Entry into bought deal agreem

RNS Number : 9846L

Centamin Egypt Limited

21 January 2009

Centamin Egypt Limited ('Centamin' or 'the Company')

(TSX:CEE, ASX:CNT, AIM:CEY)

CENTAMIN EGYPT LIMITED ENTERS INTO A BOUGHT DEAL AGREEMENT FOR GROSS PROCEEDS OF C$60,000,200

Centamin Egypt Limited (TSX:CEE, AIM:CEY, ASX:CNT) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Thomas Weisel Partners Canada Inc. and Cormark Securities Inc. (the 'Underwriters') under which the Underwriters have agreed to buy 92,308,000 ordinary shares (the 'Ordinary Shares') from Centamin Egypt Limited on a bought-deal basis and sell them to the public at a price of C$0.65 per Ordinary Share. The Company has also granted to the Underwriters an over-allotment option to purchase up to an additional 13,846,200 Ordinary Shares at the same price, exercisable by the Underwriters in whole or in part for a period of 30 days on or following the closing of the offering.

The gross proceeds raised from the offering will be C$60,000,200 (C$69,000,230 if the over-allotment option is exercised). The offering is subject to the approval of the TSX. The Ordinary Shares will be offered in Canada by short form prospectus, and in such other jurisdictions, including the United States and in those jurisdictions outside of Canada which are agreed to by the Company and the Underwriters, where the Ordinary Shares can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements. The offering is expected to close on or about 17 February 2009.

Centamin Egypt Limited intends to use the net proceeds of the offering for the continued development of the Sukari Gold Project, underground development, other exploration and general corporate and working capital purposes. The requirement for additional development funds is primarily a result of recent movements in the US dollar to Canadian dollar exchange rate and construction delays at the Sukari Gold Project (as previously reported). The Company remains debt free, without gold hedging and on track for gold production in Q2 2009. The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

For Centamin Egypt Limited

Josef El-Raghy

Managing Director/CEO

21 January 2009

For more information please contact:

Centamin Egypt Limited

+ 61 (8) 9316 2640

Josef El-Raghy

www.centamin.com

Pelham Public Relations

+ 44 (0) 207 743 6376

Candice Sgroi