AMN - EGYPT: Sukari gold production guidance exceeded

Centamin has exceeded 2017 production guidance at its Sukari Gold Project in Egypt, producing 544,658 ounces compared to the expected 540,000 ounces.

The company is now targeting production of 580,000 ounces in 2018, up from an earlier estimate of 550,000-560,000 ounces.

During the fourth quarter of 2017 there were 154,298 ounces produced, which was 1.4% lower than its third quarter output but which still represented a 12.8% increase over the fourth quarter production of 2016.

Centamin, which plans to expand operations to Ivory Coast and Burkina Faso, has received continued positive results from drilling at Sukari, which is its only operating mine and Egypt’s only gold-exporting mine.

Chief executive officer Andrew Pardey said, "All sections of the mine continued to perform well, maintaining strong operational momentum throughout the fourth quarter which we look forward to building on in 2018."

Sukari has produced around 100 tonnes of gold since it started operations in January 2010 and still has about 20 years of economic reserves and resources in both open pit and underground areas.

The mine’s average monthly production spans between 1.2-1.5 tonnes of gold, and shipments from the mine represent about 2% of all of Egypt’s exports.

www.centamin.com