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Press release from Marketwire

Centamin Results for Quarter Ended 30 June 2013

Wednesday, August 14, 2013

Centamin Results for Quarter Ended 30 June 2013

02:00 EDT Wednesday, August 14, 2013

PERTH, AUSTRALIA--(Marketwired - August 13, 2013) - Centamin PLC (LSE: CEY) (TSX: CEE)

LSE:CEYTSX:CEEFor immediate release 14 August 2013Centamin plc Results for the Second Quarter and Half Year Ended 30 June2013Centamin plc ("Centamin" or "the Company") (LSE: CEY, TSX: CEE) ispleased to announce its results for the second quarter ended 30 June2013.These are not the full results - to access the full document pleaseCLICK HERE IN Q2 2013 (1)(2)(3)(4)(5)- Record gold production 93,624 ounces, up 8% quarter-on-quarterand 39% on the prior year period.- Basic earnings per share 4.75 cents; down 28% on Q1 2013 and up23% on the prior year period.- EBITDA US$63.7 million; down 22% on Q1 2013 and up 15% on theprior year period.- Cash cost of production of US$690 per ounce, in line with 2013full year guidance of US$700 per ounce.- Stage 4 plant expansion (to 10Mtpa) remains on track for thebulk of commissioning to commence, and be completed, in the second halfof 2013. Expenditure to date is US$300.1 million of the total unchangedforecast of US$325 million, including contingency, with the remainingbalance to continue to be funded from cost recoveries.- 2013 guidance maintained at 320,000 ounces at a cash cost ofproduction of US$700 per ounce inclusive of fuel prepayments.- Centamin remains debt-free and un-hedged with cash, bullion onhand, gold sales receivables and available-for-sale financial assets ofUS$169.4 million as at 30 June 2013.- An updated resource and reserve statement is planned during thesecond half of 2013.- Exploration activities continued at Sukari and in Ethiopia withresults continuing to justify further drilling.- The Supreme Administrative Court appeal and Diesel Fuel CourtCase are both ongoing. Operations continue as normal and anyenforcement of the Administrative Court decision has been suspendedpending the appeal ruling. Q2 2013 Q1 2013(1) Q2 2012(5) Q1 2012(5)Total Gold Production (oz) 93,624 87,016 67,422 49,071Cash Costs of Production(2) 690(3) 556(3) 729(4) 717(4)(US$/oz)Average Sales Price (US$/oz) 1,364 1,604 1,599 1,683Revenue (US$ million) 134.3 138.2 96.8 87.7EBITDA(2) (US$ million) 63.7(3) 81.7(3) 55.4 55.2Basic EPS (cents) (3) 4.75(3) 6.60(3) 3.87 4.61(1) Results and highlights for the first quarter ended 31 March2013 are available at Cash cost of Production, EBITDA and cash, bullion on hand,gold sales receivables and available-for-sale financial assets arenon-GAAP measures defined on pages 23 - 23(3) Basic EPS, EBITDA, Cash Costs of Production includes anexceptional provision against prepayments recorded in Q4 2012,Q1 2013and Q2 2013 to reflect the removal of fuel subsidies which from January2012 (see Note 4 of the Interim Condensed Consolidated FinancialStatements for further details)(4) At full international fuel price (excluding fuel subsidy),for comparative purposes to reflect the fuel price differential had theprepayments been expensed during the period(5) Q1 2012 and Q2 2012 Cash cost of production, EBITDA andBasic EPS now restated to reflect adoption of IFRIC 20Josef El-Raghy, Chairman of Centamin, said: "The second quarter sawcontinued improvements in mining and processing productivity at theSukari operation which, combined with average grades in line with themine plan, delivered a third successive quarter of record output. Withcommissioning activities likely to see reduced throughput in Q4 and thebenefit of additional Stage 4 throughput to be seen in 2014 our fullyear guidance of 320,000 ounces remains unchanged."Centamin will host a conference call on Wednesday, 14 August at 9.00am(London, UK time) to update investors and analysts on its results.Participants may join the call by dialling one of the following threenumbers, approximately 10 minutes before the start of the call.From UK: (toll free) 08006940257From Canada: (toll free) + 18669660399From rest of world: +44 (0) 1452 555566Conference ID: 18540483A second call (Q&A only) will be held for North American analysts andinvestors at 2.00pm (London, UK time) / 9.00am EST. Participants mayjoin the call by dialling one of the following three numbers,approximately 10 minutes before the start of the call.From Canada: (toll free) +18669660399From US: (toll free) +18669669439From rest of world: +44 (0) 1452 555566Conference ID: 18571402For more information please contact:Centamin plcJosef El-Raghy, ChairmanAndy Davidson, +44 1534 828 708Head of Business Development and Investor RelationsBuchananBobby Morse +44 20 7466 5000Cornelia BrowneGabriella ClinkardAbout Centamin plcCentamin is a mining company that has been actively exploring in Egyptsince 1995. The Company's principal asset is its interest in the largescale, low cost Sukari Gold Mine, located in the Eastern Desert ofEgypt. Sukari produced 150,000 ounces of gold in its maiden year ofproduction in 2010, consistently expanding thereafter to reach over260,000 ounces in 2012. The 'Stage 4' plant expansion programmecommenced in 2011 to target 450-500,000 ounces per annum productionfrom 2015 onward.The Sukari Gold Mine is the first large-scale modern gold mine inEgypt. Centamin's operating experience in Egypt gives it a significantfirst-mover advantage in acquiring and developing other gold projectsin the prospective Arabian-Nubian Shield.In 2011 the Group acquired, through Sheba Exploration Holdings Limited,four mineral licences in Ethiopia where it is conducting furtherexploration activities. In addition, Centamin currently has a 19.4%shareholding in Nyota Minerals Ltd, which owns the Tulu Kapi advancedexploration project in Ethiopia. This information is provided by RNS The company news service from the London Stock ExchangeEND


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