Closing of Second Tranche

Centamin Egypt Limited
11 April 2007


                     
                      Centamin Egypt Limited ('the Company')

                           Closing of Second Tranche


Centamin Egypt Limited ('Centamin' or the 'Company') (TSX:CEE, AIM:CEY, ASX:CNT)
is pleased to announce that it has successfully closed the second tranche (the
'Second Tranche') of the previously announced offering of ordinary shares (the
'Ordinary Shares'). The Second Tranche consisted of 88,593,578 Ordinary Shares
priced at C$0.86 for gross proceeds of C$76,190,477. Together with the first
tranche of 75,028,620 Ordinary Shares (the 'First Tranche'), also priced at
C$0.86 per share, which closed on April 5, 2007, the total offering (the
'Offering') consisted of 163,622,198 Ordinary Shares for total proceeds of
C$140,715,090. Based on the Bank of Canada noon exchange rate on the day of
pricing, this implies pricing of approximately 38p or A$0.94, and gross proceeds
of approximately GBP 62,382,599 or A$153,602,325. The Second Tranche closed
following the approval by shareholders of the Company, at a meeting of
shareholders held on April 10, 2007, of the issuance of 100 million shares under
the Offering.


Westwind Partners Inc. acted as sole agent (the 'Agent') for the Offering.
Westwind Partners (UK) Limited, an affiliate of the Agent, acted as financial
adviser to the Company. In addition, the Agent has been granted an
over-allotment option to purchase up to an aggregate of 12,271,665 additional
ordinary shares at C$0.86 per share, exercisable as to 5,627,147 ordinary shares
for 30 days from the closing of the First Tranche and exercisable as to
6,644,518 ordinary shares for 15 days from the closing of the Second Tranche.


A prospectus dated March 23, 2007 was filed with and receipted in all provinces
in Canada, except Quebec.


The proceeds from the Offering are 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 programs, working capital, general
corporate purposes, and expenses of the Offering. As a result of this raising,
the Company has now secured the equity component of the project finance required
to bring the Sukari project to production. The remaining capital required to
fund the development of the Sukari project is expected to be raised through the
completion of a project finance facility, the process of securing such facility
is currently underway.


The board of directors of the Company are extremely pleased with the strong
interest shown in this capital raising by both existing shareholders and new
investors, and are looking forward to developing Egypt's first modern gold mine
following this successful funding milestone. Exploration is ongoing with 10 rigs
on site continuing to build on the Company's already substantial resource and
reserve base.


For more information please contact:

Centamin Egypt Limited
Ph: + 61 (8) 9316 2640
Josef El-Raghy
www.centamin.com

Bishopsgate Communications Ltd
+ 44 (0) 20 7562 3350
Maxine Barnes / Nick Rome
www.bishopsgatecommunications.com

Evolution Securities
+ 44 (0) 20 7071 4300
Frank Moxon / Simon Leathers
www.evosecurities.com


April 11, 2007


                      This information is provided by RNS
            The company news service from the London Stock Exchange