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.

If I were a shareholder in CEY, I would sell out of this now as you never know what is going to happen with the new government.

CEY license is safe??? What's the evidence?

what makes you think that it would not be? ...... only the %ages will change

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Just to add volume to Harry's chart.

Are you in CEY, cynic? You don't have to answer if you don't wish to.

post 1751 should give you a clue :-)

sell .

Totally agree. SELL out at 60p.

Market update

Following the market update of 31 October 2012 Centamin has now received a copy of the official written judgement of the decision of the Egyptian administrative court handed down on Tuesday 30 October 2012.

As expected by the Company, the official written judgement makes it clear that it rejects any request to terminate or treat as invalid the Concession Agreement entered into between the Arab Republic of Egypt, the Egyptian Mineral Resources Authority ("EMRA") and Centamin's wholly owned subsidiary Pharaoh Gold Mines ("PGM"), and approved by the People's Assembly as law 222 of 1994. The judgement further makes it clear that PGM had made the necessary notifications to be entitled to be granted an "exploitation lease" in accordance with the Concession Agreement.

However, the judgement states that, although agreement was reached between PGM and EMRA with respect to the grant of the 160km2 "exploitation lease" at Sukari, sufficient evidence was not submitted to Court in order to demonstrate that, as required by the terms of the Concession Agreement, the requisite approval from the relevant Minister had been obtained, and thus the court deemed that the process of the conversion to an exploitation lease was therefore invalid.

Centamin, however, is in possession of the executed original lease documentation which clearly shows such approval from the Minister of Petroleum and Mineral Resources. It appears that this document was not listed in the documents supplied to the Court. As such the Company is confident that this matter can be resolved during the appeal process.

The Company continues to work in close co-operation with EMRA and both parties are currently in the process of initiating the necessary vigorous action to defend our rights to continue to extract gold from the Sukari mine and to appeal this decision.

Pending the appeal hearing, the notice of "objection to enforcement", lodged on 31st October has the effect of "staying" (postponing) the implementation of any judicial decision for a period until any hearing on such notice. As notified to the market on 31st October, the appeal process would be accompanied by a further request for the decision to be "stayed" pending the outcome of a final court hearing. Centamin therefore remains confident that normal operations at Sukari will be maintained whilst our appeal case is heard.

Further updates will be provided to the market as and when more information is available. In the meantime normal mining operations continue.

The 'question and answer' section, which has been included on our website to help clarify the situation for investors, has been updated in light of the written judgement. A direct link is below:

http://www.centamin.com/centamin/investors/courtcaseqanda

i stand absolutely behind what i wrote in post 1751
if i were a current holder, i would stay put, but i see no good reason to buy and i think shorting would be a very high risk strategy

Not to sell is even more risky as CEY could go to nought if court verdict is unfavourable.

it's a view though i do not believe that will happen, for the reasons stated
but are you recommending shorting the stock - solely in your own invaluable opinion of course?

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and the market thinks you are very badly out of step - or at least it does today!

Centamin soars as Egyptian fears ease

Liberum note:
Centamin has now received a copy of the official written judgement of the decision of the Egyptian administrative court handed down on Tuesday 30 October 2012. Centamin state the official written judgement makes it clear that it rejects any request to terminate the Concession Agreement. The judgement makes it clear that Centamin had made the necessary notifications in accordance with the Concession Agreement. Centamin notes the judgement states that sufficient evidence was not submitted to Court in order to demonstrate that the requisite approval from the relevant Minister had been obtained, and thus the court deemed that the process of the conversion to an exploitation lease was invalid. However, Centamin states that it is in possession of the executed original lease documentation which clearly shows such approval from the Minister of Petroleum and Mineral Resources. It appears that this document was not listed in the documents supplied to the Court. As such the Company is confident that this matter can be resolved during the appeal process.
On this basis, we have increased confidence in a positive outcome for Centamin in the inevitable appeal process and reinstate our BUY recommendation.

hyleo has been his usual forthcoming self when it comes to answering specifics

very happy to see these go back up for holders good luck
I do not hold .

5 Nov: CEY: Westhouse Securities reiterates: Buy TP: 90p.

I could be wrong as it's going up but I think investing in CEY is very risky. And cynic, I don't sit here every minute all day long like you (a retiree).

i'm afraid i have not been allowed to retire even if i wanted to - which actually i do not as i have too much fun in biz

anyway, you have evaded a straight answer - what a surprise! - but i guess you are also suggesting too dangerous to short too