Egypt News

Centamin has been exploring for gold in Egypt since 1995, and in 2005 was granted a 160km₂ exploitation lease over the massive Sukari Hill gold project.

An initial resource of 1.3m ounces of gold was declared in 2000. A year later, the company joined London’s Alternative Investment Market (‘AIM’) market at 6p per share.

After operations paused between 2003 and 2005, Centamin continued its exploration activities in Sukari Hill with a number of drilling programmes leading to the current resource estimate of 8.5m ounces Measured and Indicated, and 3.2 million ounces Inferred.

According to Centamin it has given due consideration to the move, as it attempts to streamline listing and compliance costs. The Australian register accounts for less than 15% of the share capital of the Company and as such the company’s securities trade with a relatively low level of liquidity with the ASX listing providing only 2.2% of all the company’s shares traded in the past 12 months.

The Australian Stock Exchange advised Centamin that it will be removed from the ASX official list once it has arranged a provision for Australian investors to sell their Centamin shares on the LSE or TSX (Toronto Stock Exchange) through an ASX participating organisation for a period of not less than three months.

 Subsequently Centamin will be removed from the ASX official list on 29 January 2010, which is three months after the date of this announcement, after which point Centamin shares will be quoted on the LSE and TSX only.

Following delisting, Australian Shareholders will have their electronic holdings on the ASX register converted to certificated holdings in Australia.

To comply with ASX rulings Centamin has entered into an agreement with Southern Cross Securities Limited, which has agreed to facilitate trading in Centamin shares for a period of 3 months following the delisting.


The Company is also scheduled to move up from AIM onto the Main Market of the London Stock Exchange on the 5th of November.

EGYPT NEWS

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