Centamin Egypt Reports on Activities in the Quarter Ended September 30, 2008

Centamin Egypt Limited ("Centamin" or "the Company") (TSX:CEE)(ASX:CNT)(AIM:CEY)
is providing the following report on its activities in the quarter ended
September 30, 2008.


Highlights

Construction and Development

- Commissioning and gold production remains on track for Q2 2009

- Seawater pipeline high density polyethylene ("HDPE") complete, work now
focused on the pumping stations and water source


- CIL tank erection progressing well and scheduled for completion in Q4 2008

- Structural steel erection underway

- Construction of non-process buildings commenced

Operations

- Sukari mineral resource was upgraded to 9.01 million ounces of gold Measured
and Indicated, plus 3.3 million ounces of gold Inferred, at a 0.5 g/t cut off
grade


- An increase of 5% or 454,552oz in Measured and Indicated resources above the
June resource (8.56Moz)


- Measured and Indicated resources account for 73% of the total resource

- 12,885m of diamond drill ("DD") resource definition and 2,210m of reverse
circulation ("RC") exploration drilling completed during the quarter; over
360,000m of total drilling has been completed to date


- Drilling continues from Wadi Fault, infilling the Hapi Zone for underground
mining studies, targeting the down thrust extension of the Amun Deeps porphyry
block, deeper zones beneath Amun Deeps and Hapi Zone mineralisation in the
southern part of the Pharaoh Zone, moving north


- Grade Control RC drilling of 3,484m completed for the quarter, and 17,300m to
date; confirming the high grade surface mineralisation in the Pharaoh Zone from
previous resource drilling


- Regional Exploration has discovered several previously unknown prospects with
+1g/t Au surface assays in quartz veins and shear zones in old workings north
and east of Sukari Hill


- Deepest hole drilled at Sukari to date (1,018m) stopped due to rig capacity in
porphyry mineralisation


- Commencement of negotiations with key underground mining contractors 

- Significant intersections received for the quarter include:



Amun Deeps (9900N - 10700N)               Pharaoh Zone (11200N - 12100N)
- D303 (re-entry) - 6m @ 62.15g/t Au      - D1368 - 26m @ 4.57g/t Au
- D308 (re-entry) - 14m @ 4.86g/t Au      - D1370 - 41m @ 2.85g/t Au
- D1380 - 17m @ 29.7g/t Au                - D1367 - 14m @ 4.51g/t Au
- D1386 - 22m @ 14.26g/t Au
- D1374 - 121m @ 2.07g/t Au
- D1387 - 31m @ 8.74 g/t Au



Corporate

- Professor Robert Bowker was appointed to the Board on 21 July 2008

- Mr Mark Di Silvio was appointed Chief Financial Officer on 25 July 2008

- Mr Trevor Schultz was appointed as Executive Director of Operations on 15
August 2008


RESOURCE ESTIMATION AND DRILLING PROGRAMME

At the end of the quarter, Measured and Indicated ("M&I") resources were up 5%
to 9.01Moz from 8.56Moz (June 2008) and the Inferred resource grew by 4% to
3.3Moz (Table 1, Figure 1). M&I resources now account for 73% of the global
resource (all categories).


Resource growth at Sukari occurred within the Amun Zone from 10100N to 10625N,
testing the Amun Deeps porphyry block, the west dipping offset "downthrust"
shear structure and deeper porphyry mineralisation, which remains open greater
than 1km below Wadi level. Drilling also focused on the definition and
conversion of Inferred resources to higher confidence categories (M&I) around
underground mining targeted up-dip part of the Hapi Zone. In the Pharaoh Zone
significant resource addition occurred from 11250N to 11425N where the Hapi Zone
has been defined further along strike, the structure remains open at depth and
along strike.




                      Table 1 - Total Resource (October 2008)

---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                               Total
                                          Measured + 
           Measured      Indicated         Indicated           Inferred
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Cut-off Tonnes  Grade Tonnes  Grade Tonnes  Grade  Gold  Tonnes  Grade Gold
---------------------------------------------------------------------------
g/t Au      Mt g/t Au     Mt g/t Au     Mt g/t Au   Moz      Mt g/t Au  Moz
---------------------------------------------------------------------------
0.50     69.73   1.48 114.15   1.55 183.88   1.52  9.01    60.7    1.7  3.3
---------------------------------------------------------------------------
0.70     50.51   1.82  83.29   1.91 133.80   1.87  8.06    44.1    2.1  3.0
---------------------------------------------------------------------------
1.00     33.05   2.34  55.40   2.44  88.44   2.40  6.84    29.8    2.7  2.6
---------------------------------------------------------------------------
---------------------------------------------------------------------------
    Note to Table: Figures in table may not add correctly due to rounding



To view Figure 1 - Sukari resource growth graph from April 1997 to October 2008,
please visit the following link: http://media3.marketwire.com/docs/ceefig1.pdf


The resources are estimates of recoverable tonnes and grades using Multiple
Indicator Kriging ("MIK") with block support correction. Typically, Measured
resources lie in areas where drilling is available at a nominal 25 x 25 metre
spacing, Indicated resources occur in areas drilled at approximately 25 x 50
metre spacing and Inferred resources exist in areas of broader spaced drilling.
The resource model extends from 9700mN to 12200mN and to an approximate depth of
350mRL (approximately a maximum depth of 950 metres below the crest of the
Sukari hill) and is based on all assay data available at 02 October 2008. The
resource dataset comprises of 144,064 two metre down hole composites and surface
rock chip samples; compared to 137,026 composites (additional 7,038 composites)
in July 2008.


The drilling programme during the quarter continued in two main areas, south
around the Amun Zone, and north in the Pharaoh Zone, from the eastern side of
Sukari Hill (Figure 2).


In the south, drilling continued to test:

- the underground mining Hapi Zone target area;

- the deeper, down-dip Hapi Zone and other mineralisation zones in the Amun
Deeps porphyry block;


- the west dipping Downthrust zone extending west from the Amun Deeps block; and

- deeper mineralisation zones in porphyry blocks detected beneath the Amun Deeps
porphyry and Downthrust shear.


This resulted in added and upgraded resource ounces down dip of the previous
geological data, infilling resource block and geological data gaps at and
beneath the pit margins and increased the understanding of the mineralisation
trends. Mineralisation remains open at 1km below Wadi level.


Drilling continued successfully in the Pharaoh zone north of 11200N, targeting
the continuation of the high grade up-dip part of the Hapi Zone and parallel
structures, as well as higher up, west and east-dipping mineralised structures.
Several strong assay intersections were returned and significant resource ounces
were added in this area.


Geotechnical drilling is also underway over the underground mining planned
decline path to test ground conditions. Drilling shall continue with five
contractor and three Pharaoh Gold Mines NL ("PGM") DD rigs in all of the above
areas for the foreseeable future.


To view Figure 2 - Schematic Long section - 10650E; showing main target areas
and recent high grade drilling results - Amun Deeps, Downthrust Zone and Pharaoh
Zones, please visit the following link:
http://media3.marketwire.com/docs/ceefig2.pdf


Amun Zone (9900 - 10700N)


Infill Drilling of the Hapi Zone for underground resource modelling and resource
conversion intersected several strong zones, confirming the nature and
continuity of the high grade mineralisation and quartz vein - shear zone
structure, significantly upgrading the resource category and adding ounces. Hole
D1387 on 10275N returned 31m @ 8.74g/t Au from 302m (including 2m @ 108.7g/t Au
from 308m) in the Hapi Zone high grade quartz vein shear. D1380 fifty metres to
the south intersected 17m @ 29.7g/t Au from 332m (including 2m @ 241g/t Au from
333m) in the Hapi Zone shear structure. Holes D1374 and D1379, 300m north
intersected thick sequences of high grade Au mineralisation throughout the
porphyry (Table 3).


Ten holes have been drilled to date from 10050N to 10600N, testing the
Downthrust structure, extending west down dip from the base of the Amun Deeps
porphyry block. Mineralisation is controlled by units of porphyry; high silica
in nature, with typical Sukari assemblages of sericite-sulphide alteration in
quartz veins and brecciated porphyry, intercalated with barren zones of
sediments and volcanic units. The broad geology indicates west dipping porphyry
blocks along the downthrust shear zone.


The results of the initial Downthrust holes after the "discovery" intersection
in D1366 (reported last quarter), indicate the strong potential for deeper, well
mineralised porphyry blocks in this area, with some significant zones of high
grade gold mineralisation being returned (Table 3). The southernmost
intersections to date on 10125N occurred in D1384, which hit two very strong
looking zones at the upper and lower shear zone contacts of the downthrust
porphyry zone (10m @ 3.92g/t Au from 512m and 33m @ 1.67g/t Au from 624m; Table
3).


At 10250N, hole D308 intersected 14m @ 4.86g/t Au from 617m in the downthrust
porphyry zone (Figure 3); which correlated well with D1366 on 10325N and further
north on 10375N with D303 (6m @ 62.15g/t Au from 611m including 2m @ 183g/t Au
from 612m; Figure 4). D1271 on 10425N intersected a thick low grade zone down
dip along the downthrust shear zone at the base of the Amun Deeps porphyry block
(55m @ 1.01g/t Au from 575m).


To view Figure 3 - 10250N showing the porphyry and mineralization at depth
within the proposed back-thrust model in D308, please visit the following link:
http://media3.marketwire.com/docs/ceefig3.pdf


Horus Zone

At depths below 450RL; holes D1271, D1301 and RCD1187 intersected an extensive
and continuous, possibly east dipping mineralised porphyry system beneath the
Amun Deeps porphyry block. This new deep porphyry zone has been called the Horus
Zone. Drill hole D1301 drilled to 150RL (1018.30m; Figure 4), D1271 (936.7m) and
D1231 (1049.2m) all finished in mineralised porphyry, the holes stopped due to
rig depth capacity and ground conditions, over 1km beneath the Wadi surface and
directly beneath the main outcropping porphyry mined by the Ancients and target
of the developing open pit mining operation.


More drilling has been planned to define the continuity and 3D geometry of this
zone. While initial assays returned for the porphyry intersection in D1271 were
generally low grade, the block was consistently mineralised. Clearly there is
strong potential to continue defining the Sukari mineralisation system at depth
and along strike. Assays for D1301 (Figure 4) and RCD1187 are awaited.


To view Figure 4 - 10375N showing high grade intersection in D303 in the
downthrust zone and thick mineralised porphyry block of the Horus Zone in D1301
(results awaited), please visit the following link:
http://media3.marketwire.com/docs/ceefig4.pdf


Pharaoh Zone (11200N - 12100N)

Drilling continued during the quarter in the Pharaoh Zone, targeting infill and
along strike extension of the up-dip, high grade Hapi Zone mineralisation.
Significant resource ounces were added in this area from holes such as D1344,
D1355 and D1364 (reported last quarter) and recent holes D1368, D1382 and D1370.


Current re-entry hole RCD571 has intersected a deep, high grade looking zone of
porphyry at the footwall contact on 11375N, deeper and down dip of the Hapi
Zone, and 50m to the north of a previous high grade zone intersected in RCD756
(58m @ 3.76g/t Au from 791m). Assay results are awaited. Drilling will continue
during the coming quarters, targeting these mineralisation zones heading north
along the drill tracks available in the Pharaoh Zone.


Drilling in the far north of the hill on 12050N confirmed the presence of high
grade Au mineralisation with D1367 intersecting high grade quartz veining,
sericitic and sulphide alteration in silicified and feldspar altered porphyry
(14m @ 4.51g/t Au from 261m). Drilling continues in this area to test this and
other zones at the footwall contact of the porphyry body in the far north.


REGIONAL EXPLORATION

Regional exploration work continued during the quarter, with mapping and
sampling largely completed in the north east corner of the licence area. More
than 2,500 samples have been collected during the programme to date. Several
strongly anomalous assays have been returned (Table 2), in newly discovered
prospect areas to the east of Sukari, and are being followed up with more
detailed mapping and chip-line sampling to test for width and tenor of
alteration and Au mineralisation. Anomalous gold assays generally relate to
quartz veins, shearing and zones of stronger alteration, typically
silica-ankerite, in a variety of host rocks from felsic volcanic, intermediate
to mafic gabbro-diorite intrusive and ultramafic rocks. There is usually
evidence of historical workings from diggings and worked spoil piles associated
with each prospect area.




Table 2 - Anomalous Geochemistry - Regional Rock Chip Samples
               (greater than 0.05ppm Au)

----------------------------------------------
             Rock    Gold
SAMPLE       Type   (g/t)     UTM_N     UTM_E
----------------------------------------------
308237         VQ   1.300   2765611    677280
----------------------------------------------
308285        LST  13.300   2765629    675008
----------------------------------------------
309747         VQ   6.000   2765762    675498
----------------------------------------------
309792         VQ   0.826   2766058    677950
----------------------------------------------
313579         VQ   1.750   2765060    677440
----------------------------------------------
314543         VQ   0.636   2763601    676762
----------------------------------------------
314575         GD   1.580   2763868    676571
----------------------------------------------
314576         GD   1.720   2763882    676564
----------------------------------------------
316906         GD   0.907   2762800    676950
----------------------------------------------
318868         Mx   0.599   2762500    675623
----------------------------------------------
320179        GBD   3.290   2762765    676960
----------------------------------------------
320182        GBD   4.700   2762790    676947
----------------------------------------------
320185        GBD   0.836   2762790    676962
----------------------------------------------
320186        GBD   3.710   2762702    676660
----------------------------------------------
320187        GBD   1.620   2762694    676665
----------------------------------------------
320188        GBD   2.940   2762684    676660
----------------------------------------------
320189        GBD   2.800   2762682    676658
----------------------------------------------
320190        GBD   0.903   2762677    676656
----------------------------------------------
320191        GBD   1.310   2762665    676652
----------------------------------------------
320193        GBD   2.290   2761923    678579
----------------------------------------------
320194        GBD   0.941   2761940    678598
----------------------------------------------
322037        GBD   1.010   2762707    676666
----------------------------------------------
322038        GBD   2.100   2762720    676660
----------------------------------------------
322044        GBD   0.600   2762613    676497
----------------------------------------------
323179        GBD   7.110   2760234    677296
----------------------------------------------
323182         VQ   3.620   2760228    677276
----------------------------------------------
323183         VQ   4.830   2760220    677312
----------------------------------------------
323184        GBD   3.070   2760228    677300
----------------------------------------------
323187        GBD   0.700   2760270    677450
----------------------------------------------
323864        GBD   5.280   2762708    676966
----------------------------------------------
324867        GBD   1.740   2762761    676945
----------------------------------------------
324890        GBD   0.576   2762766    676905
----------------------------------------------

GBD - Gabbro-Diorite; Mx - Mafic Volcanic; GD - Granodiorite; VQ - Quartz 
Veining; LST - Silica-Carb Alt Rock



To view Figure 5 - Regional Surface Sampling, please visit the following link:
http://media3.marketwire.com/docs/ceefig5.pdf


A small RC programme of five holes for 750m was completed over the mineralised
quartz veins at Sukari North B prospect, assay results are awaited.


Several of the high grade assays above are associated with an east-west striking
prominent outcropping milky quartz vein in altered and sheared gabbroic -
diorite host rock, about 3km east of Sukari along the pipeline route. The vein
is around 400m long, 1-3m thick, and from grab sampling to date, is +0.1g/t Au
along its length. There is a central portion of thicker quartz and strongly
ankerite altered, sheared iron oxide weathered gabbro host rock where four +3g/t
Au assays form a 50m long high grade zone. More detailed work is underway to
delineate the full extent of the anomalism, assays are awaited.


Compilation, interpretation and field checking of the mapping, alteration and
mineralisation throughout the licence is continuing.


A programme of geotechnical water bore drilling was completed on the coast to
ascertain the optimum water source for the project. A 72 hour pump test of an
existing production bore was also successfully completed. Initial results are
favourable and work on the final water source design is proceeding.


GRADE CONTROL

Grade control ("GC") drilling continued during the quarter with a total of
3,484m completed, giving a total of 17,300m since the start of grade control
drilling; 5,463m of it completed with the PGM owned and operated drill rig. Work
focused in the north eastern side of Sukari Hill in the Pharaoh Zone, where
previous resource drilling has highlighted an area that could provide potential
early ore to the Mill during the pre-strip of the Amun Zone. Mineralisation in
this area is controlled by shallow northwest and east dipping quartz veins, the
intersection of the two structures and the associated alteration.


Results to date are very encouraging and confirm the presence of higher grade
material close to the surface as defined by the resource drilling and modelling,
and further GC drilling is planned to test the structure along strike to the
north.


MINING

Caterpillar, through their Egyptian authorised dealer Mantrac, was selected
through a competitive tender as the supplier of haulage trucks, articulated dump
trucks, excavators, graders and dozers for the project. The initial mining fleet
sufficient to commence mining pre-strip work will largely comprise:-




CAT 785C Rear Dump Trucks(5)
CAT 785C Water Truck(1)
O&K RH120E Excavator(1) 
CAT D10T Dozers(2) 
CAT 14H Grader(1) 
CAT 16M Grader(1) 
CAT 365 BLME Excavator(1) 
CAT 988G Wheel Dozers(2) 
H180D Rock Breaker(1)

Atlas Copco has been selected to supply grade control and blast hole 
drilling equipment. Initial fleet selection comprises:-

ROC F9 Pioneer Drill(1)
L8 MKII Production Drill(1) 
L8 MKII RC Rig(1)



The majority of the initial fleet is on site and has been utilised for plant
site and Tailings Storage Facility ("TSF") civil work. Plant site civil works
were completed during the first calendar quarter of 2008. Bulk earth works for
the TSF were completed during the second calendar quarter. The focus in the
current quarter has been the development of hauls roads, access ramps and run of
mine (ROM) pads in preparation for the commencement of mining activity. At the
end of the quarter, the Western ROM pad ramp was completed and building of the
main ROM pad had commenced. The Eastern ramp was also commenced with a view to
accessing Stage 2 of the mine development. A total of 548,000 bank cubic metre
("BCM") of material was moved throughout the quarter.


Mining pre-strip activity and blasting is scheduled to commence in the fourth
quarter of 2008 with completion of magazines during the previous quarter and
good progress being made on the remaining permitting for blasting. Further
deliveries of mining fleet are scheduled for the fourth quarter of 2008 with no
foreseeable problems in delivery times.


UNDERGROUND MINE PLANNING

Studies continued throughout the quarter in conjunction with AMC Consultants Pty
Ltd in Perth with the intention to target an initial underground mining rate of
500,000 tonnes per annum with grade expected to be in the range of 5g/t to 10g/t
thus bringing higher grade ore feed into production earlier than otherwise would
have been the schedule through surface mining.


Negotiations have commenced with key underground mining contractors and on site
meetings and the tender process is scheduled for completion in the December 2008
quarter. It is anticipated that underground development shall commence in the
second quarter of 2009 following the procurement and mobilisation of key
personnel and equipment.


To view Progress Pictures: Tailings Storage Facility: Completed Embankment
(left) and Gypsum lining for Embankment Face (right), please visit the following
link: http://media3.marketwire.com/docs/ceepics.pdf 


SUKARI GOLD PROJECT CONSTRUCTION

Current activity continues to focus on the civil works, CIL tank erection,
tailing storage facility and the seawater pipeline. The number of personnel on
site will increase in the coming quarter as civil works and associated
structural steel templates are set in place. Numerous construction fronts are
now open with work ongoing in the following areas; crusher, Conveyor 01
("CV01"), reclaim tunnel, mills, CIL tanks, gold room, reverse osmosis ("RO")
plant, non process buildings, fuel farm, power station and sea water pipeline.
The project remains on track for the second quarter of 2009 commissioning and
production.


Progress pictures can be viewed on the Company's website - www.centamin.com.

Site Works

- Crusher concrete works ongoing with structural steel scheduled for arrival and
installation in Q4 2008


- CV01 structural steel erection has begun and scheduled completion in Q4 2008

- Reclaim tunnel concrete pours continue with escape tunnel now in place and
backfilling to commence


- Mill area concrete complete and setting of base plates underway

- CIL tank erection progressing well and scheduled for completion in Q4 2008

- Gold room foundations underway

- RO plant foundations underway

- Non process buildings underway with Admin and plant offices scheduled for
completion in Q4 2008


- Fuel Farm tender out for tank erection

- Power plant concreting progressed well during the quarter with all structural
steel now on site and ready for erection. Engineering and design ongoing in this
area


- Sea water pipeline HDPE completed and work now focused on the pumping stations
and water source


To view the Progress Picture: Tank Construction, please visit the following
link: http://media3.marketwire.com/docs/ceepic2.pdf


Project Engineering and Design

MetPlant Engineering Services Pty Ltd, an Australian-based company have
continued with the engineering and design work for the Process Plant. The
shortage and turnover of available engineering personnel in Perth has seen
engineering and design work fall behind schedule in some areas. The Company has
addressed this through sub contracting out some of the smaller packages to other
firms to ensure that the schedule can be maintained. As such the piping package
was awarded to SENET in South Africa.


Tailings Storage Facility ("TSF")

Knight Piesold Pty Ltd has been appointed to carry out the design and
construction supervision of the TSF. Bulk earthworks for the TSF have now been
completed with overall completion scheduled for the fourth quarter of 2008
following the completion of lining with gypsum, sand and HDPE.


To view the Progress Pictures: Power station footings and structural steel in
the background (left) and Conveyor 01 (right), please visit the following link:
http://media3.marketwire.com/docs/ceepic3.pdf


To view the Progress Picture: SAG Mill pedestals and Motor/Pinion slabs under
construction, please visit the following link:
http://media3.marketwire.com/docs/ceepic4.pdf


To view the Progress Picture: Primary Crusher foundations under construction,
please visit the following link: http://media3.marketwire.com/docs/ceepic5.pdf


Seawater Supply System

Rockbreaking and road works associated with the 25km seawater pipeline were
completed in the previous quarter. Installation and welding of the HDPE pipe is
complete with tie-ins to pump stations to be finalised. Backfilling of
excavation works is underway. Detailed work on seawater wells and/or direct
intake progressed during the quarter.


The Seawater Supply System will draw in and transport raw seawater, via a staged
pumped pipeline, to the Sukari site where it will be processed through a
desalination plant for end use as process plant water, mine site dust
suppression water and, after secondary processing and treatment for construction
camp drinking water.


To view the Progress Picture: Seawater Pipeline in place prior to backfilling of
earthworks, please visit the following link:
http://media3.marketwire.com/docs/ceefig6.pdf


PROJECT FINANCE

On 23 November 2007, the Company announced that it had sold on a private basis
an aggregate of 112,000,000 special warrants at a price of C$1.20 per special
warrant for aggregate gross proceeds of C$134,400,000, which includes the
exercise in full by the Underwriters of the Underwriters' option. The net
proceeds of this equity financing are applied to fund the continued development
of the Sukari Gold Project, underground development, other exploration and
general corporate purposes.


The Sukari Gold Project is 100% fully funded through to gold production
currently forecast to be the second quarter of 2009. As a result of the capital
raising activities in 2007, the Company is currently debt free, unhedged and
able to aggressively pursue further exploration and development activities,
including the underground development of the high grade Amun Deeps zone.


CORPORATE

Professor Graeme Robert Tangye Bowker (Bob) was appointed to the Board on 21
July 2008. Professor Bowker recently retired from the position of Australian
Ambassador to Egypt, Libya, Sudan, Syria and Tunisia a position he held for
three years from 2005. Professor Bowker had a 37 year career with the Australian
Foreign Service specialising in Middle Eastern issues and postings.


Following his appointment to the Board on 20 May 2008, Mr. Trevor Schultz was
appointed as Executive Director of Operations on 15 August 2008. Through his
appointment, Mr. Schultz assumes executive responsibility for the Company's day
to day operations of the Sukari Gold Project.


Mr. Mark Di Silvio was appointed Chief Financial Officer on 25 July 2008. A
graduate of Curtin University in Western Australia who holds a Master of
Business and Administration from the University of Western Australia, Mr. Di
Silvio has held a variety of finance roles in both the gold mining and oil and
gas sectors over the past 17 years.


SUKARI GOLD PROJECT (BACKGROUND)

Centamin is a mineral exploration and development company that has been actively
exploring in Egypt since 1995. The principal asset of Centamin is its interest
in the Sukari Gold Project, located in the Eastern Desert of Egypt. The Sukari
Gold Project is at an advanced stage of development, with construction having
commenced in the second quarter of 2007 and first gold production expected
during the second quarter of 2009.


A definitive feasibility study ("DFS") for the development to commercial
production of the Sukari Gold Project was completed in February 2007.


A summary of the findings of the DFS were:-

- the DFS concluded that a 4mpta plant producing on average 200,000 ounces per
annum, over 15 years of mining, is economically robust; and


- total Capital Construction costs are estimated at US$216m with average cash
operating costs of US$290/oz (inclusive of 3% royalty) over the 15 year mining
period. As at 30 June 2008, the Company is of the opinion that due to increased
commodities prices and currency movements since finalisation of the DFS that the
capital estimate is at risk by 15%. Average cash operating costs have also been
revalidated as at 30 June 2008 due the higher cost of consumables, and are
forecast to be US$365/oz.


The Sukari Gold Project will be the first large-scale modern gold mine to be
developed in Egypt. Centamin's operating experience in Egypt gives it a
significant first-mover advantage in acquiring and developing other gold
projects in the prospective Arabian-Nubian Shield.


The Sukari Gold Project is hosted by a large, sheeted vein-type and
brittle-ductile shear zone hosted gold deposit developed in a granitoid
intrusive complex. Gold mineralization is hosted exclusively by a granitoid body
of granodiorite - tonalite composition referred to as the Sukari Porphyry. The
Company has entered into a Concession Agreement with the Egyptian Government
that provides for exploration and exploitation rights at the Sukari Gold Project
and whereby the Operating Company, owned 50% by the Company's wholly owned
subsidiary, Pharaoh Gold Mines NL and 50% by Egyptian Mineral Resource Authority
("EMRA"), has been established. Centamin is entitled to recover all of its
exploration, operating and capital costs from operating surpluses of the
operating company.


The Sukari Mining Licence covers an area of 160 km2 and is for a period of 30
years, with an option for a further 30 years.


The Sukari Gold Project has been scheduled for open pit mining over an initial
15-year period. During that time 78 Mt ore @ 1.5 g/t Au is expected to be mined,
producing 3.7Moz gold. A further 374 Mt of waste material is also expected to be
mined resulting in a waste to ore strip ratio of 4.8:1.


Ore and waste will be mined using conventional open pit mining methods. The
operation is planned to utilize selective mining techniques to separate ore and
waste. Provision has been made for drilling and blasting all primary and oxide
materials. Ore will be hauled to the run of mine pad next to the Processing
Plant and either direct tipped to the crusher or stockpiled for future reclaim
at the 4 Mtpa Process Plant throughput rate.


Mining will be progressed at an increased rate compared to processing;
approximately 5 Mt of ore is expected to be mined and 4 Mt of ore will be
processed annually. Operating at an increased mining rate allows the cut off
grade for feed to the Plant (referred to as "cutover" grade) to be increased in
the early years of the schedule. This in turn increases the metal output and
project revenue in these early years, thus increasing the discounted operating
surplus cashflow. According to current schedules, the low-grade stockpile
produced as a result of applying a cutover grade, will be processed after mining
has ceased, extending the current operating life of the project for a further
six years. As a result, the average milled grade during the mining period is
forecast to be 1.87 g/t Au, compared to 0.66 g/t Au for the low-grade stockpile.


Centamin will own and operate its mining fleet. The production fleet will be
based on 380 t class excavators and 150 t class rigid body trucks. At full
production, three production fleets, each comprising a single excavator and
sharing a maximum of 21 trucks, will be required. The capital cost of the
initial mining fleet has been estimated at US$49.3 million.




The proposed process route entails:-
- crushing;
- stockpiling crushed ore;
- grinding;
- flotation of a (bulk sulphide) concentrate containing the precious metals;
- thickening of the concentrate;
- fine milling of the concentrate;
- leaching the precious metals from the concentrate in a dilute cyanide 
   solution;
- adsorbing the precious metals onto activated carbon;
- stripping the precious metals from the carbon;
- recovering the precious metals as gold dore; and
- placing the concentrate tailing in the tailings storage facility.

Tailings from the treatment of weathered oxide ore early in the mining 
schedule contain too much gold to discard. Hence, the bulk flotation tail 
is further treated by:-

- thickening;
- leaching the precious metals into a dilute cyanide solution;
- adsorbing the precious metals onto activated carbon;
- stripping the precious metals from the carbon;
- recovering the precious metals as gold dore; and
- placing these tailings in the tailings storage facility.



Process water will be drawn from a bore field located adjacent to the Red Sea.
The seawater will be pumped approximately 25 km to the mine site to satisfy all
Process Plant and mining requirements. Most of the seawater will be pumped into
a raw water pond located near the Processing Plant, whilst around 500m3/day will
be pumped to a Water Treatment Plant for potable and fresh water supplies.


Power will be generated on site by a 28 MW power station, operated on heavy fuel
oil. A modern camp facility was constructed to cater for approximately 700
occupants. The camp currently houses approximately 550 occupants, with another
150 occupants being housed in the old exploration camp.


On behalf of Centamin Egypt Limited

Josef El-Raghy, Managing Director/CEO

31 October 2008

Information in this report which relates to exploration, geology, sampling and
drilling is based on information compiled by geologist Mr R Osman who is a full
time employee of the Company, and is a member of the Australasian Institute of
Mining and Metallurgy with more than five years experience in the fields of
activity being reported on, and is a 'Competent Person' for this purpose and is
a "Qualified Person" as defined in "National Instrument 43-101 of the Canadian
Securities Administrators". His written consent has been received by the Company
for this information to be included in this report in the form and context which
it appears. The assay samples were analysed by Ultra Trace Pty Ltd, Canning
Vale, Western Australia.


The information in this report that relates to mineral resources is based on
work completed by Mr Nicolas Johnson, who is a Member of the Australian
Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and
Schofield Pty Ltd and has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a "Competent Person" as defined in the
2004 edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves" and is a "Qualified Person" as defined in
"National Instrument 43-101 of the Canadian Securities Administrators". Mr
Johnson consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.


Refer to the Technical Report which was filed in March 2007 for further
discussion of the extent to which the estimate of mineral resources/reserves may
be materially affected by any known environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant issue.




         Table 3 - Significant Intersections September 2008 Quarter

----------------------------------------------------------------------------
                                         EOH   FROM     TO  INTERVAL    Gold
HOLE     NORTH    EAST    DIP    AZI     (m)    (m)    (m)       (m)   (g/t)
----------------------------------------------------------------------------
D303     10375   10590    -73    270   825.6    611    617         6   62.15
----------------------------------------------------------------------------
                                       incl.    612    614         2  183.00
----------------------------------------------------------------------------
                                                744    764        24    0.71
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D308     10275   10600    -70    270     836    562    574        12    1.38
----------------------------------------------------------------------------
                                                617    631        14    4.86
----------------------------------------------------------------------------
                                       incl.    619    620         1   46.60
----------------------------------------------------------------------------
                                       incl.    623    624         1   10.10
----------------------------------------------------------------------------
                                                705    713         8    1.75
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1271    10425   10700    -77    270   936.7    553    557         4    2.95
----------------------------------------------------------------------------
                                                575    630        55    1.01
----------------------------------------------------------------------------
                                                745    750         5    1.04
----------------------------------------------------------------------------
                                                788    791         3    1.72
----------------------------------------------------------------------------
                                                820    832        12    0.94
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1298    10325   10700    -74    270   758.1    510    519         9    2.99
----------------------------------------------------------------------------
                                       incl.    511    512         1    5.92
----------------------------------------------------------------------------
                                       incl.    514    515         1   11.70
----------------------------------------------------------------------------
                                                537    540         3   10.59
----------------------------------------------------------------------------
                                       incl.    538    539         1   28.50
----------------------------------------------------------------------------
                                                632    633         1   87.90
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1362    10600   10835    -75    270   762.2    457    459         2   63.35
----------------------------------------------------------------------------
                                                529    550        21    0.90
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1364    11275   10745    -80    270   656.3    593    607        14    1.66
----------------------------------------------------------------------------
                                       incl.    595    596         1    7.01
----------------------------------------------------------------------------
                                                618    623         5   26.17
----------------------------------------------------------------------------
                                       incl.    621    622         1  126.00
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1367    12050   10795    -48    270  322.08    161    164         3    1.75
----------------------------------------------------------------------------
                                                173    180         7    0.91
----------------------------------------------------------------------------
                                                186    187         1   20.50
----------------------------------------------------------------------------
                                                237    240         5    1.49
----------------------------------------------------------------------------
                                       incl.    237    238         1    5.93
----------------------------------------------------------------------------
                                                261    275        14    4.51
----------------------------------------------------------------------------
                                       incl.    261    262         1   15.30
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1368    11325   10644    -85    270   608.5    276    280         4    1.03
----------------------------------------------------------------------------
                                                456    458         2    1.97
----------------------------------------------------------------------------
                                                549    551         2    1.52
----------------------------------------------------------------------------
                                                556    582        26    4.57
----------------------------------------------------------------------------
                                       incl.    571    575         4   13.44
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1369   11250N   10575    -83    270   553.8     31     35         4    0.98
----------------------------------------------------------------------------
                                                 45     47         2    1.23
----------------------------------------------------------------------------
                                                 69     71         2    2.39
----------------------------------------------------------------------------
                                                317    320         3    2.11
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1370    11300   10740    -77    270   656.6     78     84         6    1.42
----------------------------------------------------------------------------
                                                105    125        20    1.19
----------------------------------------------------------------------------
                                                133    135         2    1.02
----------------------------------------------------------------------------
                                                174    183         9    1.31
----------------------------------------------------------------------------
                                                249    255         6    1.16
----------------------------------------------------------------------------
                                                271    278         7    2.09
----------------------------------------------------------------------------
                                       incl.    272    273         1    8.72
----------------------------------------------------------------------------
                                                323    326         3    1.47
----------------------------------------------------------------------------
                                                348    353         5    1.22
----------------------------------------------------------------------------
                                                383    392         9    1.17
----------------------------------------------------------------------------
                                                456    460         4    1.20
----------------------------------------------------------------------------
                                                478    482         4    1.03
----------------------------------------------------------------------------
                                                531    572        41    2.85
----------------------------------------------------------------------------
                                       incl.    544    548         4   13.33
----------------------------------------------------------------------------
                                                586    594         8    2.19
----------------------------------------------------------------------------
                                                612    627        15    1.39
----------------------------------------------------------------------------
                                       incl.    614    615         1    5.75
----------------------------------------------------------------------------
                                       incl.    620    621         1    7.13
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1371    10625   10703    -70    270   448.1    377    411        34    1.11
----------------------------------------------------------------------------
                                       incl.    403    404         1    5.30
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1372    11325   10645    -58    270     444    277    279         2    2.00
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1374    10575   10645    -70    270   417.4    200    205         5    1.15
----------------------------------------------------------------------------
                                                230    250        20    3.11
----------------------------------------------------------------------------
                                       incl.    246    247         1   11.40
----------------------------------------------------------------------------
                                                259    380       121    2.07
----------------------------------------------------------------------------
                                       incl.    268    269         1   17.00
----------------------------------------------------------------------------
                                       incl.    271    272         1    5.13
----------------------------------------------------------------------------
                                       incl.    282    283         1    5.02
----------------------------------------------------------------------------
                                       incl.    299    300         1   22.60
----------------------------------------------------------------------------
                                       incl.    335    336         1   38.80
----------------------------------------------------------------------------
                                       incl.    356    357         1    5.06
----------------------------------------------------------------------------
                                       incl.    372    373         1    5.17
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1376    11350   10650    -77    270   559.8    528    537         9    1.05
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1378    10325   10600    -67    270   349.2    172    180         8    5.78
----------------------------------------------------------------------------
                                                198    223        25    2.74
----------------------------------------------------------------------------
                                       incl.    198    199         1   21.60
----------------------------------------------------------------------------
                                       incl.    210    211         1   12.00
----------------------------------------------------------------------------
                                       incl.    220    221         1    6.07
----------------------------------------------------------------------------
                                                256    280        24    1.50
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1379    10550   10770    -77    270   644.3     98    102         4    1.66
----------------------------------------------------------------------------
                                                129    132         3    1.17
----------------------------------------------------------------------------
                                                142    144         2    1.85
----------------------------------------------------------------------------
                                                232    256        24    1.08
----------------------------------------------------------------------------
                                                343    362        19    1.95
----------------------------------------------------------------------------
                                                370    426        84    1.70
----------------------------------------------------------------------------
                                       incl.    396    397         1    6.45
----------------------------------------------------------------------------
                                       incl.    409    410         1   10.90
----------------------------------------------------------------------------
                                       incl.    413    414         1    7.21
----------------------------------------------------------------------------
                                       incl.    424    425         1    8.01
----------------------------------------------------------------------------
                                                632  645.3      13.3    2.23
----------------------------------------------------------------------------
                                       incl.    639    640         1    6.48
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1380    10225   10690    -79    270   377.8    332    349        17   29.70
----------------------------------------------------------------------------
                                       incl.    333    335         2  241.00
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1381    10175   10612    -72    270   681.9    161    169         8    1.39
----------------------------------------------------------------------------
                                                216    285        69    1.32
----------------------------------------------------------------------------
                                       incl.    232    233         1    8.17
----------------------------------------------------------------------------
                                       incl.    266    267         1    5.67
----------------------------------------------------------------------------
                                                310    316         6    1.16
----------------------------------------------------------------------------
                                                320    325         5    1.45
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1382    11375   10650    -83    270     640    182    189         7    2.18
----------------------------------------------------------------------------
                                       incl.    186    187         1    7.64
----------------------------------------------------------------------------
                                                572    591        19    3.01
----------------------------------------------------------------------------
                                       incl.    584    585         1   15.50
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1383    10225   10685    -78    270     647    507    510         3    2.82
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1384    10125   10610    -70    270   878.5    174    195        21    1.52
----------------------------------------------------------------------------
                                       incl.    180    181         1    8.48
----------------------------------------------------------------------------
                                                201    253        52    1.49
----------------------------------------------------------------------------
                                       incl.    207    208         1    5.55
----------------------------------------------------------------------------
                                       incl.    227    228         1    5.09
----------------------------------------------------------------------------
                                       incl.    233    234         1    7.34
----------------------------------------------------------------------------
                                                262    280        18    1.75
----------------------------------------------------------------------------
                                       incl.    267    269         2    7.50
----------------------------------------------------------------------------
                                                299    302         3    1.20
----------------------------------------------------------------------------
                                                306    313         7    1.52
----------------------------------------------------------------------------
                                                324    326         2    1.41
----------------------------------------------------------------------------
                                                512    522        10    3.92
----------------------------------------------------------------------------
                                       incl.    520    521         1   17.90
----------------------------------------------------------------------------
                                                607    612         5    1.97
----------------------------------------------------------------------------
                                       incl.    611    612         1    5.36
----------------------------------------------------------------------------
                                                624    643        33    1.67
----------------------------------------------------------------------------
                                       incl.    626    627         1    5.59
----------------------------------------------------------------------------
                                       incl.    648    649         1    8.64
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1385    11425   10622    -83    270   720.9    114    120         6    1.90
----------------------------------------------------------------------------
                                       incl.    118    119         1    8.42
----------------------------------------------------------------------------
                                                287    293         6    1.37
----------------------------------------------------------------------------
                                                610    614         3    1.93
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1386    10250   10595    -60    270     360    163    200        37    1.04
----------------------------------------------------------------------------
                                                205    210         5    1.08
----------------------------------------------------------------------------
                                                232    239         7    1.25
----------------------------------------------------------------------------
                                                246    249         3    6.03
----------------------------------------------------------------------------
                                                257    279        22   14.26
----------------------------------------------------------------------------
                                       incl.    277    278         1  239.00
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1387    10275   10643    -84    270   692.8    199    202         3   13.30
----------------------------------------------------------------------------
                                                272    287        15    1.07
----------------------------------------------------------------------------
                                                302    333        31    8.74
----------------------------------------------------------------------------
                                       incl.    308    310         2  108.70
----------------------------------------------------------------------------
                                                346    370        24    1.14
----------------------------------------------------------------------------
                                       incl.    362    363         1   11.10
----------------------------------------------------------------------------
                                                384    391         7    1.11
----------------------------------------------------------------------------
                                                398    408        10    1.05
----------------------------------------------------------------------------
                                                445    449         4    6.15
----------------------------------------------------------------------------
                                       incl.    445    446         1   21.60
----------------------------------------------------------------------------
                                       incl.    448    449         1    8.21
----------------------------------------------------------------------------

----------------------------------------------------------------------------
D1388    10050   10550    -83    270   670.7    137    168        31    1.45
----------------------------------------------------------------------------
                                       incl.    142    143         1    7.33
----------------------------------------------------------------------------
                                                177    180         3    1.18
----------------------------------------------------------------------------
                                                213    215         2    3.37
----------------------------------------------------------------------------
                                                268    282        15    2.30
----------------------------------------------------------------------------
                                       incl.    268    271         3    8.00
----------------------------------------------------------------------------

Note: Intervals shown in the table are down hole intercepts, drilled at 
high angles relative to the internal mineralized structures and the 
Sukari Porphyry; true widths do not apply or are not used in drilling 
the stockwork style mineralization at Sukari.



ABN 86 007 700 352