Centamin increases resources and reserves at its Sukari gold mine in Egypt

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(Kitco News) - Centamin (TSX: CEE) announced today that the company delivered a 1.3Moz increase in Sukari gold mine measured and indicated mineral resources to 11.11Moz at 1.08 g/t Au, representing a 13% increase in ounces after twelve months of mining depletion and inclusive of mineral reserves.

The company said it has also delivered a 5% increase in Sukari proven and probable mineral reserves to 6.0Moz at 1.1g/t Au after twelve months of mining depletion. This included adding 0.8Moz of mineral reserves before mining depletion.

Importantly, Centamin pointed out it has identified multiple Sukari mineral resource and reserve growth opportunities, with 280,000 metres of drilling budgeted for 2023 focusing on open pit resource-to-reserve conversion at depth, underground exploration and delineation of known targets, and testing surface targets across the Sukari Concession.

The company also announced that updated Sukari life of mine plan to be announced in H1 2023 incorporating the fully engineered Sukari underground expansion plan.

CEO Martin Horgan commented, "Today's announcement marks the second consecutive year of resource and reserve growth at Sukari, further underpinning its status as a Tier 1 gold mine. Our improved geological understanding has resulted in meaningful growth of both resources and reserves at unchanged cut-off grades.

"The open pit mineral reserve gain replaced annual depletion for the first time since 2015, while the underground mineral reserves of 1.2Moz represents a threefold increase since 2020, net of mining depletion, which further supports the planned underground expansion project."

Centamin's flagship asset is the Sukari gold mine, Egypt's largest and first modern gold mine, as well as one of the world's largest producing mines. Since production began in 2009 Sukari has produced over 5 million ounces of gold, and today has a projected mine life of 14 years.

The company noted it is also advancing an active pipeline of future growth prospects, including the Doropo project in Côte d'Ivoire, and over 3,000km2 of highly prospective exploration ground in Egypt's Arabian Nubian Shield.