June 8, 2010 / 7:48 AM / in 10 years

Centamin Egypt ups resource estimates for Sukari

LONDON (Reuters) - Centamin Egypt Ltd raised its estimated gold resources at its flagship Sukari gold project, lifting the miner’s shares to a record high.

Measured and indicated resource estimates were increased by 699,000 ounces to 10.99 million ounces, while resources on a less certain inferred basis grew 74,000 ounces to 3.5 million ounces, the gold producer said on Tuesday.

“This resource upgrade remains consistent with our average discovery rate of approximately 500,000 ounces per quarter over the last few years,” said Chairman Josef El-Raghy.

“The drilling continues to confirm the consistency and scale of the Sukari orebody and places it firmly on the map as one of the major gold discoveries to come into production in recent times.”

Shares in Centamin were up 4.4 percent at 165 pence at 0721 GMT, outperforming a 0.9 percent rise in the UK mining index.

The shares have jumped 35 percent this year, boosted by the ramp up of production at Sukari and higher gold prices, and Centamin is a likely candidate to enter the FTSE 250 index in this week’s reshuffle.

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