Name and Location
Sukari gold mine Stage 4 expansion, Egypt.

Client
Centamin Egypt.

Project Description
The Sukari gold mine is the first modern gold mine operation in Egypt.

The mine consists of a 2,5-km-long porphyry granite hill, situated about 700 km south of Cairo and 25 km west of Marsa Alam, on the Red Sea. It includes a large-scale openpit mine and an underground mine which produce high-grade ore.

The ore is processed on site at the processing plant, which has a current capacity of five-million tons a year that will be expanded to ten-million tons a year by 2016 in the Stage 4 expansion.

The aim is to ramp up production at Sukari to 450 000 oz/y to 500 000 oz/y of gold from 2015 onwards, at which level current reserves would support a mine life of more than 20 years.

Value
Expenditure to date is $274.4 million of the total unchanged forecast of $325 million, including contingency, with the remaining balance to continue to be funded from cost recoveries.

Duration
The commissioning and subsequent ramp-up of Stage 4 of the processing plant has been amended to better reflect a plant that should be running at close-to-design capacity by the end of 2013.

Latest Developments
The Stage 4 plant expansion of the Sukari gold mine, to ten-million tons a year, remains on track for the bulk of commissioning to start, and be completed, in the second half of 2013.

During the three months ended March 31, Centamin achieved record production at Sukari of 87 016 oz, up 2% quarter-on-quarter and 77% on the prior-year period. Output remain on target to achieve the 2013 guidance of 320 000 oz.

Meanwhile, Centamin remained debt-free and unhedged, with cash, bullion on hand, gold sales receivables and available-for-sale financial assets of $188.7-million during the period under review.

Drilling continues in the V-Shear and Kurdeman prospects, with ongoing drilling to the south of Kurdeman offering the potential to fast-track near-surface, high-grade ore to supplement the existing production.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Centamin Egypt, tel +618 9316 2640, fax +618 9316 2650 or email centamin@centamin.com.au.