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.

Westhouse Securities Buy 38.41 55.00 55.00 Reiterates

Nomura Buy 38.41 70.00 45.00 Reiterates

Q2 Preliminary Production Results

Centamin is pleased to announce preliminary production results from its Sukari Gold Mine ("Sukari") in Egypt for the quarter ended 30 June 2013.

Total gold production for the quarter was a record 93,624 ounces (year to date 180,640 ounces), a 39% increase on the corresponding quarter in 2012 and 8% higher than Q1 2013. Formal guidance for the current year was provided on 14 March 2013 and remains at 320,000 ounces gold at a cash operating cost of US$700 per ounce.

Open pit total material movement increased 4% from Q1 2013 to 11,019kt and open pit ore production increased 39% on Q1 2013 to 2,961kt which led to an increase in the run of mine ore stockpile balance of 432kt to 1,191kt at the end of the period. The underground mine delivered 142kt, up 19% on Q1 2013.

Quarterly throughput at the Sukari process plant was a record 1,418kt, a 12% increase on the prior year period and a 1% increase on Q1 2013; exceeding the nameplate annualised rate of 5 million tonnes for the second successive quarter and primarily driven by continued high levels of productivity and availability of the processing plant.

with the political upheaval in egypt unlikely to resolve for a great many months, i see no good reason to chuck any new money in here ...... if you're already a holder, then shut your eyes and keep your fingers crossed

Westhouse Securities Buy 39.86 38.36 55.00 55.00 Reiterates

free advise?
not worth the paper written on

"What's NOT good for the goose is good for the gander"


Despite the political upheaval, the company is processing record numbers
my moto, buying at lows, is certainly nothing wrong with that

you don't like free "advise" (sic!)? .... please let me know where to send the invoice then

Results for the Quarter Ended 30 June 2013

HIGHLIGHTS IN Q2 2013 (1)(2)(3)(4)(5)
· Record gold production 93,624 ounces, up 8% quarter-on-quarter and 39% on the prior year period.

· Basic earnings per share 4.75 cents; down 28% on Q1 2013 and up 23% on the prior year period.

· EBITDA US$63.7 million; down 22% on Q1 2013 and up 15% on the prior year period.

· Cash cost of production of US$690 per ounce, in line with 2013 full year guidance of US$700 per ounce.

· Stage 4 plant expansion (to 10Mtpa) remains on track for the bulk of commissioning to commence, and be completed, in the second half of 2013. Expenditure to date is US$300.1 million of the total unchanged forecast of US$325 million, including contingency, with the remaining balance to continue to be funded from cost recoveries.

· 2013 guidance maintained at 320,000 ounces at a cash cost of production of US$700 per ounce inclusive of fuel prepayments.

· Centamin remains debt-free and un-hedged with cash, bullion on hand, gold sales receivables and available-for-sale financial assets of US$169.4 million as at 30 June 2013.

· An updated resource and reserve statement is planned during the second half of 2013.

· Exploration activities continued at Sukari and in Ethiopia with results continuing to justify further drilling.

· The Supreme Administrative Court appeal and Diesel Fuel Court Case are both ongoing. Operations continue as normal and any enforcement of the Administrative Court decision has been suspended pending the appeal ruling.

.

EGYPT- Clearing the Square by police ...... 25 dead so far today

Mubarak is ready to be released tomorrow

from the BBC

Egypt court orders Hosni Mubarak freed --- 4 minutes ago

An Egyptian court has ordered the release on bail of former President Hosni Mubarak in a corruption case.

Hosni Mubarak was sentenced to life in jail last year, but a retrial was later ordered after his appeal was upheld.

Reports from Cairo suggest he may be freed from prison on Thursday, but the prosecution may still appeal.

After rising lately, today there was a morning mark down, most likley somthing to do with gold price

Spiking after 2pm and finishing the day with a BREAKOUT and large volume over 10M share traded,>>>>>>>>>>> bullish

After being lowered this morning, market was down also, now is motoring again, just like a BREAKOUT should be

Since last week BREAKOUT is going places and specialy today now 45.25p, looking ahead 46p will be a price to look if it breaks that too

Steady rise since the clean up operation in Egypt by the army, resulting on a higher BREAKOUT on the chart

47.15p is the price now after reaching 48.20p

Investec Buy 47.06 46.92 45.60 50.00 Retains

nyo worth a look rns there

are they going to takeover Nyota?

they want one of the directors removed .... doesn't sound a positive for either CEY or NYO

but who knows what is going on behind the scenes in Ethiopia?