2nd quarter results

Centamin Egypt Limited
31 January 2006


                             Centamin Egypt Limited
                      ('Centamin Egypt' or 'the Company')

                    2nd Quarter Results to 31 December 2005

Highlights

   • Sukari JORC compliant resource upgrade to 4,493,882 ounces

   • Increase of 1,431,173 ounces or 47%

   • Mineralisation remains open to north, south and down dip

   • Cost per ounce discovered for current drilling programme, US$3

   • Feasibility Study continues

   • Company receives Outstanding Performance Award from the Egyptian
     Government

   • Significant drill intersections for the quarter:-

     RCD 370   74.5m @ 4.63 g/t
     RCD 388     30m @ 3.65 g/t
     RCD 388     24m @ 9.70 g/t
     RCD 391     14m @ 3.93 g/t
     RCD 391     35m @ 4.21 g/t
     DDH 395      1m @ 573.00 g/t
     RCD 402      8m @ 9.09 g/t
     RCD 402      4m @ 14.02 g/t
     RCD 406     41m @ 3.69 g/t 
     DGT 408     26m @ 4.23 g/t
     DDH 410     72m @ 2.30 g/t
     RCD 413      5m @ 19.21 g/t
     RCD 415     10m @ 3.64 g/t
     RCD 415     17m @ 2.56 g/t
     RCD 416     23m @ 6.92 g/t
     RCD 420     38m @ 2.62 g/t
     RCD 421     10m @ 3.54 g/t


SUKARI PROJECT

Resource Modelling

Resource modelling and grade estimation of the Sukari geological resource was
recently completed to JORC standards by independent resource consultants,
Hellman & Schofield.

The resource has been calculated from 451 diamond and RC holes for a total of
86,581 metres of drilling up to the beginning of November 2005, an increase of
approximately 20,000 metres from the current program, and is as follows:-

Gold Resource Estimate by Category

       Cut-off   Measured & Indicated        Inferred                      Total
           g/t      Mt    g/t     Moz     Mt    g/t    Moz     Mt     g/t    Moz

July       0.5    26.4   1.42    1.20   16.9   1.54   0.84    43.3   1.47   2.04
2002       1.0    13.5   2.09    0.91    8.7   2.33   0.65    22.2   2.18   1.56

April      0.5    40.5   1.32    1.71   24.1   1.59   1.23    64.5   1.42   2.94
2003*      1.0    20.4   1.91    1.25   13.0   2.32   0.97    33.4   2.07   2.22

December   0.5   65.57   1.47    3.10   25.2    1.7   1.38   90.78   1.54   4.49
2005       1.0   34.24   2.16    2.38   13.9    2.5   1.12   48.12   2.27   3.51

* Includes cut grades for the high-grade Hapi Shoot
Notes: Due to rounding total figures may not reconcile
       No drilling took place from April 2003 to April 2005

The measured resources lie in areas where drilling data is available at a
nominal 25 x 25 metre spacing, indicated resources are approximately 25 x 50
metre spacing and inferred resources in areas of broader spaced drilling. The
resources are estimates of recoverable tonnes and grades using Multiple
Indicator Kriging with block support correction. The resource model extends from
9900mN to 11000mN and to a maximum depth of 600RL (approximately 550 metres
below surface).

As part of the resource upgrade, an assessment of all QA-QC work was carried out
on data collected during 2005, to check the sample quality used to determine the
resource. All QA-QC checks display that sampling procedures at Sukari are of a
high standard including:-

• Standard samples all preformed well and within acceptable limits;

• Blank samples all performed well, indicating that the sample preparation at
  Sukari is being carried out properly;

• The pulverized material from Sukari is ground consistently to over 95% of
  particles passing 75 micron;

• Au1 v Au2 repeatability is at the industry standard for Bankable 
  Feasibilities; 90% of data with a HARD value of 10. The AuAR is performing
  very well compared to the Fire Assay;

• RC re-splits, diamond duplicates and crushed samples also perform well;

• Diamond core recovery compared to gold grade, displays there is no
  significant correlation between grade and core recovery.


Resource Drilling Programme

Drilling during the December quarter focused on:-

• Defining the extension of the wadi covered porphyry south of Sukari Hill;

• Infill drilling of the Amun zone;

• Definition of hangingwall porphyries;

• Ra zone step out drilling;

• Testing of mineralisation below the planned pit floor;

• Development of tracks along the western side of the Sukari Porphyry from
  11000N to 12200N (1.2km).

Defining the extension of the wadi covered porphyry south of Sukari Hill

Drilling was carried out on the wadi floor up to 100 metres south and to the
east of the Sukari outcrop between 9950N and 10100N which confirmed the
continuity of the porphyry and also encountered extensive intersections of high
grade mineralisation (RCD 370 (10025N) - 4 metres @ 5.09 g/t, 74.5 metres @ 4.63
g/t, 10 metres @ 2.48 g/t and 4 metres @ 3.4 g/t).

Mineralisation was intersected in drill holes RCD370 (10025N), RCD416 (10000N),
RCD383 (9950N), RCD384 (9975N).

Mineralisation is related to intense sulphide and sericite veining within the
altered porphyry, relatively high percentage of arsenopyrite and pyrite are
present in the core. More drilling is planned in this area, as drilling has not
fully tested the potential of the continuation of the mineralised porphyry unit
south of 9950N.

Infill drilling with the Amun zone around the Main Reef

Drill holes tested the upper portion of the Amun zone between 10250N and 10375N,
which previously had limited drilling due to a lack of drill access. Drilling
confirmed the strike and dip continuity of the high grade historic Main Reef,
previously worked by the ancients.

Drill Holes 394, 399, 400, 401, 405, 406, 408, 413, 414, 415 intersected high
grade mineralised zones related to the Main Reef, the style of mineralization
within the vein varies from a laminated to a brecciated quartz vein, adjacent to
the quartz vein gold is related to sericite alteration and stockwork
mineralization.

Definition of hangingwall porphyries

The value of the infill hangingwall targeted drill holes been highlighted from
the results received from D 407B and D 411. Results show a very steep
hangingwall contact and some significant grades in porphyry at the hangingwall
contact for section 10325N, where little information or resource blocks were
shown previously.

Ra zone drilling

Holes were drilled in the Ra zone from 10875N to 11175N, gold mineralisation is
related to quartz veining and alteration of the porphyry, with kaolinite and
silica the main alteration minerals. Mineralization is well displayed in the
broad runs of gold mineralisation as displayed by holes D 410, RCD420 and RCD
421.

Step out drilling below the planned pit floor

Holes drilled to target down dip extensions of gold mineralisation and the main
porphyry unit at greater depths (RCD386, RCD388, RCD389, RCD391, D395, RCD402)
shows that mineralization, the main porphyry and geological structures continue
down dip at depth and are often associated with high grades.

Gold is related to typical Sukari mineralisation assemblages, that being
shearing, quartz veining, stockworks and alteration, typically sericite with
zones of kaolinite.

The ore body is still open along strike to the south and north and down dip to
the east at depth.

Access Tracks and Rock-breakers

Five rock breakers were at work at Sukari during December. Tracks for drilling
access, a road to the proposed tailings dam and test pits were completed.

Upper Gazelle was completed to 10950N. Accra, Pharaoh, Upper Pharaoh and Mike
tracks were developed.


FEASIBILITY STUDY

During the quarter work continued with Ausenco on the Bankable Feasibility Study
(BFS) into the development of a 4 to 5 million tonne per annum processing
facility.

The Scoping Study was completed in late December and has concluded that the
flotation process, with lower estimated capital and operating costs and higher
estimated recovery, can provide better economics compared to the whole of ore
CIL process option. Furthermore it has been concluded that the 4 Mtpa flotation
process route is economically more attractive as the significant additional
capital cost required for the 5 Mtpa plant is not matched by current forecast
project returns.

Gold recovery in the flotation process is however sensitive to the degree of
sulphide mineral oxidation and weathering of the ore. This process option
therefore requires additional metallurgical information on the extent of
weathering in the ore so as to address the issues associated with the interface
between the geology interpretation and metallurgical performance of the
weathered material. The study has proposed a review of the weathering codes and
additional testwork based on the outcome of that review.

It is planned to undertake this additional metallurgical testwork in parallel
with engineering and estimating for the design of a flow sheet for flotation
plus leaching of flotation tails and leaching of reground concentrate.

The feasibility study is due for completion in the second quarter of this year.


CORPORATE ACTIVITIES

On the 26th of September, Mr Stuart Bottomley was appointed as a director of the
Company.

Mr Bottomley worked as a portfolio manager for over twenty years, firstly
with the 'Target Group' of unit trusts and subsequently with Fidelity
International. For the last twelve years, he has acted as a consultant to a
number of private and public companies with a growing emphasis on the mining
industry.

In November, the Annual General Meeting of shareholders was held in London for
the first time, with a very strong attendance, reflecting the significant
ownership by UK and European investors. Based on this success it is intended to
hold future meetings in the UK.

During the quarter, the Company's wholly owned subsidiary, Pharaoh Gold Mines NL
and one of its Egyptian geologists, Mr Ismail Abd El-Khalek were honored with
awards for outstanding performance during 2005. These awards were presented by
His Excellency, Engineer, Sameh Fahmy, the Minister for Petroleum and Mineral
Resources, on behalf of the Egyptian Government, acknowledging the Company's and
Mr Ismail Abd El-Khalek's contribution and commitment to the Egyptian minerals
industry.

During December, the Australian Ambassador to Egypt, Mr Robert Bowker visited
the Sukari site with the Company's Chairman, Mr Sami El-Raghy. The visit forms
part of the Company's policy of keeping the Australian Embassy informed with
respect to the Company's progress and activities in Egypt and ensuring a good
working relationship.

For Centamin Egypt Limited


Josef El-Raghy
Managing Director/CEO
31 January 2006

For more information please contact:

Centamin Egypt Limited                    or    Bishopsgate Communications Ltd
Tel: [phone] Fax: [phone]         Tel: [phone]
Josef El-Raghy ([e-mail])          Maxine Barnes +07860 489 571
Heidi Brown ([e-mail])             Dominic Barretto +07930 450 156

http://www.centamin.com/                http://www.bishpsgatecommunications.com/

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. 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 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'. 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.

              Assay Intersections During the December Quarter 2005

  Hole     Northing   Easting   Azimuth   Dip   Length   From    To    Interval   Grade
 RCD370       10025     10518       270   -88    302.9     133   137          4     5.09
                                                         149.5   224       74.5     4.63
                                                           230   240         10     2.48

  D371        10850     10427       270   -90   110.82      34    39          5     5.57

 RCD372       10050     10528       270   -70      251   192.9   206      13.15     3.56

RCDGT376      10080     10509       270   -63      210      47    51          4     3.70

RCDGT378      10230     10512       266    58    239.8      80   180        100     1.75

 DGT379       10525     10572       270   -60    310.4     129   138          9     2.90
                                                           159   165          6     4.12
                                                           184   185          1    20.50

 DGT382       10601     10558       272   -62      340     208   229         21     2.20

 RCD383        9946     10537       270   -70    295.1     190   196          6     7.71
                                                           235   242          7     8.48

 RCD388       10300     10643       270   -81    349.7     244   274         30     3.65
                                                 incl      265   268          3    20.78
                                                           294   318         24     9.70
                                                 incl      295   296          1   185.00
                                                 incl      294   303          9    23.78

 RCD391       10604     10832       270   -65    480.9     381   395         14     3.93
                                                           401   436         35     4.21
             incl                                          425   426          1    20.20

 RCD394       10263     10406       270   -60      115      69    80         11     2.08

  D395        10750     10807       270   -55      480     196   207         11     2.86
                                                           352   353          1   573.00
                                                           371   378          7     2.77

RCDGT399      10299     10411       270   -60    180.1      77    81          4     5.88

 RC401        10351     10402       270   -60      100      71    79          8     3.53

 RCD402       10684     10858       270   -57      552     450   458          8     9.09
                                                           492   496          4    14.02

RCDGT405      10375     10401       270   -60    194.7      59    69         10     2.23
                                                            78    86          8     4.21

 RCD406       10373     10450       270   -60      160      63    69          6     5.07
                                                           105   146         41     3.69

 D407B        10325     10596       270   -60   251.05     167   202         35     1.52

 DGT408       10255     10429       270   -60    296.6      92   118         26     4.23
                                                           246   248          2    13.55

  D410        10871     10680       270   -75    528.1     104   110          6     3.91
                                                           128   129          1    21.60
                                                           325   397         72     2.30
                                                           443   450          7     5.78

  D411        10925     10852       270   -20   343.82      47    55          8     2.59

 RC413        10348     10438       270   -62      150      94    99          5    19.21
                                                           123   127          4     4.47

 RCD414       10324     10434       270   -90      150     135   139          4     4.89

 RC415        10300     10445       270   -60      150      95   105         10     3.64
                                                           112   129         17     2.56

 RCD416       10000     10523       270   -83    306.6     159   172         13     2.80
                                                           212   235         23     6.92
                                                 incl      217   228         11    12.53
                                                           243   248          5     3.97

 RCD420       11077     10801       270   -87      387     129   141         12     3.22
                                                           129   130          1    25.20
                                                           245   271         26     2.43
                                                           283   321         38     2.62
                                                 incl      283   296         13     3.01
                                                 incl      319   320          1    29.50

 RCD421       11125     10769       270   -88    431.1     175   183          8     3.40
                                                 incl      176   178          2    10.77
                                                           208   215          7     3.32
                                                           305   315         10     3.54
                                                 incl      308   312          4     7.61
                                                 incl      356   358          2     7.14

 RCD422       11176     10647       259   -88    422.9     206   208          2     7.38

 RCD426       11118     10639       270   -70    472.8     187   188          1     7.84

 RCD427       11070     10649       270   -87    370.4     128   131          3     4.89

 RCD428       11070     10693       270   -70    602.8     115   122          7     2.11

 RCD431       11084     10916       270   -88      237       0     5          5     5.00
                                                 incl        4     5          1    23.20




                                                                        Rule 5.3

                                  Appendix 5B

                   Mining exploration entity quarterly report

       Introduced 1/7/96. Origin : Appendix 8. Amended 1/7/98, 30/9/2001.

Name of Entity
                            Centamin Egypt Limited

ABN Quarter ended ('current quarter')
      86 007 700 352                           31 December 2005

Consolidated statement of cash flows

Centamin Egypt Limited
Pharaoh Gold Mines NL (100%)
Viking Resources Ltd (100%)
North African Resources (100%)

Cash flows related to operating activities       Current Quarter   Year to date
                                                          $A'000      (6 months)
                                                                         $A'000

1.1 Receipts from product sales and related
    debtors
1.2 Payments for (a) exploration and evaluation          (2,781)        (4,541)
                 (b) development                           (120)          (219)
                 (c) production                               -              -
                 (d) administration                        (258)          (434)
1.3 Dividends received                                        -              -
1.4 Interest and other items of a similar
    nature received                                         176            405
1.5 Interest and other costs of finance paid                  -              -
1.6 Income taxes paid                                         -              -
1.7 Other (provide details if material)                       -              -
    Net Operating Cash Flows                             (2,983)        (4,789)

Cash flows related to investing activities

1.8 Payment for purchases of (a) prospects                    -              -
                             (b) equity investments           -              -
                             (c) other fixed assets         (99)          (249)
1.9 Proceeds from sale of    (a) prospects                    -              -
                             (b) equity investments           -              -
                             (c) other fixed assets           -             (6)
1.10 Loans to other entities *(Refer Note 1)             (3,000)        (5,010)
1.11 Loans repaid by other entities                           -              -
1.12 Other (provide details if material)                      -              -
     Net investing cash flows                            (3,099)        (5,265)
1.13 Total operating and investing cash flows
     (carried forward)                                   (6,082)       (10,054)
1.14 Proceeds from issues of shares, options, etc.          130            130
1.15 Proceeds from sale of forfeited shares                   -              -
1.16 Proceeds from borrowings *(Refer Note 1)             3,000          5,010
1.17 Repayment of borrowings                                158            158
1.18 Dividends paid                                           -              -
1.19 Other (provide details if material)                      -              -
     Net financing cash flows                             3,288          5,298

     Net increase (decrease) in cash held                (2,794)        (4,756)

1.20 Cash at beginning of quarter/year to date           15,907         17,946
1.21 Exchange rate adjustments to item 1.20                  43            (34)
1.22 Cash at end of quarter                              13,156         13,156

*Note 1 - From the March 2004 Quarter onwards, the funding of exploration
expenditure by the Holding Company to its subsidiaries is also disclosed as an
inter-entity loan under sections 1.10 and 1.16 respectively.

Payments to directors of the entity and associates of the      Current quarter
directors
Payments to related entities of the entity and associates of       $A'000
the related entities

1.23 Aggregate amount of payments to the parties included in
     item 1.2                                                     239,792

1.24 Aggregate amount of loans to the parties included in item          -
     1.10

1.25 Explanation necessary for an understanding of the transactions
     - Salaries, superannuation contributions, consulting and directors fees 
       paid to Directors during the quarter amounted to $207,806.

     - Mr S El-Raghy and Mr J El-Raghy are Directors and shareholders of 
       El-Raghy Kriewaldt Pty Ltd ('ELK'), which provides office premises to 
       the Company in Australia. All dealings with ELK are in the ordinary 
       course of business and on normal terms and conditions. Rent paid to ELK 
       during the quarter amounted to $13,263.

     - Mr S El-Raghy provides office premises to the Company in Alexandria, 
       Egypt. All dealings are in the ordinary course of business and on normal 
       terms and conditions. Rent paid during the quarter amounted to $5,931.

     - Mr C Cowden, a non-executive director, is also a director and shareholder
       of Cowden Limited, which provides insurance broking services to the 
       Company. All dealings with Cowden Limited are in the ordinary course of 
       business and on normal terms and conditions. Insurance premiums paid to 
       Cowden Limited during the quarter amounted to $12,792.

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material
    effect on consolidated assets and liabilities but did not involve cash flows
    -

2.2 Details of outlays made by other entities to establish or increase their
    share in projects in which the reporting entity has an interest
    -

Financing facilities available
Add notes as necessary from an understanding of the position.

                                         Amount available        Amount used
                                              $A'000               $A'000

3.1 Loan facilities                              -                      -

3.2 Credit standby arrangements                  -                      -

Estimated cash outflows for next quarter                           $A'000

4.1 Exploration and evaluation                                      3,350

4.2 Development                                                       650

    Total                                                           4,000

Reconciliation of Cash

Reconciliation of cash at the end of the    Current quarter   Previous quarter
quarter (as shown in the consolidated           $A'000             $A'000
statement of cash flows) to the related
items in the accounts is as follows.
                                                

5.1 Cash on hand and at bank                      940                849

5.2 Deposits at call                              931              1,051

5.3 Bank overdraft                                  -                  -

5.4 Term deposits                              11,285             14,007

Total: cash at end of quarter (item 1.22)      13,156             15,907

Changes in interests in mining tenements
                Tenement   Nature        Interest at    Interest at
               reference   of interest   beginning of   end of 
                                         quarter        quarter
                                         (note (2))

6.1 Interest in
    mining
    tenements
    relinquished,
    reduced or
    lapsed

6.2 Interests
    in mining
    tenements
    acquired or
    increased

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.

                    Total number    Number       Issue price     Amount paid 
                                    quoted       per security    up per security
                                                 (see note 3)    (see note 3)
                                                 (cents)         (cents)
7.1 Preference
    +securities
    (description)

7.2 Changes during
    quarter
    (a) increases
        through
        issues
    (b) decreases
        through
        returns
        of capital,
        buy-backs,
        redemptions
7.3 +Ordinary
    securities       502,560,369    502,560,369
7.4 Changes
    during               500,000        500,000  (See 7.9 below) (See 7.9 below)
    quarter
    (a) increases
        through
        options
        exercise
    (b) decreases
        through
        returns
        of capital,
        buy-backs
7.5 +Convertible
    debt securities
    (description)
7.6 Changes during
    quarter
    (a) increases
        through
        issues
    (b) decreases
        through
        securities
        matured,
       converted
7.7 Options              Employee                    Exercise price  Expiry date
    (description       Option Plan
    and conversion         2002        
    factor)
                         760,000        Nil            23.10 cents    12/11/2006
                         130,000        Nil            23.10 cents    17/11/2006
                         750,000        Nil            35.49 cents    15/12/2006
                         775,000        Nil            28.04 cents    04/02/2008
                         410,000        Nil            28.04 cents    17/02/2008
                       4,250,000        Nil            35.00 cents    31/10/2010
                       1,500,000        Nil            43.55 cents    08/12/2008

7.8 Issued during
    quarter            4,250,000        Nil            35.00 cents    31/10/2010
                       1,500,000        Nil            43.55 cents    08/12/2008
7.9 Exercised
    during               250,000                       29.00 cents    11/11/2005
    quarter              250,000                       23.10 cents    12/11/2006
7.10 Expired/
     lapsed during
     quarter
7.11 Debentures
     (totals only)
7.12 Unsecured
     notes(totals
     only)

Compliance statement

1. This statement has been prepared under accounting policies which comply with
   accounting standards as defined in the Corporations Act or other standards
   acceptable to ASX (see note 4).

2. This statement does give a true and fair view of the matters disclosed.


Heidi Brown
Company Secretary         
Date: 31 January 2006



Notes

1. The quarterly report provides a basis for informing the market how the
   entity's activities have been financed for the past quarter and the effect on
   its cash position. An entity wanting to disclose additional information is
   encouraged to do so, in a note or notes attached to this report.

2. The 'Nature of interest' (items 6.1 and 6.2) includes options in respect of
   interests in mining tenements acquired, exercised or lapsed during the 
   reporting period. If the entity is involved in a joint venture agreement and 
   there are conditions precedent which will change its percentage interest in a
   mining tenement, it should disclose the change of percentage interest and 
   conditions precedent in the list required for items 6.1 and 6.2.

3. Issued and quoted securities The issue price and amount paid up is not
   required in items 7.1 and 7.3 for fully paid securities.

4. The definitions in, and provisions of, AASB 1022: Accounting for Extractive
   Industries and AASB 1026: Statement of Cash Flows apply to this report.

5. Accounting Standards ASX will accept, for example, the use of International
   Accounting Standards for foreign entities. If the standards used do not 
   address a topic, the Australian standard on that topic (if any) must be 
   complied with.




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