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Centamin Egypt starts gold mining at Sukari in Egypt

Centamin Egypt ((TSX:CEE, ASX:CNT, AIM:CEY) has announced the commencement of mining operations at the Sukari Gold Project in Egypt. Blasting operations have commenced with ore to be stockpiled ahead of the scheduled completion of the Process Plant in the second quarter of 2009.

The commencement of mining operations is a significant milestone for Centamin and for Egypt. Centamin is developing the first large scale modern gold mine in Egypt on an owner-operator basis. Mining has commenced with an initial fleet of five CAT 785C Dump Trucks and a O&K RH120E excavator. A further delivery of five CAT 785C Dump Trucks and a second O&K RH120E excavator is scheduled for February in order to advance development activities throughout 2009.

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.

The Sukari Gold Project will be Egypt’s first modern gold mine and has a current resource of 9.39Moz Measured and Indicated and 3.5Moz Inferred. 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 an initial throughput rate of 4M tonnes per annum.

Quick facts: Centamin PLC

Price: 1.91 CAD

Market: TSX
Market Cap: $2.21 billion

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