Interim resource update

Centamin Egypt Limited
18 February 2003

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


Centamin is pleased to announce the latest upgrade to the gold resource at the
Sukari Gold Project in Egypt.


INTERIM RESOURCE UPDATE


Josef El-Raghy, Managing Director of Centamin Egypt Limited, is at the Indaba
Mining Conference in Cape Town South Africa, to make a presentation on the
progress of the drilling program at the Sukari gold project in Egypt.


The Company has prepared an interim resource estimate for this conference.
Meanwhile the current program of infill reserve drilling south of 10675N and
resource drilling north of 10750N is still in progress.  To date 9,245.01 metres
have been completed since the start of the current program on the 12th October
2002 and of this 2500m remains to be assayed and is not included in this
upgrade.


Resources by confidence category, including cut Hapi shoot
          Measured          Indicated         Inferred           Total             Total       *Increase
 cut-off   Mtonnes    g/t    Mtonnes    g/t     Mtonnes    g/t    Mtonnes    g/t     ounces      ounces
   0.5         12.86  1.36       20.33  1.41        23.03  1.6        56.23  1.47  2,658,110   609,704
   1.0          6.40  2.02       10.46  2.06        12.27  2.4        29.14  2.17  2.033,270   470,854

Note: *Increase in total ounces since previous resource statement.


Uncut Hapi shoot resources
                    Indicated              Inferred              Total             Total
   cut-off       tonnes       g/t      tonnes      g/t      tonnes      g/t        ounces
     0.5             40922   26.0        106164   54.9        147087   46.8    221,434


The above resource estimates have been calculated using drill hole data up to
hole 293.  At the end of January, holes 299, 300, 303 and 304 were still in
progress.  Drilling is continuing northwards in the wide Ra zone.


We are encouraged by the success in the resource growth to date for the 4-5mtpa
production scenario.  Mineralisation of significant width is being intersected
in the first pass holes in the Ra zone.


North of 10675N, in the Ra zone, very good zones of stockwork mineralisation
were hit in all holes.  South of 10675N visible gold was intersected in January,
on sections 10500N (D298) and 10475N (D301).


The visible gold found on section 10500N relates to the HAPI zone which has been
identified north and south of this section. Visible gold was seen at 304.90m and
305.16m, the gold is related to sulphide veinlets within a quartz vein 3 metres
from the footwall contact. The HAPI zones relates to a flexure in the porphyry
contact where the dip changes from 60 degrees to 30 degrees. The second
occurrence of visible gold was identified on 10475N within the porphyry
stockwork at 265.30 metres approximately 50m above the footwall contact and this
is not related to the HAPI zone. Numerous zones of mineralisation and
brecciation were present within the holes and stockwork mineralisation displays
areas of sericitic alteration with veinlets of quartz and sulphides.


This latest upgrade has shown an increase of over 609,000 ounces of gold
resource, increasing the total resource to over 2.65 million ounces. (See table
above for details)


The information in this report that relates to mineral resources is based on
information compiled by Mr Michael Kriewaldt who is a member of the Australasian
Institute of Mining and Metallurgy.  Mr Kriewaldt is an employee of Centamin
Egypt Limited and has relevant experience in relation to the mineralisation
being reported on to qualify as a Competent Person as defined by the 1999
edition of the Australasian Code for Reporting of Mineral Resources and Ore
Reserves (JORC Code).  Part of the information in this report is based on
information provided by Mr Gary Brabham of Hellman & Schofield Pty Ltd (H&S) who
has provided consent to inclusion of this information in this report and is a
Competent Person as defined by the JORC Code.  H&S takes responsibility for the
resource estimates.  Mr Kriewaldt is responsible for aspects as listed in the
section 'Sampling Techniques and Data', Table 1 of the JORC Code, as well as the
geological interpretation, density measurements, appropriateness of cut-off
grades, and integrity of database.


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