Resource upgrade

Centamin Egypt Limited
16 August 2006


                                                                  16 AUGUST 2006


                             CENTAMIN EGYPT LIMITED
                          ('CENTAMIN' OR THE'COMPANY')

                      SUKARI GOLD PROJECT RESOURCE UPGRADE


Centamin Egypt, the dual listed gold exploration company, today announces a
resource upgrade at its Sukari Gold Project. The resource has been upgraded to
6.79 million ounces of gold - a 13% increase on the resource announced in July
2006.


HIGHLIGHTS:



• Sukari JORC compliant resource upgrade to 6.79 million ounces of gold


• Increase of 795,000 ounces or 13% above the resource announced in July 2006


• Increase of 3.73 million ounces or 121% above the resource statement at
  recommencement of drilling in May 2005


• Cost per ounce discovered since recommencement of drilling in May 2005 -
  US$3.60


• Confirmation of extension of mineralisation from the Amun and Ra zones into
  the Pharaoh zone with higher grade north plunging ore shoots


• Near surface mineralisation encountered on eastern flank of Sukari


• Potential to add significant ounces up dip to the west of RCD 553 (111m @
  15.06g/t Au)





RESOURCE MODELLING


The Sukari global resource now stands at 142.96Mt @ 1.48g/t Au for 6.79 Moz Au,
at a 0.5g/t Au cut off grade.


              Table 1 - July 2006 Resources by Confidence Category

                  Total Resource (July 2006 - Global All Data)
Cut-off    Measured       Indicated         Inferred          Total        TOTAL
          Mt     g/t      Mt      g/t      Mt      g/t      Mt      g/t     Moz
  0.5    36.06   1.45    54.63    1.50    52.30    1.50   142.96    1.48   6.79
  0.7    27.24   1.73    41.77    1.78    37.3     1.80   106.34    1.78   6.09
  1.0    18.42   2.15    28.64    2.21    24.40    2.40    71.47    2.24   5.15

     Note to Table: Figures in table may not add correctly due to rounding


The resources are estimates of recoverable tonnes and grades using Multiple
Indicator Kriging with block support correction. Measured resources lie in areas
where drilling is available at a nominal 25 x 25 metre spacing, Indicated
resources occur in areas drilled at approximately 25 x 50 metre spacing and
Inferred resources exist in areas of broader spaced drilling.

The resource estimate has been based on the sampling and geological logging
coming from 647 diamond and RC drill holes combining to give approximately 130K
metres of drilling and from available assaying as at 21 July 2006. The resource
data set comprises approximately 66,400 two-metre down hole composites and rock
chip samples. The mineral resource estimate has been adjusted to present land
surfaces (currently available and subject to change) and previous underground
mining (very minor effect on total resources).


EXPLORATION AND GEOLOGY


Significant areas of resource increase occurred at 11000N, 11100N and 11175N to
11550N. Drilling on sections 11000N to 11100N intersected high grade
mineralisation from 930RL to the 500RL. The zone of mineralisation confirms the
extension of mineralisation that occurs to the south in the Amun and Ra zones
which is related to north plunging ore shoots. The grade of the mineralisation
is >1g/t with zones grading >3g/t and 10g/t. Drilling continues with 9 rigs on
site.


For Centamin Egypt Limited
Josef El-Raghy
Managing Director
16 August 2006






Enquiries:

Centamin Egypt Limited         + 61 (8) 9316 2640
Josef El-Raghy

Bishopsgate Communications Ltd + 44 (0) 20 7430 1600
Nick Rome or Fran Read





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.


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.





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