The contract was for a minimum of 90,000m of underground drilling per year and would use five drill rigs, the company said. 

Geodrill expected the deal would generate revenues in excess of US$54 million over the term of the contract. 

"Not only does our business with Centamin complement our existing work, it will also help us counter cyclical industry downturns while at the same time deliver a significant, stable base of long-term revenue over the next five years," Geodrill president and CEO Dave Harper said. 

Centamin, which is headquartered in Jersey, touts the flagship Sukari mine as Egypt's largest and first modern gold mine, as well as one of the world's largest producing mines. 

The mine has produced about 5 million ounces of gold since production began in 2009, and today has a projected mine life of 12 years, Centamin said. 

The drilling campaign in Egypt sees Geodril expand its footprint from Ghana, Burkina Faso, the Ivory Coast and Mali. 

Geodrill traded on the Toronto Stock Exchange at C$2.40/share on February 1, up 7% day-on-day. 

The company had a market capitalisation of C$108.8 million.