Capt Camara, a junior army officer, declared himself president and head of the junta's new National Council for Democracy and Development (CNDD).
On Thursday, he said the new 32-member ruling council replacing the government and other institutions would hold "free, credible and transparent elections" in December 2010, when Mr Conte's presidential term would have ended.
If he sticks to that promise, he would be bucking a trend in Africa, our correspondent says.
"The council has no ambitions to hold on to power. The only reason is the need to safeguard territorial integrity. That is the only reason. There is no ulterior motive," he said.
Capt Camara also said he had no intention of standing in the elections and that he wanted to restore order to the country and rid it of corruption.
The US embassy in Conakry called for an immediate return to civilian rule in Guinea, saying the junta's announcement that elections would not be held for two years was unacceptable.
France, which currently holds the EU presidency, also said a vote should be held soon.
"The presidency points out the importance of respecting time limits and within the first half of 2009 holding democratic and transparent elections," the office of French President Nicolas Sarkozy said in a statement.
Guinea's two main opposition groups also urged the junta to stage elections in a year's time.
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