Centamin Egypt: Sukari Gold Project Reserve Upgrade
February 01 2010 - 9:16AM
Marketwired
Centamin Egypt Limited ("Centamin" or "the Company") (TSX:
CEE)(LSE: CEY) is pleased to announce an increase in total reserves
at the Sukari Gold Mine in Egypt.
The total reserves have increased to 7.1 million ounces from the
previously reported 6.4 million ounces. The new mineral reserves
are based on drilling up to 01 November 2009 and a gold price of
US$700 per ounce. Details of the new reserves calculated for Sukari
are listed in the table below. The reserves have been marginally
depleted using the 31 December 2009 topographic survey and exclude
material mined between April and December 2009.
----------------------------------------------------------------------------
Sukari Open Pit Mineral Reserve Estimate as at 31 December 2009 (reported at
a cut-off grade of 0.4 g/t Au for oxide and sulphide material and 0.5 g/t
for transitional)
----------------------------------------------------------------------------
Proven Probable Mineral Reserve
----------- ----------------- ----------------- ----------------------------
Tonnes Au Tonnes Au Tonnes Au Cont Au
(Mt) (g/t) (Mt) (g/t) (Mt) (g/t) (Moz)
----------- ----------------- ----------------- ----------------------------
New Reserve 69.1 1.37 90.1 1.41 159.3 1.39 7.1
----------- ----------------- ----------------- ----------------------------
Previous
Reserve 64 1.38 78 1.43 142 1.4 6.4
----------- ----------------- ----------------- ----------------------------
Note to Table: new reserve figure includes 1,167,798t @ 0.74g/t for
27,762ozs of stockpile material in the proven category
The current reserve has been calculated from a Measured and
Indicated resource of 210Mt at 1.5g/t Au for 10.2 million ounces. A
total Measured and Indicated resource increase of 0.80 Million
ounces has resulted in a 0.60 Million ounce increase in total
reserves.
The Sukari pit is being developed in a number of stages and the
mining and processing schedule developed for Sukari uses an
elevated cutoff grade through the early years to increase the head
grade to the processing plant. It is currently assumed that the
material between this elevated cutoff grade and the cutoff grade
used for the Mineral Reserve estimate is stockpiled and treated at
the end of the project life.
For further information please refer to our website
www.centamin.com.
For Centamin Egypt Limited
Josef El-Raghy, Managing Director/CEO
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.
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.
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.
Refer to the 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
Contacts: Centamin Egypt Limited Josef El-Raghy + 61 (8) 9316
2640 www.centamin.com Buchanan Communications Limited Bobby Morse +
44 (0) 207 7466 5000 Buchanan Communications Limited Ben Willey +
44 (0) 207 7466 5000
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