Issue of Equity

Centamin Egypt Limited
10 January 2003


      Placement of ordinary shares to raise £2.03 million (A$5.65 million)


The Directors of Centamin are pleased to announce that the Company has placed
22,580,127 new ordinary shares with a single UK institutional investor at 9
pence (Sterling) per share to raise a total of £2.03 million (A$5.65 million).
This represents a 5.78% holding in Centamin Egypt Limited.


The proceeds of the placing will be used as working capital, particularly in
that the company plans to further increase drilling capacity at its Sukari Gold
project in Egypt.


Application has been made for the new ordinary shares, which will rank pari
passu with existing ordinary shares, to be admitted to trading on the
Alternative Investment Market of the London Stock Exchange ('AIM').  Dealings
are expected to commence on AIM at 8.00am on 17 January 2003 and application
will also be made for the new shares to be admitted to the ASX.


Josef El-Raghy

Managing Director


For more information please contact:



Josef El Raghy                                          Leesa Peters
Centamin Egypt Ltd                                      Capital PR
Tel: + 61 (0) 8 9316 2640/ 0418 333 444                 Tel: [phone]

[e-mail]                                   [e-mail]

Louis Castro
Williams de Broe Plc

Tel:    + 44 (0) 20 7588 7511

[e-mail]


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