Centamin plc Q3 Preliminary Production Results
TORONTO, ONTARIO -- (Marketwire) -- 10/09/12 -- Centamin plc ("Centamin" or "the Company") (TSX: CEE)(LSE: CEY) is pleased to announce its preliminary production results from its Sukari Gold Mine ("Sukari") in Egypt for the quarter ended 30 September 2012.
Total gold production for the quarter was 60,922 ounces, a 20% increase on the corresponding quarter in 2011 but a 10% decrease on Q2 2012. Quarterly throughput at the Sukari process plant was 1,004kt, a 5% increase on the corresponding quarter in 2011 but a 21% decrease on Q2 2012. Plant availability and productivity was impacted by a scheduled SAG mill reline in September and the illegal strike ("the strike") in July.
The open pit delivered total material movement of 6,970kt, up 6% on Q2 2012 and continuing to ramp-up in line with the mine plan. The underground mine delivered 93.4kt, down 19% on Q2 2012 due to the impact of the strike and also a temporary reduction in mining contractor equipment availability, which restricted remote bogging (load-haul-dump) capacity and access to the high grade stopes. With higher material movements from the open pit, the run of mine ore stockpile balance increased by 83kt to 580kt by the end of the quarter.
With the continuing ramp-up of open pit material movement and with measures taken to redress the underground productivity issues, we expect production in excess of 70,000 ounces in the final quarter, bringing total expected production for the year in line with guidance of 250,000 ounces.
---------------------------------------------------------------------------
Q3 2012 (estimate) Q2 2012 Q3 2011
---------------------------------------------------------------------------
Total Material Movement - Open
Pit (kt) 6,970 6,579 5,747
---------------------------------------------------------------------------
Process Plant Throughput (kt) 1,004 1,269 964
---------------------------------------------------------------------------
Process Plant Productivity (tph) 624 652 516
---------------------------------------------------------------------------
Underground Ore Production (kt) 93.4 116 58
---------------------------------------------------------------------------
Gold Produced (oz) 60,922 67,422 50,539
---------------------------------------------------------------------------
Josef El-Raghy, Chairman of Centamin, commented:
"The team at Sukari once again delivered a strong set of operating results which are particularly pleasing given the several cumulative issues that were faced and addressed during the quarter. Open pit tonnages continued to increase according to plan and the operation as a whole entered the fourth quarter well placed to meet our unchanged full year production guidance of 250,000 ounces."
Notice of Results
Centamin will announce its full Q3 Results at 7am (UK time) on 14th November 2012 via the Regulatory News Service of the London Stock Exchange and via Marketwire on the Toronto Stock Exchange. On the same day a webcast and conference call with the Centamin management team will be held at 9am (UK time) and a second call will be held at 2pm (UK time) for North American analysts and investors Q&A. Details of the webcast and conference call numbers will be announced at the time of the Q3 results.
Contacts:
Centamin plc
Josef El-Raghy
Chairman
+44 (0) 20 7569 1671
Centamin plc
Andy Davidson
Head of Business Development and Investor Relations
+44 (0) 20 7569 1671
andy.davidson@centamin.co.uk
Buchanan
Bobby Morse
+ 44 (0) 20 7466 5000
Buchanan
Cornelia Browne
+ 44 (0) 20 7466 5000
Buchanan
Gabriella Clinkard
+ 44 (0) 20 7466 5000
