Update : Proposed TSX Listing

Centamin Egypt Limited
07 March 2007


7 March 2007

                     Centamin Egypt Limited ('the Company')


     Update Regarding Proposed TSX Listing and Definitive Feasibility Study


As announced in the Company's quarterly report for the three months ended 31
December 2006 published on 31 January 2007, the Company plans to list on the
Toronto Stock Exchange ('TSX'). The Company is pleased to report that it has
today filed a preliminary prospectus (the 'Prospectus') for approval with the
securities regulatory authorities in each of the provinces of Canada (excluding
Quebec), which is available for review on the System for Electronic Document
Analysis and Retrieval (SEDAR) located at www.sedar.com.


Offering

The TSX listing to be effected through a public share offering in Canada under
the Prospectus filed with the Ontario Securities Commission (the 'Offering')
and, subject to applicable laws and regulation, to institutional investors in
the United States, UK and Europe. Further details of the offering will be
released in due course. The final pricing of the Offering will be determined by
the Directors before the lodgement of the final Prospectus. At a General Meeting
to be held on April 10, 2007, shareholders will be asked to approve the issuance
of shares which represent greater than 15% of the Company's ordinary securities
outstanding. The Company may close the offering in one or more tranches.
Westwind Partners Inc. is acting as sole agent for the Offering.

The proceeds are expected to be used for:

  * partial funding of the development of the Sukari Project;
  * drilling to test for extensions to resources at the Sukari Project;
  * regional exploration programmes;
  * working capital and general corporate purposes;
  * expenses of the Offering.

The net proceeds of the Offering will not be sufficient to fully fund the
development costs of the Sukari Project and Centamin has commenced discussions
with potential finance providers.


Notice of General Meeting

As announced today, a notice of general meeting is to be sent to the Company's
shareholders convening a General Meeting to be held on 10 April 2007 at 11.00
a.m. (Australian WST) at 1st Floor, Rowing WA, The Esplanade, Mount Pleasant,
Western Australia. A resolution will be proposed to shareholders to seek their
approval to issue of up to 100 million new ordinary fully paid shares in the
Company at an issue price to be determined by the Directors being not less than
a minimum issue price of the Canadian dollar equivalent of A$0.90, the Canadian
dollar equivalent being calculated at the nominal noon spot rate quoted by the
Bank of Canada at the date on which the pricing is determined.


Sukari Project Definitive Feasibility Study

The information in this section is based on the technical report titled 'Form
43-101F1 Technical Report - Sukari Gold Project Egypt' (the 'Technical Report')
dated 2 March 2007 authored by Nic Johnson of Hellman & Schofield Pty Ltd, Paul
Newling at Roche Process Engineering Pty Ltd, Chris Orr at George, Orr and
Associates (Australia) Pty Ltd, Dave Morgan at Knight Piesold Pty Ltd, Martin
Staples of AMC Consultants Pty Ltd and Geoff Motteram of Geomett Pty Ltd, each
of whom is a 'Qualified Person' as defined in National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ('NI 43-101'). The Technical Report
has been filed with the securities regulatory authorities in each of the
provinces of Canada other than Quebec.

Portions of the following information are based on assumptions, qualifications
and procedures which are not fully described herein. Reference should be made to
the full text of the Technical Report which is available for review on the
System for Electronic Document Analysis and Retrieval (SEDAR) located at
www.sedar.com.


Background

In February 2007, a definitive feasibility study for development of the Sukari
Project was completed by Roche Process Engineering Pty Ltd ('Roche'). The DFS
provides that the capital cost to develop the project is estimated at US$216.5
million (including mining fleet and contingencies but not including the leased
mining fleet). According to the DFS, the Sukari Project reserve will be mined by
a single open pit over a 15-year period. During that time 78 Mt ore grading 1.5
g/t is expected to be mined, containing 3.7 Moz gold. Over this 15-year mining
period the project is expected to produce on average 200,000 oz of gold annually
at an average cash operating cost of US$290/oz.

The table below details Sukari ore reserves.

+-------+-------------------+--------------------+-----------------------------+
|       |       Proven      |      Probable      |   Total Mineral Reserve     |
+-------+---------+---------+---------+----------+---------+---------+---------+
|       |    Mt   |   g/t   |    Mt   |   g/t    |   Mt    |   g/t   |   Moz   |
+-------+---------+---------+---------+----------+---------+---------+---------+
|Total  |   34.1  |   1.5   |   44.2  |   1.5    |  78.3   |   1.5   |   3.7   |
+-------+---------+---------+---------+----------+---------+---------+---------+


The table below details Sukari's total mineral resource.

          +-------+-------------+-------------+-------------+--------+
          |       |  Measured   |  Indicated  |  Inferred   | Total  |
          |       |             |             |             | M,I&I  |
          +-------+------+------+------+------+------+------+------+-+
          |cut-off|  Mt  | g/t  |  Mt  | g/t  |  Mt  | g/t  | Moz  | |
          +-------+------+------+------+------+------+------+------+-+
          |  0.5  | 47.39|  1.40| 73.98|  1.39|  52.8|   1.7|  8.26| |
          +-------+------+------+------+------+------+------+------+-+
          |  0.6  | 40.25|  1.55| 62.63|  1.54|  44.9|   1.9|  7.79| |
          +-------+------+------+------+------+------+------+------+-+
          |  0.7  | 34.44|  1.70| 53.45|  1.69|  38.6|   2.1|  7.35| |
          +-------+------+------+------+------+------+------+------+-+


In October 2006 Centamin agreed to acquire the Kori Kollo CIL plant from a
subsidiary of Newmont Mining Corporation. The Kori Kollo plant is located in
Bolivia and was built and commissioned by Minproc Engineers in 1993. The plant
operated for ten years and on-site inspections by Centamin representatives have
shown the key plant components to be in excellent condition due to the site
altitude providing a non-corrosive environment and the high standard of
maintenance practices during operation. The plant is ideally suited to the
Sukari Project and key equipment sizing is well matched to the 4 Mtpa processing
rate currently envisaged for the Sukari Project.

Approximately 5 Mt of ore will be mined and 4 Mt of ore will be processed
annually such that a low-grade stockpile will be developed. According to current
schedules, this stockpile will be processed after mining has ceased, extending
the operating life of the project for a further six years.

An overall schedule has been developed covering all phases of the project; key
dates are listed below:

Project Go-Ahead Decision                                         Feb 2007
Project Finance                                                    Q2 2007
Commence Construction at Site                                      Q3 2007
Commence Tailings Storage Facility Construction                    Q3 2007
Kori Kollo Plant Arrives in Egypt                                  Q3 2007
Commence Mining Pre-Strip                                          Q3 2007
Plant Commissioning and Production                                 Q3 2008

The schedule assumes that all approvals are in place upon project approval.
Project development, mining and processing are subject to various permitting and
consent requirements and, accordingly, the Company will process applications for
permits and consents related to land access for the seawater pipeline route,
transporting, storing and using hazardous materials and other environmental
approvals.

The Company has commenced negotiations with financiers and is considering a
range of funding options for the development of the project.

Centamin Egypt            Bishopsgate Communications Ltd  Evolution Securities
Limited                                                                Limited
Ph: + 61 (8) 9316 2640             + 44 (0) 20 7562 3350  [phone]
Josef El-Raghy                 Maxine Barnes / Nick Rome     Frank Moxon/Simon
                                                                       Edwards
www.centamin.com       www.bishopsgatecommunications.com www.evosecurities.com


NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


The Toronto Stock Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell, or the solicitation of
an offer to buy, nor shall there be any sale or any acceptance of an offer to
buy these securities in the Selling Jurisdictions before a receipt for the final
prospectus is obtained from the securities commission or similar authority.

These securities have not been, nor will they be, registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in the
United States without registration or an applicable exemption from the
registration requirements of that Act. This news release does not constitute an
offer for sale of these securities in the United States.


APPENDIX I - GLOSSARY OF TECHNICAL TERMS

'activated carbon'    a chemical used in extracting gold from the leach
                      solution, the gold is absorbed into the porous
                      matrix of the carbon
'adsorb'              to attract and retain other material on the
                      surface; to conduct the process of adsorption
'Au'                  is the chemical symbol for gold
'CIL'                 carbon-in-leach; a process in which finely ground
                      gold ore is leached with weak alkaline solutions of
                      sodium cyanide bubbled with air or oxygen, and the
                      slurry (pulp) has added to it tough porous carbon
                      particles about the size of wheat grains onto which
                      gold cyanide ions are adsorbed; following
                      adsorption, the loaded carbon is washed and
                      stripped of gold cyanide ions by heated stronger
                      alkaline cyanide solutions from which metallic gold
                      is recovered by electro-winning.
'concentrate'         a product containing valuable metal from which most
                      of the waste material in the ore has been
                      eliminated.
'cyanide'             sodium cyanide (NaCN).
'EPCM'                engineering, procurement and construction
                      management.
'feasibility study'   a comprehensive study of a deposit in which all
                      geological, engineering, operating, economic and
                      other relevant factors are considered in sufficient
                      detail that it could reasonably serve as the basis
                      for a final decision by a financial institution to
                      finance the development of the deposit for mineral
                      production.
'float tail'          those mineral particles that sink during the
                      process of flotation
'flotation'           a milling process by which some mineral particles
                      are induced to become attached to bubbles of froth
                      and float, and others to sink, so that the valuable
                      minerals are concentrated and separated from the
                      remaining rock or mineral material
'grade'               the amount of mineral in each tonne of ore.
'leach'               to dissolve minerals or metals out of ore with
                      chemicals.
'open pit'            mine workings for ores open to the surface, a pit;
                      like a quarry for stone

'strip ratio'         the ratio of waste that needs to be mined to obtain
                      a unit of ore, usually expressed as tonnes of waste
                      to tones of ore
'sulphide'            a mineral compound in which one or more metals are
                      found in combination with sulfur

'tailings'            refers to finely ground effluent rock waste from
                      ore treatment plant, in aqueous suspension as it
                      leaves the plant; pumped to large containments
                      where treatment water is recovered, and the
                      tailings dry out

Abbreviations
'm'                   meter
'km'                  Kilometre
't'                   metric tonne (1000 kg)
'Mt'                  million metric tones
'g/t'                 gramme / metric tonne
'g'                   gramme
'kg'                  kilogramme
'oz'                  troy ounce (used for precious metals)
'Moz'                 million Troy ounces
'MW'                  megawatts

Conversion
'1 ounce Troy'        31.103477 g




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