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.

Q4 Preliminary Production Results

Centamin is pleased to announce its preliminary production results from its Sukari Gold Mine ("Sukari") in Egypt for the quarter ended 31 December 2012.

Total gold production for the quarter was a record 85,543 ounces, a 45% increase on the corresponding quarter in 2011 and a 40% increase on Q3 2012. This brings full year production to 262,958, a 30% increase on 2011 and above guidance of 250,000 ounces.

Ore tonnages mined and processed during the quarter were on budget, despite the previously-announced temporary suspension of operations in December, and both open pit and underground grades improved in line with the mine plan. Formal guidance for the current year will be provided during Q1.

Quarterly throughput at the Sukari process plant was 1,250kt, a 17% increase on the corresponding quarter in 2011,and a 25% increase on Q3 2012. The nameplate annualised rate was achieved as productivity improved significantly on the previous quarter.

Open pit total material movement of 6,739kt was down 3% and ore production of 1,916kt was up 16% on Q3 2012. The average grade open pit ore milled increased steadily in line with budget and previous guidance. The underground mine delivered 111kt, up 19% on Q3 2012; returning to budget productivity levels as the technical issues encountered in the previous quarter were resolved. The run of mine ore stockpile balance increased by 142kt to 721kt by the end of the quarter.

Despite some on-going delays by customs officials, gold exports have continued during January and it is expected that regular gold exports will continue to take place as and when required.

Josef El-Raghy, Chairman of Centamin, commented:

"The team at Sukari has delivered a very strong set of operating results, with a record output for the quarter bringing full year production ahead of guidance. All areas performed well and the results are particularly pleasing given the challenges faced during the year. Sukari has now delivered production growth over three consecutive years and we look forward to a further increase in 2013. Whilst 2012 presented us with a number of challenges, we exit the year as forecast with a robust financial and operating base with which to continue delivering on our growth str

.

......... a 30% increase on 2011 and above guidance of 250,000 ounces. ........... Sukari has now delivered production growth over three consecutive years and we look forward to a further increase in 2013.

Looking for a close 50+.

Going well, but even allowing for a small slide in the price of gold, CEY should be somewhere around the 170p level, so it's just a small matter of deciding whether Egypt is now a politically stable country. Another stunt from Mursi and we are heading down to the 30p level again, imo. I need to average down now, otherwise it's a long wait for break even, but.........

Harry Mubarack is in prison........ keep up!

I spotted that before you posted, so it has been changed retrospectively! Thanks for the heads up though, h. Good to see you are paying attention! ;o)

LOL - looking good, if gappy.

LONG WAY TO GO ON THIS ONE - SKYS THE LIMIT.

LONG WAY TO GO ON THIS ONE - SKYS THE LIMIT.

14 Jan: Goldman Sachs reiterates: Strong Buy - TP unchanged 200p.

after opening with a mark up the shares are now down and Profit taking is the order of the day after such a rise

so what's your buy/sell targets MJ?

i calculate back to 35p before any further rises. lots of profit to take imho

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Messy chart (technical expression) support @52p - I'm staying long.

an easy to read "simpleton's chart" ...... 50 dma likely to provide support at 56 provided wall street does not damage confidence too much ..... if that breaks, then 25 dma at 45 should be a good level - to buy if one has the inclination

Looks like anarchy will rule in Egypt...

back to 25p coming.,.

Gap closed for now.