Special Warrant Closing

Centamin Egypt Limited
23 November 2007





   CENTAMIN EGYPT LIMITED ANNOUNCES CLOSING OF C$134,400,000 SPECIAL WARRANT
                                   FINANCING



Centamin Egypt Limited (TSX:CEE) (AIM:CEY) (ASX:CNT) is pleased to announce that
it has closed the previously announced offering of special warrants (the '
Offering'), sold on a private placement basis through a syndicate of
underwriters led by Westwind Partners Inc. and including Orion Securities Inc.,
Ambrian Partners Limited and Cormark Securities Inc. (collectively, the '
Underwriters'). An aggregate of 112,000,000 special warrants were issued and
sold today 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 Offering was subject to shareholder approval of 75,893,863 ordinary shares
and 8,794,691 broker warrants that were issued in April 2007, which was received
at the Company's annual meeting held today.

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 earlier
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 of the
Offering.

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 received
compensation comprised of cash upon closing of the Offering and will also be
issued broker warrants subject to shareholder approval prior to issuance.

The securities issued under this Offering were 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 offered have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and were not 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 Centamin Egypt Limited


Josef El-Raghy
Managing Director/CEO
23 November 2007


For more information please contact:

Centamin Egypt Limited                    Pelham Public Relations                  Ambrian Partners Limited
+ 61 (8) 9316 2640                         + 44 (0) 207 743 6376                      + 44 (0) 207 776 6400
Josef El-Raghy                                 Candice Sgroi                                  Richard Brown
www.centamin.com                       Mobile: + 44 (0) 7894 462 114




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