Centamin Egypt Activities in the Quarter Ended 31 March 2010

Centamin Egypt Limited ("Centamin" or "the Company") (TSX:CEE)(LSE:CEY), the
gold mining group in Egypt, is pleased to announce its third quarter results. 


HIGHLIGHTS

Operations



--  Gold production of 36,621 ounces was achieved from the Company's Sukari
    Gold Mine 

--  Gold sales totalled 32,994 ounces at an average sale price of US$1,105
    per ounce 

--  Cash operating cost averaged US$403 per ounce 

--  Stage 1 process plant throughput rates achieved nameplate capacity of
    4.0Mtpa with metallurgical recovery averaging 90% for the quarter 

--  Proven and probable ore reserves increased to 7.1Mozs from the previous
    6.4Mozs 



Mine Expansion / Development



--  Stage 2 Sulphide circuit commissioning activities and first sulphide
    feed to commence in the forthcoming quarter 

--  Final total capital cost estimate for both stages US$267M 

--  Stage 3 (secondary crushing) design and capital estimation activity
    commenced during the quarter targeting throughput increase to 5.0Mtpa 

--  Stage 4 (8-10Mtpa) scoping study to determine the optimum process design
    route for expanding the completed Stage 3 process plant commenced during
    the quarter 

--  Underground decline development advanced 925m for the quarter 

--  Eight drill rigs continued resource definition drilling activities
    targeting Amun, Hapi and Pharaoh gold zones 

--  Gold mineralisation continues to be confirmed in Quartz Ridge (6km NE of
    Sukari) with further drilling planned  



Corporate Activities



--  Mr Harry Michael appointed CEO 

--  Mr Josef El-Raghy appointed Executive Chairman  



Commenting on the quarterly results, Josef El-Raghy, Chairman of Centamin Egypt,
said:


"Significant progress has been achieved during the three months to March, with
gold production in line with expectations yet cash costs substantially less than
anticipated for the inaugural quarter. We have set a solid foundation for 2010
and with the sulphide circuit coming on stream during the current quarter we
remain on track to produce 200,000 oz of gold in our first year."


SUKARI GOLD MINE 

Production Statistics



---------------------------------------------------------------------------
                                                  March 2010  December 2009
                                                     Quarter        Quarter
---------------------------------------------------------------------------
Ore Mined                             ('000t)            984            894
---------------------------------------------------------------------------
Total Mined                           ('000t)          4,326          3,914
---------------------------------------------------------------------------
Strip Ratio                        waste/ore             3.4            3.4
---------------------------------------------------------------------------
Ore Processed                         ('000t)            919            140
---------------------------------------------------------------------------
Head Grade                              (g/t)           1.41           1.11
---------------------------------------------------------------------------
Gold Recovery                             (%)           90.0           70.6
---------------------------------------------------------------------------
Gold Produced (1)                        (oz)         36,621            244
---------------------------------------------------------------------------
Cash Operating Cost of Production      
 (2)                                  US$/oz             403            n/a
---------------------------------------------------------------------------
Gold Sold                                (oz)         32,994            n/a
---------------------------------------------------------------------------
Average Sales Price                   US$/oz           1,105            n/a
---------------------------------------------------------------------------
Notes:- 
(1) Gold produced is gold poured and does not include gold-in-circuit at 
period end. The previously reported figure of 1,118 ounces for the December 
quarter included gold in circuit. 
(2) Cash operating costs excludes royalties, exploration and corporate 
administration expenditure. 



Operational Performance Overview

For the March quarter, a total of 984,461 tonnes of ore @ 1.05g/t Au was mined.
Total waste movement for the March quarter was 3.3M tonnes, with a resulting
stripping ratio of 3.4:1. With the mine exposing greater quantities of sulphide
ore, feed grade is expected to increase throughout the year in accordance with
current, and previously advised mine development plans.


Mobilisation of a further RH120 excavator occurred during the quarter and
scheduled for second quarter delivery are an additional four 785C, 150t dump
trucks. Following the December resource upgrade, the open pit ore reserve
increased to 7.1Moz based on a US$700/oz gold price and drilling completed up to
01 November 2009.


Mill throughput for the quarter was 919,004 tonnes via the Stage 1 (CIL)
circuit, with average throughput rates and recoveries steadily improving
throughout the period. A total of 1.2M tonnes of low grade ore was delivered to
dump leach pads during the quarter bringing total placement to approximately
2.0Mt at an average dumped grade of 0.5 g/t. Irrigation of the first cell
commenced late in the quarter.


Average cash costs per ounce for the quarter were $403.

Underground Mine Development

The underground operation recorded an advance of 925 metres for the March
quarter (1,072m in total), including development of the main decline,
ventilation decline and escape way infrastructure. The decline is currently 75m
below surface and the planned development is expected to provide initial access
to the orebody 250m below surface towards the end of 2010. The Company continues
to target initial production of 500,000tpa. 


Exploration

During the quarter, resource definition drilling continued to be mainly
concentrated in the Hapi, Amun Deeps and Pharaoh Zones. In total, 15,207m of
diamond and 838m of RC drilling was completed during the quarter. Significant
assays returned were as follows:




D1444 - 18m @ 2.37g/t from 224m
D1508 - 7m @ 5.17g/t from 522m
D1509 - 13m @ 4.06g/t from 600m
D1510 - 53m @ 1.50g/t from 361m
D1523 - 17m @ 1.79g/t from 139m
QZ016 - 15m @ 1.05g/t from 1m
QZ022 - 7m @ 2.30g/t from 77



SUKARI PROJECT EXPANSION

Stage 3 Expansion

During the period, design and engineering of the Stage 3 plant expansion
commenced. This primarily involves installation of a secondary crushing circuit
and related infrastructure that will be integrated into the existing process
plant crushing circuit. Stage 3 is targeting a mill throughput increase of 25%
to 5Mtpa and project completion is expected in mid 2011.


Stage 4 Expansion

A scoping study has commenced to determine the optimum process flow route for a
plant expansion up to 10Mtpa. Initial test work has indicated a number of
crushing and grinding alternatives exist to achieve this outcome. Upon
completion of the study, in the second half, detailed design and costing of the
preferred route as well as ordering of long lead items will commence. Stage 4
completion is targeted to occur in 2012.


It is estimated that during 2010, $30m of capital will be directed towards Stage
3, Stage 4 and additional mining fleet. 


RESOURCE AND RESERVE DEFINITION

Sukari Global Resource



---------------------------------------------------------------------------
0.5 g/t Cut-off Au             Tonnes (Mt)   Grade (g/t Au)       Gold (Moz)
---------------------------------------------------------------------------
Measured & Indicated               210.19             1.52            10.29
---------------------------------------------------------------------------
Inferred                             66.3              1.6              3.4
---------------------------------------------------------------------------
TOTAL                               276.5              1.5             13.7
---------------------------------------------------------------------------
Note to table: Figures in table may not add correctly due to rounding.



Sukari Mineral Reserve



--------------------------------------------------------------------------
        Proven               Probable             Mineral Reserve        
--------------------------------------------------------------------------
                  Au                  Au                  Au 
Tonnes (Mt)     (g/t)  Tonnes (Mt)  (g/t)  Tonnes (Mt)  (g/t) Cont Au (Moz)
--------------------------------------------------------------------------
69.1            1.37         90.1   1.41        159.3   1.39           7.1
--------------------------------------------------------------------------
Note to table: The mineral reserves are based on drilling up to 01 November
2009, a gold price of US$700 per ounce and a cut-off grade of 0.4 g/t Au for
oxide and sulphide material and 0.5 g/t for transitional.



Sukari Global Resource and Mineral Reserve Growth

To view the Sukari Global Resource and Mineral Reserve Growth chart, please
visit the following link:
http://media3.marketwire.com/docs/centamin_0505_sukari_global_resource_and_mineral_growth.pdf


CORPORATE ACTIVITIES 

Mr Harry Michael joined the Board of Centamin as Chief Executive Officer. Mr
Michael was most recently Executive Director, Chief Operating Officer and Vice
President of Operations of Equinox Minerals Limited.


Following Mr Michael's appointment, Mr Josef El-Raghy, transitions to the role
of Executive Chairman of Centamin. 


At the end of the quarter, the Company had $35.1M in available cash funds. The
Company remains debt free, unhedged and on track for 200,000 oz of gold
production in 2010. 


On behalf of Centamin Egypt Limited

Josef El-Raghy, Chairman 

05 May 2010

Centamin will host a live audio webcast on Wednesday, 05 May 2010 at 09:30am
(London, UK time) to update investors and analysts on its results.


The live audio webcast will be available on: 

http://mediaserve.buchanan.uk.com/2010/centamin050510/registration.asp

A replay of the webcast will be available on the same link from 11.00am on
Wednesday, 05 May 2010.


COMPETENT PERSONS STATEMENT 

Quality Assurance and Control and Qualified Person

The information in this report that relates to ore reserves has been compiled by
Mr Andrew Pardey. Mr Pardey is a Member of the Australasian Institute of Mining
and Metallurgy and is a full time employee of the Company. He has sufficient
experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity 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 the "National Instrument 43-101 of the Canadian
Securities Administrators" and "CIM Definition Standards For Mineral Resources
and Mineral Reserves" of December 2005 as prepared by the CIM Standing Committee
on Reserve Definitions of the Canadian Institute of Mining. Mr Pardey's 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 information in this report that relates to ore reserves has also been
independently verified by Mr Pieter Doelman, an employee of Coffey Mining Pty
Ltd Perth. Mr Doelman is a Member of the Australasian Institute of Mining and
Metallurgy and has sufficient experience, relevant to the style of
mineralisation and type of deposit under consideration and to the activity 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 the
"National Instrument 43-101 of the Canadian Securities Administrators" and the
"CIM Definition Standards For Mineral Resources and Mineral Reserves" of
December 2005 as prepared by the CIM Standing Committee on Reserve Definitions
of the Canadian Institute of Mining. Mr Doelman consents to the inclusion of
this estimate in reports.


The information in this report that relates to mineral resources is based on
work completed independently 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.


Information in this report which relates to exploration, geology, sampling and
drilling is based on information compiled by geologist Mr Richard 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.


Refer to the updated Technical Report which was filed in May 2009 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.


ABN 86 007 700 352