CEY is a gold mining company operating in Egypt. It was ordered by the Egyptian Government to stop drilling pending a legal dispute brought against the company by a government minister.

Since then, the whole Government cabinet was replaced a few months ago and the minister now in charge of Mining is believed to be positive on Western investment in the country. CEY are pushing for this minister to allow them to continue drilling ASAP; investers are waiting....patiently.

As soon as the company gets the go-ahead to continue drilling, the share price will move north; CEY has plenty of gold in this mine and it is (apparantly) the case of "raking" it out rather than drilling for it!

Check them out...worthy of a punt.

Centamin Egypt is seeking to raise C$60,000,200 via a placing with a syndicate of underwriters which has agreed to purchase 92,308,000 shares and sell them on to the public at a price of C$0.65 per share.

The Syndicate has also been granted an option to purchase a further 13,846,200 shares on the same basis.

The offering is expected to close on 17 Febraury 2009.

The Company intends to use the net proceeds for the continued development of the Sukari Gold Project, underground development, other exploration and general corporate and working capital purposes.

The requirement for additional development funds is primarily a result of recent movements in the US dollar to Canadian dollar exchange rate and construction delays at the Sukari Gold Project.

The Company says it remains debt free, without gold hedging and on track for gold production in Q2 2009.


Explains the drop today, surely if this goes off well it is a good time to get on board, production in 9 months or less. Gold spot at that time? $800-????? relative value in ????

How much dilution does this share issue represent?

Imm amazed that this one hasnt followed the rest of the mining sector up given its strong position and low cost of production.

Somewhere Ive seen analysts are very bullish.

Interesting to note all brokers following the stock have positive analysis on the company and some of this is very recent....

Centamin Egypt Ltd

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Numis Securities Ltd
23-01-09 BUY -4.15 -0.73 31.46 2.91

Canaccord Adams
21-01-09 BUY -1.38 3.44

Teathers
21-01-09 BUY -2.57 -26.42 12.90 132.74

Evolution Securities Ltd
16-01-09 BUY -1.51 -0.17 51.60 5.88

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus -2.57 -0.76 0.00 31.46 4.06 0.00
1 Month Change -1.06 -0.59 0.00 -20.14 -1.82 0.00
3 Month Change -1.06 -0.59 0.00 -20.14 -1.82 0.00


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -48.46% % %
DPS % % %

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 2.49m -2.64m 41.52m
EBIT 2.33m -2.74m 51.40m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER 152.88x -52.30x 9.79x
PEG -3.16f f f
Net Asset Value PS 12.35p p p

Charts say 'buy' so i did...

Bullflag pennant broken out to upside, Macd crossed and heading up, RSI lending strength, 50 dma lending support and rising
Fund raising agreed, confirmation of gold production Q2...
very strong last few days, hoping it can break 200dma - if so expect next leg to take us to high 50's...

And me!
2517

Massive buying today, and 200 dma pierced, should hopefully become good support from here...

Bought back in yesterday, gold seems to be the safe haven.
cyril

Cyril - nice one...:)

Cracking day more than makes up for my paper loss on gold sp.

Re gold sp probably see upturn $ terms at end of week or early next, once UK rate decision over, looking for support at $850 if that holds we could be pushing on to $930 again and then off to challenge March high last year.

Let the good times roll even in the bad ones!!

Did anyone else follow???

2nd Quarter Report is out, whilst I didn't read it all and I do not understand the technicalities, it appears that all systems are go and on schedule.
2517

Big Ted,

I thought post 131 was self explanatory. Anyway it bore out correctly as I predicted. Now sitting on a tidy profit.

and more to come i suspect

a splash in here or one in HOC?
CEY has an all time high of about 75 (+50%), whereas HOC could arguably double on the the same non-logic
perhaps a little of each

Excellent upgrade of its assets this am,with pog on the up seems a no brainer?
aimho
cyril

and i'll say it again, ORE is trading at a 8/10% discount to the conversion to POG shares

I,ve never looked at ORE and although it is probably a bargain, one can only invest in so many. At present i've bought CEY and HMB last week, together
with AFR and PURE this am i'm a bit stretched. CEY is a prime target (with almost 10mozs of resources confirmed) for a take out imv and i have one more company
up my sleeve which i intend later in the month to buy into.
cyril

cyril .... ORE ..... there is an agreed share offer of 16:1 from POG ..... though it has not yet been signed and sealed and completed, the current conversion rate would value at ORE at 34p against 30.25 offer

I'm surprised there isn't more support for this dual listed share (ISA potential) as it has just started mining operations and is funded.