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CNT $2.11

resource update. why the sell off??

  1. chris

    3,553 posts.
    Looks good, so why the sell off??




    CENTAMIN EGYPT LIMITED 2003-02-18 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Centamin is pleased to announce the latest upgrade to the gold
    resource at the Sukari Gold Project in Egypt.

    INTERIM RESOURCE UPDATE

    Josef El-Raghy, Managing Director of Centamin Eygpt Limited, is at
    the Indaba Mining Conference in Cape Town South Africa, to make a
    presentation on the progress of the drilling program at the Sukari
    gold project in Egypt.

    The company has prepared an interim resource estimate for this
    conference. Meanwhile the current program of infill reserve drilling
    south of 10675N and resource drilling north of 10750N is still
    in progress. To date 9,245.01 metres have been completed since the
    start of the current program on the 12th October 2002 and of this
    2500m remains to be assayed and is not included in this upgrade.

    RESOURCES BY CONFIDENCE CATEGORY, INCLUDING CUT HAPI SHOOT

    MEASURED INDICATED INFERRED TOTAL TOTAL INCREASE*
    M M M M
    CUT- TONNES G/T TONNES G/T TONNES G/T TONNES G/T OUNCES OUNCES
    OFF

    0.5 12.86 1.36 20.33 1.41 23.03 1.6 56.23 1.47 2,658,110 609,704
    1.0 6.40 2.02 10.46 2.06 12.27 2.4 29.14 2.17 2,033,270 470,854

    Note: * Increase in total ounces since previous resource statement

    INDICATED INFERRED TOTAL TOTAL
    CUT- TONNES G/T TONNES G/T TONNES G/T OUNCES
    OFF

    0.5 40922 26.0 106164 54.9 147087 46.8 221,434

    The above resource estimates have been calculated using drill hole
    data up to hole 293. At the end of January, holes 299, 300, 303 and
    304 were still in progress. Drilling is continuing northwards in the
    wide Ra zone.

    We are encouraged by the success in the resource growth to date for
    the 4-5 mtpa production scenario. Mineralisation of significant
    width is being intersected in the first pass holes in the Ra zone.

    North of 10675N, in the Ra zone, very good zones of stockwork
    mineralisation were hit in all holes. South of 10675N visible gold
    was intersected in January, on sections 10500N (D298 and 10475N
    (D301).

    The visible god found on section 10500N relates to the HAPI zone
    which has been identified north and south of this section. Visible
    gold was seen at 304.90m and 305.16m, the gold is related to
    sulphide veinlets within a quatz vein 3 metres from the footwall
    contact. The HAPI zones relates to a flexure in the porphyry contact
    where the dip changes from 60 degrees to 30 degrees. The second
    occurrence of visible gold was identified on 10475N within the
    porphyry stockwork at 265.30 metres approximately 50m above the
    footwall contact and this is not related to the HAPI zone. Numerous
    zones of mineralisation and brecciation were present within the
    holes and stockwork mineralisation displays areas of sericitic
    alteration with veinlets of quartz and sulphides.

    This latest upgrade has shown an increase of over 609,000 ounces of
    gold resource, increasing the total resources to over 2.65 million
    ounces. (See table above for details).

    J El-Raghy
    MANAGING DIRECTOR

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