Centamin Egypt Limited Announces Closing of First Tranche of Offering and Listing on the Toronto Stock Exchange


    TORONTO, April 5 /CNW/ - Centamin Egypt Limited ("Centamin" or the
"Company") (TSX:CEE, AIM:CEY, ASX:CNT) is pleased to announce that it has
successfully closed the first tranche (the "First Tranche") of a total
offering of 163,622,198 ordinary shares (the "Ordinary Shares") priced at
C $0.86 for total proceeds C$140,715,090 (the "Offering"). Based on the Bank
of Canada noon exchange rate on the day of pricing, this implies pricing of
approximately 38p or A$0.94, and gross proceeds of approximately GBP
62,382,599 or A$153,602,325. The First Tranche represented 75,028,620 Ordinary
Shares for gross proceeds of C$64,524,613. The second tranche (the "Second
Tranche") of 88,593,578 Ordinary Shares also priced at C$0.86 for gross
proceeds of C$76,190,477, is expected to close on or about April 11, 2007
following a meeting of shareholders to be held on April 10, 2007, which is to
be held to approve the issuance of 100 million shares under the Offering.
    Westwind Partners Inc. acted as sole agent (the "Agent") for the
Offering. Westwind Partners (UK) Limited, an affiliate of the Agent, acted as
financial adviser to the Company. In addition, the Agent has been granted an
over-allotment option to purchase up to an aggregate of 12,271,665 additional
ordinary shares at C$0.86 per share, exercisable as to 5,627,147 ordinary
shares for 30 days from the closing of the First Tranche and exercisable as to
6,644,518 ordinary shares for 15 days from the closing of the Second Tranche.
    A prospectus dated March 23, 2007 was filed with and receipted in all
provinces in Canada, except Quebec.
    The First Tranche of Ordinary Shares will begin trading on the Toronto
Stock Exchange (the "TSX") today under the symbol "CEE". Application has been
made for these shares to be admitted to trading on AIM, and is being made for
these shares to be admitted to trading on the ASX. The Second Tranche of
Ordinary Shares are expected to begin trading on the TSX on or about April 11,
    The proceeds from the Offering are to be used for partial funding of the
development of the Sukari project, drilling to test for extensions to
resources at the Sukari project, regional exploration programs, working
capital, general corporate purposes, and expenses of the Offering. As a result
of this raising, the Company has now secured the equity component of the
project finance required to bring the Sukari project to production. The
remaining capital required to fund the development of the Sukari project is
expected to be raised through the completion of a project finance facility,
the process of securing such facility is currently underway.
    The board of directors of the Company are extremely pleased with the
strong interest shown in this capital raising by both existing shareholders
and new investors, and are looking forward to developing Egypt's first modern
gold mine following this successful funding milestone. Exploration is ongoing
with 10 rigs on site continuing to build on the Company's already substantial
resource and reserve base.

    For Centamin Egypt Limited
    Josef El-Raghy
    Managing Director/CEO
    April 5, 2007

    The securities offered have not been registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
in any State in which such offer, solicitation or sale would be unlawful.

For further information:

For further information: Centamin Egypt Limited, Ph: + 61 (8) 9316 2640,
Josef El-Raghy, www.centamin.com; Bishopsgate Communications Ltd, + 44 (0) 20
7562 3350, Maxine Barnes/Nick Rome, www.bishopsgatecommunications.com;
Evolution Securities, + 44 (0) 20 7071 4300, Frank Moxon/Simon Leathers,

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