Unlisted options

Centamin Egypt Limited
17 February 2005


                                                Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B


                            New issue announcement,
               application for quotation of additional securities
                                 and agreement

Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/
2001, 11/3/2002, 1/1/2003.

Name of entity
Centamin Egypt Limited

ABN
86 007 700 352

We (the entity) give ASX the following information.


Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough
space).
                                                      --------------------------
1   +Class of +securities issued or to be issued      Unquoted Options
                                                      --------------------------
                                                      
2   Number of +securities issued or to be issued (if  410,000
    known) or maximum number which may be issued      --------------------------
                                                      
3   Principal terms of the +securities (eg, if        Exercise Price $0.2804
    options, exercise price and expiry date; if       Expiry Date 17 February
    partly paid +securities, the amount outstanding   2008
    and due dates for payment; if +convertible
    securities, the conversion price and dates for
    conversion)
                                                      --------------------------
                                                      
4   Do the +securities rank equally in all respects
    from the date of allotment with an existing 
    +class of quoted +securities?

    If the additional securities do not rank equally,
    please state:
    • the date from which they do
    • the extent to which they participate for the next
      dividend, (in the case of a trust, distribution) 
      or interest payment
   •  the extent to which they do not rank equally, 
      other than in relation to the next dividend,
      distribution or interest payment                --------------------------

5   Issue price or consideration                      Nil
                                                      --------------------------
                                    
6   Purpose of the issue                              Issued under Employee
    (If issued as consideration for the               Option Plan 2002
    acquisition of assets, clearly                    --------------------------
    identify those assets)
                                        
7   Dates of entering +securities                     17 February 2005
    into uncertificated holdings or                   --------------------------
    despatch of certificates
                                        -------------      ---------------
                                        Number             +Class
                                        -------------      ---------------
8   Number and +class of all            501,910,369        Fully paid ordinary
    +securities quoted on ASX                              shares
    (including the securities in
    clause 2 if applicable)
                                        -------------      ---------------
                                        Number             +Class
                                        -------------      ---------------

9   Number and +class of all            250,000            $0.29 Options
    +securities not quoted on                              expiring
    ASX (including the securities                          11 November 2005
    in clause 2 if applicable)
                                        1,160,000          $0.2310 Options
                                                           expiring
                                                           12 November 2006

                                        130,000            $0.2310 Options
                                                           expiring
                                                           17 November 2006

                                        750,000            $0.3549 Options
                                                           expiring
                                                           15 December 2006

                                        775,000            $0.2804 Options
                                                           expiring
                                                           04 February 2008

                                        410,000            $0.2804 Options
                                                           expiring
                                                           17 February 2008

                                                      --------------------------
10   Dividend policy (in the case of a trust,
     distribution policy) on the increased capital    --------------------------
     (interests)


Part 2 - Bonus issue or pro rata issue

11   Is security holder approval required?

12   Is the issue renounceable or non-renounceable?

13   Ratio in which the +securities will be offered

14   +Class of +securities to which the offer relates

15   +Record date to determine entitlements

16   Will holdings on different registers (or subregisters) be aggregated for
     calculating entitlements?

17   Policy for deciding entitlements in relation to fractions

18   Names of countries in which the entity has +security holders who will not
     be sent new issue documents

     Note: Security holders must be told how their entitlements are to be dealt
     with.

     Cross reference: rule 7.7.

19   Closing date for receipt of acceptances or renunciations

20   Names of any underwriters

21   Amount of any underwriting fee or commission

22   Names of any brokers to the issue

23   Fee or commission payable to the broker to the issue

24   Amount of any handling fee payable to brokers who lodge acceptances or
     renunciations on behalf of +security holders

25   If the issue is contingent on +security holders' approval, the date of the
     meeting

26   Date entitlement and acceptance form and prospectus or Product Disclosure
     Statement will be sent to persons entitled

27   If the entity has issued options, and the terms entitle option holders to
     participate on exercise, the date on which notices will be sent to option
     holders

28   Date rights trading will begin (if applicable)

29   Date rights trading will end (if applicable)

30   How do +security holders sell their entitlements in full through a broker?

31   How do +security holders sell part of their entitlements through a broker
     and accept for the balance?

32   How do +security holders dispose of their entitlements (except by sale
     through a broker)?

33   +Despatch date


Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of
securities

34   Type of securities
     (tick one)

(a)               Securities described in Part 1

(b)               All other securities

       Example: restricted securities at the end of the escrowed period, partly
       paid securities that become fully paid, employee incentive share
       securities when restriction ends, securities issued on expiry or
       conversion of convertible securities

Entities that have ticked box 34(a)


Additional securities forming a new class of securities


Tick to indicate you are providing the information or documents

35      If the +securities are +equity securities, the names of the 20 largest
        holders of the additional +securities, and the number and percentage of
        additional +securities held by those holders

36      If the +securities are +equity securities, a distribution schedule of
        the additional +securities setting out the number of holders in the
        categories
        1 - 1,000
        1,001 - 5,000
        5,001 - 10,000
        10,001 - 100,000
        100,001 and over

37      A copy of any trust deed for the additional +securities



Entities that have ticked box 34(b)

38   Number of securities for which +quotation is
     sought                                           --------------------------

                                                      --------------------------
39   Class of +securities for which quotation is
     sought                                           --------------------------

                                                      --------------------------
40   Do the +securities rank equally in all
     respects from the date of allotment with
     an existing +class of quoted +securities?

     If the additional securities do not rank
     equally, please state:
     • the date from which they do
     • the extent to which they participate for
       the next dividend, (in the case of a
       trust, distribution) or interest payment
     • the extent to which they do not rank
       equally, other than in relation to the
       next dividend, distribution or interest
       payment                                        --------------------------

                                                      --------------------------
41   Reason for request for quotation now
     Example: In the case of restricted
     securities, end of restriction period
     (if issued upon conversion of another
     security, clearly identify that other          
     security)                                        --------------------------

                                                   ------------- ---------------
                                                   Number        +Class
                                                   ------------- ---------------
42   Number and +class of all +securities quoted
     on ASX (including the securities in clause    ------------- ---------------
     38)




Quotation agreement

1 +Quotation of our additional +securities is in ASX's absolute discretion. ASX
  may quote the +securities on any conditions it decides.

2 We warrant the following to ASX.

  *   The issue of the +securities to be quoted complies with the law and is not
      for an illegal purpose.

  *   There is no reason why those +securities should not be granted +quotation.

  *   An offer of the +securities for sale within 12 months after their issue 
      will not require disclosure under section 707(3) or section 1012C(6) of 
      the Corporations Act.

      Note: An entity may need to obtain appropriate warranties from subscribers
      for the securities in order to be able to give this warranty

   *  Section 724 or section 1016E of the Corporations Act does not apply to any
      applications received by us in relation to any +securities to be quoted 
      and that no-one has any right to return any +securities to be quoted under
      sections 737, 738 or 1016F of the Corporations Act at the time that we 
      request that the +securities be quoted.

   *  We warrant that if confirmation is required under section 1017F of the
      Corporations Act in relation to the +securities to be quoted, it has been
      provided at the time that we request that the +securities be quoted.

   *  If we are a trust, we warrant that no person has the right to return the 
      +securities to be quoted under section 1019B of the Corporations Act at 
      the time that we request that the +securities be quoted.

3  We will indemnify ASX to the fullest extent permitted by law in respect of 
   any claim, action or expense arising from or connected with any breach of the
   warranties in this agreement.

4  We give ASX the information and documents required by this form. If any
   information or document not available now, will give it to ASX before 
   +quotation of the +securities begins. We acknowledge that ASX is relying on 
   the information and documents. We warrant that they are (will be) true and 
   complete.

Sign here: ..........................................    Date: 17 February 2005
           (Company Secretary)

Print name: Heidi Brown




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