Mr. Josef El-Raghy reports

CENTAMIN EGYPT LIMITED-28% INCREASE IN SUKARI PROVEN AND PROBABLE RESERVES

Centamin Egypt Ltd. has increased the Sukari proven and probable reserves to 9.1 million ounces of gold, an increase of 28 per cent. This follows the reoptimization of the measured and indicated component of the resource base at a $900 per ounce gold price. A summary is shown in the attached mineral reserves table.

          SUKARI OPEN PIT MINERAL RESERVES (AS AT AUG. 1, 2010)

                         Proven        Probable         Mineral reserve
                      Tonnes    Au   Tonnes    Au   Tonnes    Au  Contained
                        (Mt) (g/t)     (Mt) (g/t)     (Mt) (g/t)   Au (Moz)

New reserve (1)        102.4  1.09    142.9  1.19    245.4  1.15        9.1
Previous reserve        69.1  1.37     90.1  1.41    159.3  1.39        7.1

Notes:
(1) Includes surface stockpiles totalling 3.1 million tonnes at 0.58 gram
    per tonne.

The new ultimate pit design is now designed down to 608 metres RL, approximately 492 metres below the valley floor level.

Based on a 10-million-tonne-per-annum process plant coming on stream in 2012, this provides Sukari with a 25-year mine life from 2010, securing it as a long-term, low-cost significant gold producer. The company continues to maintain its strategy and schedule of an elevated cut-off grade feed to the process plant, followed by a significant plant expansion delivering a 500,000-ounce-per-annum production rate in 2012.

Importantly, an additional 1.41 million ounces of inferred mineralization was captured in the optimization of measured and indicated resources. The potential to convert these blocks to measured and indicated will further improve pit economics by lowering the existing strip ratio of 5.5 to 1 and increasing projected revenue streams.

The optimization was based on the most recent resource announced in Stockwatch on June 8, 2010, as well as a revised Hellman and Schofield model utilizing the most recent grade-control information to adjust the resource model parameters accordingly. A cut-off grade as low as 0.3 gram per tonne was used for the new reserve, as opposed to 0.4 g/t previously, reflecting the higher gold price and lower-grade oxide ore reporting to the dump leach.

The additional two million ounces of reserve have primarily been added in the Ra zone.

Significantly, the optimization was constrained from extending further to the north due to a lack of drilling and thus continues to remain open to further drill programs now being planned.

For comparative purposes, the company also reoptimized at a $700 gold price using the new resource model, adjusted for further information received from grade-control drilling, which resulted in a slightly lower grade and higher ore tonnes (see news release in Stockwatch of Sept. 13, 2010). As a result of this adjusted resource model and due to additional resource drilling, there is a subsequent increase of 370,000 ounces with a small decrease in average grade (see reserve estimate comparison table). As such, the revised resource model has had negligible impact to the long-term economics of Sukari.

        SUKARI OPEN PIT MINERAL RESERVE ESTIMATE $700 COMPARISON

                      Proven        Probable         Mineral reserve
                   Tonnes    Au   Tonnes    Au   Tonnes    Au  Contained
                     (Mt) (g/t)     (Mt) (g/t)     (Mt) (g/t)   Au (Moz)
            
New reserve            76  1.26       99  1.37      175  1.32       7.47
Previous reserve       69  1.37       90  1.41      159  1.39        7.1

The Sukari pit is being developed in a number of stages, and the mining and processing schedule developed for Sukari uses an elevated cut-off grade through the early years to increase the head grade to the processing plant. The material between this elevated cut-off grade and the cut-off grade used for the mineral reserve estimate is stockpiled and treated at the end of the project life.

Commenting on the revision, Josef El-Raghy, chairman of Centamin, said: "Since February, 2010, Centamin has added a further two million ounces of gold reserves to the Sukari project. The additional grade control and the ongoing pit optimization work continues to demonstrate the robust nature of the Sukari orebody. We believe that the orebody remains open to the north and at depth, and we will continue to drive additional growth to Sukari's reserves and resources as the drilling campaign continues."

Centamin Egypt will host a conference call on Wednesday, Sept. 15, 2010, at 9:30 a.m. (London time) to update investors and analysts on its reserves upgrade. Participants may join the call by dialling one of the following four numbers, approximately 10 minutes before the start of the call. From the United Kingdom, dial toll-free 808-238-7396. From the United States, dial toll-free 866-793-4273. From Canada, dial toll-free 866-423-2066. From the rest of the world, dial 44-0-20-3364-5947. The participant passcode for the call is 358488, followed by the number sign.

A playback of the call will be available at 44-0-20-3364-5943, with the conference reference number 275486, followed by the number sign.

The information in this report that relates to ore reserves has been compiled by Andrew Pardey. Mr. Pardey is a member of the Australasian Institute of Mining and Metallurgy and is a full-time employee of the company. He has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the activity he is undertaking, to qualify as a competent person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and is a qualified person as defined in National Instrument 43-101 of the Canadian Securities Administrators and CIM Definition Standards for Mineral Resources and Mineral Reserves of December, 2005, as prepared by the CIM standing committee on reserve definitions of the Canadian Institute of Mining. Mr. Pardey's written consent has been received by the company for this information to be included in this report in the form and context in which it appears.

Information in this report which relates to exploration, geology, sampling and drilling is based on information compiled by geologist Richard Osman, who is a full-time employee of the company and is a member of the Australasian Institute of Mining and Metallurgy with more than five years experience in the fields of activity being reported on, and is a competent person for this purpose, and is a qualified person as defined in National Instrument 43-101 of the Canadian Securities Administrators. His written consent has been received by the company for this information to be included in this report in the form and context in which it appears.

The assay samples were analysed by Ultra Trace Pty. Ltd., Canning Vale, Western Australia.

The information in this report that relates to mineral resources is based on work completed by Nicolas Johnson, who is a member of the Australian Institute of Geoscientists. Mr. Johnson is a full-time employee of Hellman and Schofield Pty. Ltd., and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a competent person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and is qualified person as defined in National Instrument 43-101 of the Canadian Securities Administrators. Mr. Johnson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.