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Message: Sukari Gold Project Reserve Upgrade

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Sukari Gold Project Reserve Upgrade

posted on Apr 09, 09 06:00AM

April 9, 2009

Centamin Egypt: Sukari Gold Project Reserve Upgrade

TORONTO, ONTARIO--(Marketwire - April 9, 2009) - Centamin Egypt Limited ("Centamin" or "the Company") (TSX:CEE)(ASX:CNT)(AIM:CEY) is pleased to announce an increase in total reserves at the Sukari Gold Mine in Egypt.

The total reserves have increased to 6.4 million ounces, an increase of 2.7 million ounces (72%) from the previously reported 3.7 million ounces as announced in March 2007. The new mineral reserves are based on drilling up to 25 January 2009 and utilized a gold price of US$700 per ounce. Details of the new reserves calculated for Sukari as at April 2009 and the previous reserves as at March 2007 are listed in the table below.

----------------------------------------------------------------------------
           Sukari Open Pit Mineral Reserve Estimate as at April 2009
      (reported at a cut-off grade of 0.4 g/t Au for oxide and sulphide
                  material and 0.5 g/t for transitional)
----------------------------------------------------------------------------
                       Proven        Probable          Mineral Reserve
----------------------------------------------------------------------------
                  Tonnes     Au   Tonnes     Au   Tonnes     Au   Cont Au
                     (Mt)  (g/t)     (Mt)  (g/t)     (Mt)  (g/t)     (Moz)
----------------------------------------------------------------------------
New Reserve           64   1.38       78   1.43      142    1.4       6.4
----------------------------------------------------------------------------
Previous Reserve    34.1    1.5     44.2    1.5     78.3    1.5       3.7
----------------------------------------------------------------------------

The current reserve has been calculated from a Measured and Indicated resource of 191Mt at 1.5g/t Au for 9.39 million ounces (as disclosed in the press release dated 12 February 2009) compared to the previous reserve that was calculated from a Measured and Indicated resource of 121Mt at 1.4g/t for 5.42 million ounces. A total Measured and Indicated resource increase of 3.97 Million ounces (72%) corresponds directly with the percentage increase in total reserves.

The Sukari pit will be developed in a number of stages and the mining and processing schedule developed for Sukari uses an elevated cutoff grade through the early years to increase the head grade to the processing plant. It is currently assumed that the material between this elevated cutoff grade and the cutoff grade used for the Mineral Reserve estimate is stockpiled and treated at the end of the project life.

Josef El-Raghy, Managing Director/CEO of Centamin commented: "This increase in the reserves at Sukari is an excellent result and is in line with our targets. The ongoing drilling program has been very encouraging and the Company is confident that this will result in further additions to the reserve and resource inventory. With this reserve increase and the plant soon to be in operation, the Company is pushing forward with its objective of significant growth and thus shareholder value."

For further information please refer to our website www.centamin.com.

For Centamin Egypt Limited

Josef El-Raghy, Managing Director/CEO