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Centamin ups gold reserves, targets production of 500Koz per annum at Sukari

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(Kitco News) - Centamin (TSX: CEE) reported today that the company delivered mineral reserve growth in excess of one million ounces for its Sukari gold mine in Egypt, representing a 23% increase over the previous estimate.

According to the company's statement, included in the mineral resources, the mineral reserves at 30 June 2021 were 5.8 million ounces of gold, supporting a roadmap to 500,000 ounce per annum production at Sukari, underpinned by a robust interim 12 year life of mine schedule.

CEO Martin Horgan commented, "Today marks significant progress against our Sukari reset plans. The transformed approach to the management of Centamin has delivered excellent results including a net 1.1 million ounce mineral reserve growth at Sukari - representing the largest reserve increase in ten years."

"Our improved geological model underpins our new robust 12+ year mine schedule and from this we have identified a clear roadmap to consistently producing greater than 500,000 ounces per annum from the Sukari gold mine over the next decade," he added.

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Moreover, Centamin added that the updated Sukari mineral resource of 10.41 million ounces of gold estimated at the end of June 2021 saw a 8% increase in measured and indicated resources from the previous estimate.

Importantly, the company said that within its 300,000 metre budgeted drill program for 2022, it has an active pipeline of identified resource conversion and extensional drill targets which gives the company significant confidence in continuing to grow this world class asset. 

Centamin noted it targets gold production of between 400,000 and 430,000 oz in 2021 at Sukari, which will be gradually increased to between 450,000 and 500,000 oz by 2024. 

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