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.

It is on CEEFAX page 225, but I concede it may not be THE top market riser.

I should have added a :-)

Goldman tips CENTAMIN EGYPT and Euro Goldfields in gold rally to $1,650.
StockMarketWire.com
13/10/10

Goldman Sachs raises its gold price forecasts on the basis of slowing US growth and the prospect of sharply lower US real interest rates.

It is now forecasting $1,400/oz, $1,525/oz and $1,650/oz on a 3, 6, and 12-month horizon - previously $1,260/oz, $1,330/oz and $1,365/oz.

These forecasts imply a US$1,575/oz average price in 2011, up US$175/oz.

'As the gold price increases we believe that mid-sized, emerging producers will outperform the major producers,' says analyst Eugene King.

'Delivering volume growth into an environment of rising prices will provide scope for margin expansion as production ramps up and potentially make them attractive M&A targets.'

On this basis, Goldman initiates on CENTAMIN EGYPT and European Goldfields - 'two emerging gold producers with significant resources' - as buys.

It also starts African Barrick Gold with a neutral rating.

Target prices: CENTAMIN EGYPT 270p, European Goldfields 1100p, African Barrick Gold 775p.

http://www.fxstreet.com/technical/forex-strategy/daily-commodities-update-technical/2010-10-14.html

StockMarketWire.com
Gold mining group Centamin has reached the high grade Hapi zone at Sukari.

Centamin said it intersected the zone as expected at the 920 level of the mine, approximately 1190 metres from the portal entrance and at a vertical depth below surface of 180 metres.

Chairman Josef El-Raghy said: ""Reaching the high grade Hapi Zone from our underground development is an important contributor to Centamin's strategy to increase our gold production from the current Sukari plant.

"The initial sampling from underground is very encouraging and we look forward to bringing Sukari's underground operations into commercial production over the coming months."

Falling quite quickly today. Not sure on what news.

market not impressed at moment with the upbeat news, buy the rumour sell the news must be the order of the day, looks good value to me at this level currently 160p and on good support level, production increasing as well as resource.

Egyptian government also loking at new licences in near future, details below

Centamin Egypt sees Q4 output beating Q3, FY on track

03 Nov 2010 - 11:08

* Sees Q4 gold production exceeding Q3's 30,243 ounces

* On track to meet revised FY target of 160,000-170,000 oz

(Adds details)

LONDON, Nov 3 (Reuters) - Centamin Egypt produced 30,243 ounces of gold in the third quarter and said it is on track to meet its revised target for the year.

"With improved mill availability and an increasing grade profile, we are confident that Q4 will deliver considerably more ounces at lower cost than Q3 and keep us on track to achieve our revised production guidance," said Chairman Josef El-Raghy.

In September, the company cut its gold output guidance for 2010 by 15-20 percent to 160,000-170,000 ounces.

Rival London-listed gold producer Petropavlovsk again lowered its gold production guidance for 2010 while claiming many difficulties it encountered this year have now been overcome. [ID:nLDE6A114X]

(Reporting by Julie Crust; editing by Golnar Motevalli)

((julie.crust@thomsonreuters.com; +44 207 542 3847))

Keywords: CENTAMIN/

Egypt eyes new mining law to attract gold investors

26 Oct 2010 - 09:43

* Pharaonic mines seen as a source for gold

* Mining code changes in 2008 revived interest

CAIRO, Oct 26 (Reuters) - Egypt is drafting new legislation to boost investment in its mining sector, a minister said in remarks published on Tuesday, as the country seeks to capitalize on renewed interest in gold mining in its Eastern Desert.

Pharaohs once dug up gold in the desert to gild amulets and sarcophagi, but the industry faded in the 20th century largely because of curbs on foreign investment imposed by President Gamal Abdel Nasser.

Other changes to Egypt's mining code in 2008 renewed interest, attracting firms such as Centamin and Canadian mining company Nuinsco .

The Eastern Desert, littered with pharaonic mines, is now seen as a potentially lucrative source of gold. [ID:nLDE68K18W]

Petroleum and Mineral Resources Minister Sameh Fahmy said his ministry had finished drafting a new law to encourage investment in mining and protect the country's resources from being wasted, the state-run al-Ahram newspaper reported.

The cabinet was reviewing the draft and will pass it along to parliament for ratification, Fahmy said.

The ministry has drafted a mining map locating 120 gold mines it believes were used by the pharaohs, he said, adding that more than 100 foreign firms had shown interest.

"We expect at least 50 international firms to be operating in Egypt in the coming period," Fahmy said. (Reporting by Dina Zayed; editing by James Jukwey) ((dina.zayed@thomsonreuters.com, +20 2 2578 3290, Reuters Messaging: dina.zayed.reuters.com@reuters.net))

Keywords: EGYPT MINING/

i think it's just profit-taking too, and may well buy a few more ..... a short RNS of today is below


Centamin Egypt produced 30,243 ounces of gold in the third quarter and said it is on track to meet its revised target for the year.

"With improved mill availability and an increasing grade profile, we are confident that Q4 will deliver considerably more ounces at lower cost than Q3 and keep us on track to achieve our revised production guidance," said Chairman Josef El-Raghy.

In September, the company cut its gold output guidance for 2010 by 15-20 percent to 160,000-170,000 ounces.

i think it's just profit-taking too, and may well buy a few more ..... a short RNS of today is below


Centamin Egypt produced 30,243 ounces of gold in the third quarter and said it is on track to meet its revised target for the year.

"With improved mill availability and an increasing grade profile, we are confident that Q4 will deliver considerably more ounces at lower cost than Q3 and keep us on track to achieve our revised production guidance," said Chairman Josef El-Raghy.

In September, the company cut its gold output guidance for 2010 by 15-20 percent to 160,000-170,000 ounces.

Sold a few at 172 today bought back at 160 , happen to catch the RNS just after it was posted

AA well done on reading the report thought of doing the same($638oz)but to high but to slow.
The operating costs should fall quite a bit in full production for Q4,so no great worries.
cyril

Gold at record high $1382.9oz DJ above 200pts, FTSE up 122pts and oil ar $86.5,
sounds positive to me?
cyril

With gold rocketing, the production level warning will not have any impact on profits, in fact I would think that they will be announcing that profits will be in excess of market expectations as long as the spot price continues to rise.

Gold at $1392.90 highest ever finish,Silver also flying at $26.37 worth looking at Asian Silver AGQ.
cyril

November 2010

43 Years of Stockmarket Experience writes...

Gold is at $1404 oz. Silver is at $27.90. The NAV of your fund has raced ahead in 62 weeks from 100p to 181.1206p and we hope that the best is yet to come, the fundamentals driving Golds rally are as strong as ever.

Gold is pushing upwards, and we believe that due to operational gearing the Fund will continue to do so too! Last week we saw 'Obamanomics' at its finest. After a trouncing in the Mid Terms, which will see Obamas flagship legislature unpicked by the Red House of Reps, and a now two year long period of bureaucratic stalemate, the Fed announced on Wednesday the clearing of the route for a second bout of Quantitative Easing. So the dollar will be devalued rapidly. And we believe that this is a process that has a couple of years to run. But no trading nation can afford its currency to be uncompetitive and so the G20 squabbles like ferrets in a sack as the great nations of the world engage in competitive devaluation.

The pickle that the US finds itself in will eventually lead to the demise of the Dollar as the World's currency. In the meantime it'll see Gold, and Silver for that fact, whiz further ahead. By some measures US unemployment has reached circa 20%, and the real scale of the debt that the US faces is yet to be realised by most Americans. In the next decade the US HAS to completely refinance itself to stay afloat. The state of the economy is that as of the moment, America's second largest Creditor is China, with the Treasury in the top spot. After America's continued attempts at currency devaluation, the US is, needless to say no longer in the PRCs good books.

At some point in the future the Chinese will decline to further the funding of their main Currency competitor. The World however is currently not yet ready to trust the Renminbi. Until the time that it does we will continue to see Investors fly from Cash and cash denominated investments to hard Asset classes, i.e. Gold, Silver, etcetera. We are even seeing Oil creep closer to $100 barrel.

The reason for the flight to safe haven asset classes is that the US, plus the majority of the Western World (including Japan), are so heavily indebted that there is no other feasible option but to maintain miniscule interest rates while devaluing paper currency to whittle away at the 'real' value of their debts. To draw upon the words of John Maynard Keynes 'Belligerent Governments, unable, or too timid or short-sighted to secure from loans or taxes the resources they require, print notes for the balance'. The US has exhausted its tax policies, and almost its debt capabilities, and instead of tightly reigning in decadent spending and promoting pro-business legislature (like for example China has), the US has decided to electronically credit its account with Dollars. The result is 'monetary dilution'. Put simply, in these untoward circumstances the Dollar in the pocket today will be worth less tomorrow ( to misquote Harold Wilson). The fundament al reason for this is that as more currency finds itself in circulation, Inflation ensues. Inflation has, until recently, not been taken seriously. We have recently identified that numerous wholesale commodity prices are increasingly on the way up. For example, Agricultural Raw Materials are up 24%, Coffee 45%, Barley 32%, Beef 23% and Sugar 24%. For the naysayers of Inflation, how long will it be before we see these increases at wholesale level trickle down to the more familiar retail prices? On a trivial level Next is set to put its clothes prices up by 8% as of next year.

More seriously, the argument for Gold has never been so compelling. Accordingly, this month we have taken part in the placing of a new investment vehicle with a mandate to invest in Gold stocks (more on that later). Tom is at the helm of the astutely selected stock portfolio. We reckon Gold and Silver will continue to push on higher. Your Fund is the top performing Unit Trust in its class with a year to date increase of 73.4%, dramatically outperforming Golds year to date increase of 26.9%. Since launch the Fund is is up by 81.12%. Of course past performance is not a reliable indicator of future results and we would like to draw your attention the important risk warning at the end of this message. In light of this our investment strategy remains in tact and stable. We are not deviating; we continue to add to our attractively priced holdings as and when we feel it appropriate. This month we have been nibbling at and compounding our positions in, amongst others, Ariana, Ovoca, Norseman, and Angel Mining.

You may say ''but we are in a frenzy''. Having seen many frenzies during a 43 year stockmarket career I can say for sure that we are not. In terms of gold we are still 30% below the real all time high price. When a frenzy starts gold will shoot ahead in a straight line gaining $50 in a session. And then the next. And then the next. The climax of any upswing is always that dramatic. What we see now is a $20 gain one day and then a $10 retreat. The trend is up but it is not straight line. It is not climactic. And in terms of equities: where is the bid frenzy that marks the top of any rally? Where are the quite ludicrous movements on the basis of mere rumour? Has your postman told you to buy gold stocks yet? Yes there is enthusiasm for the sector but not madness. Not even signs of it. We are still in the foothills of a major movement.

Robert Sutherland-Smith

yes, we know that bit ..... and your money and mouth?

Trend still in an upward channel though.

do you need glasses harry??

Nope. See chart at the top of the page.