Fourth quarter results Part1

Centamin Egypt Limited 30 July 2004 CENTAMIN EGYPT LIMITED ('Centamin' or the 'Company') ACN 007 700 352 QUARTERLY REPORT FOR THE PERIOD ENDING 30th JUNE 2004 CORPORATE ACTIVITES • The Egyptian Government On 10th July 2004, the Egyptian President, His Excellency Mr Hosni Mubarak appointed a new Prime Minister, The Honourable Dr Ahmed Nazif. On the 14th July the Prime Minister announced a thirty five member Cabinet to govern the republic. Within the new Cabinet, the Honourable Rasheed Mohamed Rasheed has been appointed as the Minister for Industry, the minister responsible for the mining sector. The former Minister for Industry, Dr Saiedi is no longer a minister in the Cabinet. The appointment of a new Prime Minister and Cabinet has been largely welcomed by both domestic and international observers with reform and the encouragement of foreign investment expected to improve significantly as a result. The Company supports these views and welcomes the new Minister for Industry's appointment and will, as soon as is possible, meet with the Minister in a bid to resolve the current dispute between EGSMA and Pharaoh Gold Mines NL (the company's wholly owned subsidiary, 'Pharaoh'). • Eastern Desert Concession (the 'Concession') - Legal Actions Administrative Court As previously reported, in May 2003 Pharaoh, the holder of the Concession, initiated an action in the Administrative Court in Cairo, against both the then Minister for Industry and the Egyptian Geological Survey and Mining Authority ('EGSMA'), requesting that the Court direct both parties to sign all necessary documentation in order to permit a return to work at Sukari. The court declined to proceed with Pharaoh's claim against the Minister on the basis that the action against EGSMA should have been submitted to formal arbitration under the terms of the Concession Agreement. The Company has been advised that the Court has not made any other decision or finding with respect to this action. The Company has appealed the decision on the basis that the court should have proceeded with the case against the Minister and should have only rejected the action against EGSMA. Cairo Regional Centre for Commercial Arbitration (the 'Centre') Subsequent to the Company and EGSMA having made their submissions to the Centre, the process of arbitration was held on 27th June 2004. The first determination sought by Pharaoh was for the immediate enforcement of Article XXIV (h) of the Concession, which states that pending an arbitration award, operations and activities on the Concession are to continue. The Arbitrators advised that they would make their decision in the full context of the submissions made by the parties. The parties have the right, until 23rd September 2004, to submit any further information to the Arbitrators after which a decision is expected. • EGSMA Following the publication of comments made by Mr Abdul El Hassan Abd El Raouf Soliman, the current Chairman of EGSMA on the EGSMA website, relating to the matters before the Court and the Centre, the Company formally contacted Mr Soliman requesting a withdrawal or correction to his comments on the basis that they were false and misleading. As no withdrawal or correction has taken place a penal action for False Accusations has been filed by Pharaoh against Mr Soliman under Article 305 of the Egyptian Penal Code. • Sukari Project The Sukari project is the most advanced gold project in Egypt and will be the first gold producer in the modern era and as such the Company understands that it is important to seek resolution to all matters in a non-confrontational and co-operative manner if possible. The Company is fully committed to developing a significant gold mining industry in the country. The Company remains resolved to continue to abide by both the spirit and intent of the Concession Agreement. Seven drill rigs are on site at Sukari ready to resume the task of completing infill and extension drilling. Metallurgical samples have been assembled and are ready for shipment to Australia as part of the Bankable Feasibility Study into the development of a 4 to 5 million tonne per annum processing facility. During this current quarter, the Company intends to continue its staff training programme by sending Egyptian employees to visit operating gold mines in both Ghana and Tanzania to gain valuable experience as the Company pursues its efforts to establish a modern gold mining industry in Egypt and to resolve the current dispute with EGSMA. For Centamin Egypt Limited Josef El-Raghy Managing Director 30th July 2004 This information is provided by RNS The company news service from the London Stock Exchange
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