Quarterly Update

Centamin Egypt Limited
31 October 2006

                                                                        Rule 5.3

                             Centamin Egypt Limited

                                  Appendix 5B

                   Mining exploration entity quarterly report

       Introduced 1/7/96. Origin : Appendix 8. Amended 1/7/98, 30/9/2001.


Name of Entity                             Centamin Egypt Limited


ABN                                             Quarter ended ('current quarter')

      86 007 700 352                                  30 September 2006


Consolidated statement of cash flows


Centamin Egypt Limited

Pharaoh Gold Mines NL (100%)

Viking Resources Ltd (100%)

North African Resources (100%)


                                                    -----------     -----------
Cash flows related to operating activities        Current Quarter  Year to date
                                                       $A'000       (3 months)
                                                                      $A'000
                                                       -----------  -----------
1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration and evaluation           (3,409)       (3,409)
(b) development                                             (817)         (817)
(c) production                                                 -             -
(d) administration                                          (297)         (297)
1.3 Dividends received                                         -             -
1.4 Interest and other items of a similar
nature received                                              677           677
1.5 Interest and other costs of finance paid                   -             -
1.6 Income taxes paid                                          -             -
1.7 Other (provide details if material)                        -             -
                                                       -----------   -----------
Net Operating Cash Flows                                  (3,846)       (3,846)
---------------------------------                      -----------   -----------

Cash flows related to investing activities

1.8 Payment for purchases of (a) prospects                     -             -
(b) equity investments                                         -             -
(c) other fixed assets                                      (127)         (127)
1.9 Proceeds from sale of (a) prospects                        -             -
(b) equity investments                                         -             -
(c) other fixed assets                                       216           216
1.10 Loans to other entities *(Refer Note 1)              (4,140)       (4,140)
1.11 Loans repaid by other entities                            -             -
1.12 Other (provide details if material)                       -             -
                                                       -----------   -----------
Net investing cash flows                                  (4,051)       (4,051)
                                                       -----------   -----------
1.13 Total operating and investing cash flows
(carried forward)                                         (7,897)       (7,897)
                                                       -----------   -----------



1.13 Total operating and investment cash flows
(brought forward)                                         (7,897)      (7,897)
                                                       -----------  -----------


Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc.            213          213
1.15 Proceeds from sale of forfeited shares                     -            -
1.16 Proceeds from borrowings *(Refer Note 1)               4,140        4,140
1.17 Repayment of borrowings                                    -            -
1.18 Dividends paid                                             -            -
1.19 Other (provide details if material)                        -            -
                                                        -----------  -----------
Net financing cash flows                                    4,353        4,353
---------------------------------                       -----------  -----------

Net increase (decrease) in cash held                       (3,544)      (3,544)

1.20 Cash at beginning of quarter/year to date             54,455       54,455
1.21 Exchange rate adjustments to item 1.20                   246          246
                                                        -----------  -----------
1.22 Cash at end of quarter                                51,157       51,157
---------------------------------                       -----------  -----------


*Note 1 - From the March 2004 Quarter onwards, the funding of exploration
expenditure by the Holding Company to its subsidiaries is also disclosed as an
inter-entity loan under sections 1.10 and 1.16 respectively.

                                                                  -----------
Payments to directors of the entity and associates of the       Current quarter
directors
Payments to related entities of the entity and associates of         $A'000
the related entities                                              -----------

1.23 Aggregate amount of payments to the parties included in
     item 1.2                                                           220
                                                                     -----------

1.24 Aggregate amount of loans to the parties included in item            -
     1.10                                                            -----------
-------------------------------------------


1.25 Explanation necessary for an understanding of the transactions

    - Salaries, superannuation contributions, consulting and directors fees paid
      to Directors during the quarter amounted to $201,265.

    - Mr S El-Raghy and Mr J El-Raghy are Directors and shareholders of El-Raghy
      Kriewaldt Pty Ltd ('ELK'), which provides office premises to the Company in
      Australia. All dealings with ELK are in the ordinary course of business and on
      normal terms and conditions. Rent paid to ELK during the quarter amounted to
      $13,395.
   
    - Mr S El-Raghy provides office premises to the Company in Alexandria, Egypt.
      All dealings are in the ordinary course of business and on normal terms and
      conditions. Rent paid during the quarter amounted to $4,960.
  
    - Mr C Cowden, a non-executive director, is also a director and shareholder of
      Cowden Limited, which provides insurance broking services to the Company. All
      dealings with Cowden Limited are in the ordinary course of business and on
      normal terms and conditions. Insurance premiums paid to Cowden Limited during
      the quarter amounted to $846.



Non-cash financing and investing activities


2.1 Details of financing and investing transactions which have had a material
    effect on consolidated assets and liabilities but did not involve cash flows
                                                                             
    -


2.2 Details of outlays made by other entities to establish or increase their
    share in projects in which the reporting entity has an interest
                                                                             
    -


Financing facilities available

Add notes as necessary fro an understanding of the position.
                                                    -----------      -----------
                                               Amount available      Amount used
                                                         $A'000           $A'000
                                                    -----------      -----------

3.1 Loan facilities                                         -                -
                                                    -----------      -----------

3.2 Credit standby arrangements                             -                -
---------------------------------                   -----------      -----------


Estimated cash outflows for next quarter
                                                                          $A'000
                                                                     -----------

4.1 Exploration and evaluation                                             3,000
                                                                     -----------

4.2 Development                                                           16,500
-------------------------------------------                          -----------

                                                       Total              19,500
                                                                     -----------


Reconciliation of Cash

---------------------------------               -----------       -----------
Reconciliation of cash at the end of the      Current quarter  Previous quarter
quarter (as shown in the consolidated
statement of cash flows) to the related 
items in the accounts is as follows.
                                                      $A'000            $A'000
            ---------------------------------   -----------        -----------

5.1 Cash on hand and at bank                           1,012               916
                                                   -----------     -----------

5.2 Deposits at call                                   4,053             2,906
                                                   -----------     -----------

5.3 Bank overdraft                                         -                 -
                                                   -----------     -----------

5.4 Term deposits                                     46,092            50,633
---------------------------------                  -----------     -----------

Total: cash at end of quarter (item 1.22)             51,157            54,455
---------------------------------                  -----------     -----------



Changes in interests in mining tenements
                
                    Tenement reference  Nature of interest  Interest at beginning of quarter  Interest at end of quarter
                                            (note (2))
                  
6.1 Interest in mining
tenements relinquished,
reduced or lapsed
                 
6.2 Interests in mining
tenements acquired or
increased                        

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

                              Total number  Number quoted  Issue price per security  Amount paid up per security
                                                               (see note 3)                (see note 3)

7.1 Preference +
    securities(description)

7.2 Changes during
quarter
(a) increases through issues
(b) decreases through returns
    of capital, buy-backs,
    redemptions

7.3 +Ordinary
    securities                578,745,369    578,745,369

7.4 Changes during quarter       450,000        450,000        (See 7.9 below)            (See 7.9 below)
(a) increases through issues/
    options exercise
(b) decreases through returns
    of capital, buy-backs       

7.5 +Convertible debt 
    securities(description)

7.6 Changes during quarter
(a) increases through issues
(b) decreases through
    securities matured,
    converted


7.7 Options           Employee         Nil            Exercise price               Expiry date
                     Option Plan
                        2002
(description
and conversion          150,000        Nil              23.10 cents                 12/11/2006
factor)                 500,000        Nil              35.49 cents                 15/12/2006
                        675,000        Nil              28.04 cents                 04/02/2008
                        365,000        Nil              28.04 cents                 17/02/2008
                      4,200,000        Nil              35.00 cents                 31/10/2010
                      1,500,000        Nil              43.55 cents                 08/12/2008
                        250,000                         65.66 cents                 30/08/2009
                       
7.8 Issued during
    quarter                

7.9 Exercised
    during quarter      100,000        100,000          23.10 cents                 12/11/2006
                        100,000        100,000          23.10 cents                 12/11/2006
                        100,000        100,000          28.04 cents                 04/02/2008
                         73,000         73,000          23.10 cents                 12/11/2006
                         77,000         77,000          23.10 cents                 12/11/2006
                       
7.10 Expired/lapsed
     during quarter         

7.11 Debentures
     (totals only)         

7.12 Unsecured notes
     (totals only)     


Compliance statement


1. This statement has been prepared under accounting policies which comply with
   accounting standards as defined in the Corporations Act or other standards
   acceptable to ASX (see note 4).


2. This statement does give a true and fair view of the matters disclosed.


Sign here:   Company Secretary     Date: 31 October 2006


Print name: Heidi Brown


Notes


1. The quarterly report provides a basis for informing the market how the
   entity's activities have been financed for the past quarter and the effect on
   its cash position. An entity wanting to disclose additional information is
   encouraged to do so, in a note or notes attached to this report.


2. The 'Nature of interest' (items 6.1 and 6.2) includes options in respect of
   interests in mining tenements acquired, exercised or lapsed during the reporting
   period. If the entity is involved in a joint venture agreement and there are
   conditions precedent which will change its percentage interest in a mining
   tenement, it should disclose the change of percentage interest and conditions
   precedent in the list required for items 6.1 and 6.2.


3. Issued and quoted securities The issue price and amount paid up is not
   required in items 7.1 and 7.3 for fully paid securities.


4. The definitions in, and provisions of, AASB 1022: Accounting for Extractive
   Industries and AASB 1026: Statement of Cash Flows apply to this report.


5. Accounting Standards ASX will accept, for example, the use of International
   Accounting Standards for foreign entities. If the standards used do not address
   a topic, the Australian standard on that topic (if any) must be complied with.



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