Options Expiry

Centamin Egypt Limited
11 November 2003


                             Centamin Egypt Limited

                                 Options Expiry



On 9 November 2003 49,999,488 unquoted vendor options expired. Under the terms
and conditions of the Options, the Options were exercisable at any time during
the period from the commencement of Commercial Production to 9 November 2003.
The Company has not achieved Commercial Production and as a result the Options
have expired.



Josef El-Raghy
Managing Director
Centamin Egypt Ltd






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