08/05/2007
Gold group Centamin Egypt has increased its resource at Sukari in Egypt by 9 per cent to 9.01 million ounces.
West Australia-based Centamin, listed on AIM and headed by managing director Josef El-Raghy, said three months drilling with ten rigs has produced this latest estimate, in accordance with the mining industry’s JORC standard. The new estimate consists of a measured and indicated resource of 6.07 million ounces at a low grade of 1.39 grammes of gold per tonne of ore and an inferred resource of 2.94 ounces at 1.6 grammes a tonne.
El-Raghy proclaimed ‘the company is very pleased with the continued rapid increase in the size of the Sukari gold deposit’. He added, ‘There still exists the potential for further significant resource increases within the same Ra/Gazelle and Pharaoh zones, as drilling continues northwards.’
Recommended by Growth Company Investor at 10.25p in July 2004, Centamin shares have now reached 49.75p, up 3.75p this morning and valuing the company at £372 million. There could be more mileage yet.
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