Egypt map showing Sukari mine

CAIRO(BullionStreet): Centamin Egypt Limited said gold production from its Sukari Gold Mine hit 50,539 ounces for the three months to 30 September 2011, up 67% from same period last year.

In a statement, the company said it is 5 percent more than the previous quarter. Cash operating cost of $635 per ounce, $3 an ounce lower than the corresponding period last year ($638/oz) and 5% higher than the previous quarter ($606/oz).

Average gold sales price received of $,721 per ounce, 39% higher than the corresponding period last year ($1,239) and 11% higher than the previous quarter$1,545)  .

Mining production rates returned to normal during the quarter as the issuing of explosive products by Police Blast Inspectors continued uninterrupted from late July Process plant throughput reached a quarterly record of 954kt, 58% higher than the corresponding period last year and 12% higher than the previous quarter.

The second secondary crusher was successfully commissioned and the Company is progressing towards achieving a consistent 5Mtpa processing rate.

The Stage 4 10Mtpa plant expansion remains on schedule for commissioning in Q1 2013 with expenditure to date $24.6 million Approval and commencement of the Ptah decline that will access the central "keel" of the Sukari orebody (Julius Zone).

Regional exploration on the Sukari licence continued, with positive results continuing to be received from the V-Shear prospect, including 28m @ 2.98 g/t (from 11m) Operating profit of $43.4 million with cash and liquid assets of $201.3 million as at 30 September 2011