HomeGoldCentamin reserve up by 72%

Centamin reserve up by 72%

Load and Haul underway
at Centamin’s Sukari
mine in Egypt
Perth, Australia — MININGREVIEW.COM — 09 April 2009 – Gold explorer Centamin Egypt Limited (Centamin) – the Australian company which holds the first mining licence for gold or precious metals in Egypt – has announced that  the latest reserves estimate for its Sukari gold mine in Egypt shows an increase of 72% to a total of more than 6.4 million ounces.

In a release published here, the company revealed that this marked an increase of 2.7 million ounces from the previously reported 3.7 million ounces in March 2007. The new reserves were based on drilling up to 25 January, and used a gold price of US$700 per ounce, it added.

Commenting on the latest development, chief executive Josef El-Raghy said: “The ongoing drilling programme has been very encouraging, and the company is confident that this will result in further additions to its reserve and resource inventory.”