Sukari Production Update

RNS Number : 1857W

Centamin PLC

05 November 2014

 

For immediate release

05 November 2014

Centamin plc ("Centamin" or "the Company")

(LSE:CEY, TSX:CEE)

Sukari Production Update

Centamin advises that forecast production for the year 2014 from the Sukari Gold Mine is expected to be between 370,000 and 380,000 gold ounces at a cash operating cost of US$700 per ounce, representing an increase of between 4% and 7% on 2013 production of 356,943 ounces.

The reduction from the previous forecast of 420,000 ounces at US$700 per ounce is primarily due to reduced monthly plant productivity during October and lower expected average grades for the fourth quarter from underground development ore. Open pit mining continues to see an improvement in average ore grade for the fourth quarter compared with the third quarter and with the granted increase in Ammonium Nitrate (AN) usage having taken place during the quarter material movements from the open pit have also increased. Further increases in average plant throughput rates are expected during the remainder of this year and into 2015 as the expanded 10mtpa process plant continues to be optimised.

Q4 is expected to deliver a record quarterly gold production at the Sukari project, which will on an annualised basis see the achievement of our forecast post expansion production rate of 450,000 to 500,000 per annum. 

For more information please contact:

Centamin plc Josef El-Raghy, Chairman Andy Davidson, Head of Business Development and Investor Relations ([e-mail]) [phone]

Buchanan Bobby Morse Gordon Poole Gabriella Clinkard + 44 (0) 20 7466 5000

 

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