Underwriting of listed option

Centamin Egypt Limited
03 February 2003



                             Centamin Egypt Limited

                      Re.  Underwriting of Listed Options


Please be advised that in accordance with the terms of the Underwriting
Agreements entered into between Centamin Egypt Limited (Centamin) and Williams
de Broe Plc (WdeB), Argonaut Capital Limited (ACL) and Southern Cross Equities
Limited (SCE), collectively the Underwriters of the 3rd March 2003 Options, that
Centamin has formally notified the Underwriters in writing that 58,808,454
options remain unexercised as at the 3rd February 2003.


The Underwritten Amount for each Underwriter is therefore as follows:-

Williams de Broe Plc                   29,404,227 options @ A$0.20cents = A$5,880,845.40;

Argonaut Capital Limited               14,702,113 options @ A$0.20 cents = A$2,940,422.60;

Southern Cross Equities Limited        14,702,114 options @ A$0.20 cents = A$2,940,422.80.

We are extremely pleased that approximately 47% of holders have elected to
exercise their options well ahead of the expiry date.  We regard this as a
strong endorsement by the investors of the Company's activities in the Eastern
Desert of Egypt, in particular the progress achieved toward the development of
the Sukari Gold Project.



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