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.

Chickens are running headless now... lol.

Down 20%...

It's ridiculous to sell now for the sheer drop, people panic and sell without thinking.
It's the time to buy... bought some at 106p

Just caught a falling knife @107p , no blood yet

I guess nerves got a hold on people this morning.

Jumped back in ......might not have got the lowest point but 108.5p average sounds good to me......

The gold is still in the ground rest assured.

The market is overreacting on everything now....not for this but some times good news sends the sp down : look at Rockhopper...5000 to 9000 barrels per day and it drops ?...madness....so I'm expecting a strong rebound here on this unhedged gold producer....

Cash and liquid assets of US$201M versus US$35m Q2 2010 (liquid assets includes $17m in share investments and $38m gold bullion

v Quarterly gold production of 47,991 ounces was achieved from the Sukari Gold Mine.

v Cash operating cost averaged US$606 per ounce for the quarter.

v Average gold sales price received was US$1,545 per ounce.

$949 gross profit per ozs,with ops getting back to norm and gold up above $1600
making CEY a cash cow.aimho

It's those points or some of them that made me buy in again....they are making a hefty profit....

Centamin Egypt June Quarter report
2 Aug 2011

HIGHLIGHTS

Operations

Quarterly gold production of 47,991 ounces was achieved from the Sukari Gold Mine.

Cash operating cost averaged US$606 per ounce for the quarter.

Average gold sales price received was US$1,545 per ounce.

Reduced blasting activities due to irregular issues of blast products by Blast Inspectors negatively impacted open pit and underground production, and as a result, gold production. The Company is confident issuing practices will return to normal in Q3.

As a result of the reduced blasting in Q2, the Company has been unable to recover as initially expected from the supply interruptions in Q1. With the expectation of blasting activities returning to previous levels in Q3, the Company has revised its guidance to 200-210,000 ounces for 2011 at a cash cost of approximately $550 per ounce.

The underground operation commenced Commercial Production during the quarter with a total of 43kt @ 12.5 g/t being extracted.

Maiden grade controlled underground ore reserve of 126,000t @ 11.9 g/t with definition drilling ongoing.

Mine Expansion / Development

Stage 4 expansion to 10Mtpa was approved by the Board for a capital cost of US$255m (excluding contingency). Long lead items have been ordered and significant contracts awarded with commissioning expected to take place in Q1 2013.

Planning and modelling commenced for a secondary decline development accessing the northern high grade Julius Zone of the Sukari porphyry.

Regional exploration returned significant intercepts for first pass drilling at the V Shear prospect (approximately 3km north of the Sukari process plant) including 16m @ 3.00g/t from 151m. Follow up programmes are currently being planned.

Corporate/Finance Activities

Quarterly operating profit of US$48.2m versus US$19.1m Q2 2010 Cash and liquid assets of US$201M versus US$35m Q2 2010 (liquid assets includes $17m in share investments and $38m gold bullion)

On 11 July 2011, the Company announced an offer for Sheba Exploration (UK) Plc, a PLUS listed UK registered company ("Sheba").

Sheba holds highly prospective mineral exploration licences in Ethiopia. On 29 July 2011, the offer was made unconditional with over 90% acceptances received.

The Company remains debt free and unhedged.

All capital and ongoing operating expenses in Egypt continue to be financed from cash flows generated by gold revenues from the Sukari Gold Mine.

Don't want to sound too optimistic but an autumn bull run in equities could be on the cards once again....gold is still rising so this must put upwards pressure on the sp's of the producer-explorers....

25% drop in less than 2 hours...staggering ....

98p - i will be in shortly - yeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaa

An excellent short

Yes on around 2% of total stock,10m sold/ 10m bought. So shares have changed hands a at much lower SP,reserves still there and problems sorted along with record gold.

Looking at the trades,sub 1 and dealers flocking in,so support gere? Lets see how the market reacts to the presentation?

Those that bought at 99p seem to be taking a healthy 5% profit in minutes,nice one
those that did so.

It is almost rude not to buy at the present price!

nice one nice one - i was one of them

yes kim i could not be that rude so had to buy (& sell) lol

looking for more fun here today!!

gla