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.

Maiden purchase though , cyners.

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Lets hopethis applies to CEY? TSX was positive up 6.22% to C $2.22 making 142p.

http://www.bloomberg.com/news/2011-03-27/dubai-shares-advance-to-0ne-month-high-on-saudi-housing-egyptian-rally.html

Interesting that CEY hasn't recovered more than it has now that things seem to have settled down in Egypt. Presumably, 180p+ won't happen until the elections in the autumn and the threat of nationalisation/licence reviews has passed. Shame that CEY is only a one mine company. If they had interests elsewhere they would at least spread the risk a little. Can't decide whether to buy some for medium term recovery or to just watch.

just bouncing off 50 dma so arguably not a bad entry point ..... don't forget this is the last trading day of fiscal year, so quite a lot of book squaring and similar

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All this time and i've never read your name backwards hermanm lol cynics a clever bu**er at times.,.

see, i'm not just a pretty face!

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did you kill him, or only metaphorically? ..... your husband, not the pussy!

Don't blame her for not answering that one.....could incinerate her!!!

Anyone know why CEY is rising today?

from my post on libya thread .....

Egypt
there is clearly great fear among the educated egyptian populace, that the muslim brotherhood - islamic fundamentalist at heart, and in its own way rather like the ira - will eventually take over ..... it is thought that mb is too fragmented to make too great an impact in the forthcoming elections, but by the time of the next ones in 2015, the situation may well be different

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however, egypt now looks to be pretty calm, and the kneejerk fear about nationaliation is perhaps being discounted as most unlikely ..... add to that the rising price of bullion and that CEY has lagged of late, and there's some reasoning for you

Totally looking undervalued... bought into it today

and new all time highs for gold at $1460.

Daily Mail : Brokers-visit-Centamin-mine


Now that the dust has settled, a party including 11 City number crunchers are tomorrow attending a visit to Centamin Egypts Sukari gold project in the eastern desert of Egypt.

They will see for the very first time the new underground development and hopes that the feedback should be bullish helped Centamins shares advance to 150p before closing 7.4p better at 146.15p.

The stock collapsed from a January level of 175p to a low of 116.75p on mistaken fears that Mubaraks demise in Egypt would put a block on gold exports for the remainder of 2011 and could hit exports from its Sukari mine.

Sukari is located about 750 miles from Cairo in the Eastern Desert of Egypt. Broker Oriel Securities will be on the trip and expects the rescheduled tour originally planned for the end of January will reassure investors and make abundantly clear that the stock has been heavily oversold.

Centamin recently commented that mining operations were unaffected by the recent political changes in Egypt and that it is still on track to produce 250-290 ounces of gold in 2011 at a competitively low cash cost of $450 ounces compared to the industry average of $585 ounces. Oriels Charles Coopers short-term target price is 206p


I think that should be 250/290kozs for 2011?

RNS Out now.

Back on track solid update.

Centamin Egypt Limited is pleased to announce its preliminary production results following the completion of its first quarter's production.

The Company poured 45,204 ounces for the quarter from its Sukari operation, which remained largely unaffected by the political events in Egypt during the period. Ore processing activities continued unaffected and the security of personnel, assets and tenure were never under threat by such events.

Material movement from the open pit and underground mining operation was reduced late in the quarter due primarily to delays in the delivery of blasting accessories. Whilst this impacted the Company's ability to access higher grade open pit and underground ore (thus reducing plant feed grade), a resultant feed grade of 1.81g/t for the quarter was still achieved. It is expected that the higher grade ore scheduled for the first quarter will be mined and processed during the second quarter.

The minor supply interruptions are now resolved and it is expected that the mining component of the operation will return to full productive capacity during April.

The steel SAG mill lifter and liner configuration has performed to design specifications, as expected, since installation in late October with the first change out occurring successfully in the last week of March.

The Stage 3 plant expansion to a 5Mtpa plant throughput rate (from the current 4Mtpa) remains on schedule and on budget for a mid 2011 commissioning.

2011 gold production guidance of an estimated 250-290,000 ounces remains intact, however, with the events that transpired during the quarter, it is prudent to guide towards the lower end of this range. A further update will be provided by mid-2011 as previously advised.

Thanks kads,

It is expected that the higher grade ore scheduled for the first quarter will be mined and processed during the second quarter.

Top up time?

On a projected PE of around 10 probably high enough at present taking into account the political risk.(ioho).