended December 31, 2007 amounted to
GBP 1,950 (December 31, 2006: GBP 1,950).
- Mr C Cowden, a non-executive director, is also a director and shareholder of Cowden Limited, which provides
insurance broking services to the Company. All dealings with Cowden Limited are in the ordinary course of business and
on normal terms and conditions. Insurance premiums paid to Cowden Limited during the three months ended December 31,
2007 amounted to A$177,883 (December 31, 2006: A$87,337).
- Brian Speechly, a non-executive director, is also a director and shareholder of Speechly Mining Pty Ltd, a mining
consultancy company. Invoices received for payment during the three months ended December 31, 2007 amounted to A$91,881
(December 31, 2006: A$0)
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material
effect on consolidated assets and liabilities but did not involve cash flows
-
2.2 Details of outlays made by other entities to establish or increase their
share in projects in which the reporting entity has an interest
-
Financing facilities available
Add notes as necessary fro an understanding of the position.
Amount available Amount used
$US'000 $US'000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
$US'000
4.1 Exploration and evaluation 3,164
4.2 Development 40,496
Total 43,660
Reconciliation of Cash
Reconciliation of cash at the end of the quarter (as shown in the Current quarter Previous quarter
consolidated statement of cash flows) to the related items in the
accounts is as follows. $US'000 $US'000
5.1 Cash on hand and at bank 1,105 614
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Term deposits 225,012 119,109
Total: cash at end of quarter (item 1.22) 226,117 119,723
Changes in interests in mining tenements
Tenement reference Nature of Interest at Interest at end
interest beginning of of quarter
quarter
(note (2))
6.1 Interest in mining
tenements relinquished,
reduced or lapsed
6.2 Interests in mining
tenements acquired or
increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total number Number quoted Issue price per Amount paid up
security per security
(see note 3) (see note 3)
7.1 Preference +securities
(description)
7.2 Changes during quarter
(a) increases through issues
(b) decreases through returns
of capital, buy-backs,
redemptions
7.3 +Ordinary securities 875,159,163 875,159,163
7.4 Changes during quarter
(a) increases through issues/ 119,304,931 119,304,931 (see 7.9 below) (see 7.9 below)
options exercise
(b) decreases through returns
of capital, buy-backs
7.5 +Convertible debt securities
(description)
7.6 Changes during quarter
(a) increases through issues
(b) decreases through
securities matured,
converted
7.7 Options Employee Option Exercise Price Expiry Date
Plan 2002
(description and conversion
factor) 300,000 Nil A$0.2804 04/02/2008
100,000 Nil A$0.2804 17/02/2008
1,500,000 Nil A$0.4355 08/12/2008
250,000 Nil A$0.6566 30/08/2009
Employee Option
Plan 2006
3,202,500 Nil A$0.7106 31/01/2010
2,330,000 Nil A$1.0500 24/05/2010
1,500,000 Nil A$1.1636 25/06/2010
250,000 Nil A$1.4034 15/10/2010
Other Options
1,670,000 Nil A$0.3500 31/10/2010
Broker Warrants
3,393,678 Nil C$0.8600 11/04/2009
613,582 Nil C$0.8600 20/04/2009
7.8 Issued during quarter Employee Option Exercise Price Expiry Date
Plan 2006
250,000 Nil A$1.4034 15/10/2010
Special Warrants Cost per Warrant
112,000,000 Nil C$1.2000 24/03/2008
7.9 Exercised during quarter Employee Option Number Quoted Exercise Price Expiry Date
Plan 2002
95,000 95,000 A$0.2804 04/02/2008
50,000 50,000 A$0.2804 17/02/2008
Employee Option
Plan 2006
342,500 342,500 A$0.7106 31/01/2010
Other Options
30,000 30,000 A$0.3500 31/10/2010
2,000,000 2,000,000 A$0.8000 09/01/2009
Broker Warrants
3,751,431 3,751,431 C$0.8600 05/04/2009
1,036,000 1,036,000 C$0.8600 11/04/2009
Special Warrants
112,000,000 112,000,000 Nil 24/03/2008
7.10 Expired/lapsed during quarter
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)
Compliance statement
1. This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX (see note 4).
2. This statement does give a true and fair view of the matters
disclosed.
Sign here: Date: 31 January 2008
Print name: Heidi Brown
Company Secretary
Notes
1. The quarterly report provides a basis for informing the market how
the entity's activities have been financed for the past quarter and the effect
on its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2. The 'Nature of interest' (items 6.1 and 6.2) includes options in
respect of interests in mining tenements acquired, exercised or lapsed during
the reporting period. If the entity is involved in a joint venture agreement
and there are conditions precedent which will change its percentage interest in
a mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3. Issued and quoted securities: The issue price and amount paid up is
not required in items 7.1 and 7.3 for fully paid securities.
4. The definitions in, and provisions of, AASB 1022: Accounting for
Extractive Industries and AASB 1026: Statement of Cash Flows apply to this
report.
5. Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities. If the standards used
do not address a topic, the Australian standard on that topic (if any) must be
complied with.
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