AGM Statement

Centamin Egypt Limited
25 November 2004



              CENTAMIN EGYPT LIMITED ('Centamin' or the 'Company')

                               CHAIRMAN'S ADDRESS
                             ANNUAL GENERAL MEETING


At the Company's Annual General Meeting held on 25 November 2004, the following
statement was made:

'Last year I outlined to you that for the first time our development activities
at Sukari were interrupted, the reason for the interruption and the steps taken
by the company to correct this situation.

As recently reported, the Egyptian Geological Survey and Mining Authority
('EGSMA') and its functions have been transferred from the Ministry for Industry
and Foreign Trade to the Ministry for Petroleum and the renaming of EGSMA to the
Egyptian General Authority for Mineral Wealth.

I'm happy to report that since the transfer there has been a marked improvement
in the working relationship with the Ministry, which will soon see us again
focusing our efforts on our business of mineral discovery and the development of
mines in Egypt.

The company's Managing Director, Mr Josef El-Raghy is presently in Cairo
attending meetings with members of the Ministry of Petroleum and Mineral Wealth.
During these meetings the Minister for Petroleum and Mineral Wealth, His
Excellency Sameh Fahmy has clearly stated his support for the company returning
to work and renewing its exploration and development activities in Egypt. As
such the company has a high level of confidence that its work on the Sukari Gold
project will recommence soon.

Negotiations are ongoing in an open and supportive manner and as such the
company looks forward to reporting on further progress shortly.

The new Egyptian government's commitment to far-reaching economic reforms have
been demonstrated with the Cabinet announcing a major overhaul of the country's
customs regime and a reduction in taxation rates as part of an overall policy
for preparing Egypt for wider integration into the global economy.

At Sukari, we have nearly 3 million ounces of gold defined in only the southern
sector of a large mineralised system. We have seven drill rigs ready to
re-commence activities and to continue to grow this resource.

In addition to the Sukari deposit there are other prospects contained within the
Sukari area, including Umm Ud, Hangaliya, Atud and Sabahyia as well as two newly
discovered porphyry hills similar to Sukari. All these deposits will be tested
and we hope, eventually supply ore to the proposed Sukari central treatment
plant.

I fully appreciate that the year has been difficult for our shareholders,
employees and project financiers, however in time we will look back on these
days and be justifiably proud of our persistence, resourcefulness and commitment
to the task of re-establishing Egypt as a gold producing nation.

I would like to acknowledge my management and staff in Australia and Egypt for
their efforts throughout the year. The Board also acknowledges the continuous
support in Egypt from those individuals who have the interest of the Egyptian
mining industry at heart and who recognise the company's efforts in pioneering
such a major exploration and mining effort.'

On behalf of the Board


Sami El-Raghy
Chairman

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