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.

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?

==============

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

Results for the Quarter Ended 30 September 2012

HIGHLIGHTS1,2,3,4

· Record quarterly earnings, with basic earnings per share 5.53 cents, up 43% quarter-on-quarter and 22% on the prior year period.

· Record quarterly EBITDA $67.1 million, up 22% quarter-on-quarter and 25% on the prior year period.

· Gold production 60,922 ounces, down 10% quarter-on-quarter but up 20% on the prior year period.

· Cash costs US$539 per ounce at subsidised fuel prices; $724 per ounce including fuel prepayments.

· Stage 4 plant expansion (to 10Mtpa) commissioning activities to begin in Q1 2013, with the bulk of commissioning to start in Q2 2013. Budgeted 2013 total ore processed remains unchanged at 6.1 million tonnes. Expenditure to date is US$176.9million of the total $287.6m ex-contingency forecast.

· Centamin remains debt-free and un-hedged with cash, bullion on hand, gold sales receivable and liquid assets of US$181.7 million as at 30 September 2012.

· 2012 production guidance of 250,000 ounces maintained, with cash costs of US$550 per ounce atsubsidisedfuel prices; or US$700 per ounce inclusive of fuel prepayments.

· Drilling continued at the V-Shear porphyry with results to date in the 0.3-0.6 g/t range. A gravity survey has commenced to help define the limits of the porphyry and to test the surrounding areas.

· Initial results in Ethiopia confirm the existence of low grade mineralisation, with drilling on-going.

· Engagement with government on fuel subsidy ongoing.

· Centamin and the Egyptian Mineral Resources Authority (EMRA) continue to work closely to appeal the October 30thAdministrative Court ruling which determined the conversion of the Sukari 160km2 "exploitation lease" invalid. Operations are continuing as normal.

CEY is operating in risky territories...

Hamas leader Ismail Haniyah has issued a pre-recorded statement thanking Egypt for announcing plans to send the foreign minister to Gaza Friday.

"I would like to express my great appreciation in the name of the people," Haniyah said.

"We hope the whole nation, namely Egypt, will take the necessary decisions to deter the enemy....I am following the decisions and the movements made by Egypt and the Arab League, and I express my regret over the position of the United States, which remained siding with the aggression, the occupation, and the killing machine at the expense of our Palestinian people."

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