Friday, August 24, 2012
Centurion
Minerals Ltd. (TSX VENTURE:CTN) ("Centurion", "the Company") announces
that pursuant to its news release dated April 2, 2012, Centurion
management has been reviewing and evaluating mineral exploration
projects available for acquisition outside Indonesia. The Company has
entered into two preliminary agreements with mining groups in Myanmar
and is completing due diligence on these and several other prospective
gold exploration prospects currently.
Subsequent
to the recent Canadian government's suspension of economic sanctions
with Myanmar, Centurion's principals have renewed business relationships
which have enabled the Company to quickly identify prospective projects
and potential mining partners in this mineral-rich country. The Company
is proceeding to open a representative office in Yangon in order to
advance these opportunities. "Now that economic sanctions have been
lifted, we are very pleased to be able to return to Myanmar which has
such potential for discovering world class mining projects," stated Mr.
Alfred Lenarciak, Centurion Chairman.
Myanmar Gold Opportunities
The
gold prospects under Centurion's consideration lie within two of the
major gold and associated mineral belts that span the N-S axis of
Myanmar for hundreds of kilometres. Over 340 gold occurrences of varying
stages of exploration have been noted along the belts, but only a small
number of them have been explored systematically using modern
methodology. Most of the occurrences are of epithermal and
intrusion-related style of mineralization. Historical exploration by
international and local companies has enabled development of a few of
these gold prospects into currently producing gold mines with grades
reportedly varying from 3 to 15 g/t Au. Centurion has been invited by
several local mining companies to consider partnering with them to
further develop their gold projects.
Indonesian Properties
Due
to this year's enactment of Indonesian mining regulation (#24-12)
whereby international mining companies have become subject to
regulations requiring divestment of a minimum 51% of their interests in
mining projects by the tenth year of production, Centurion management
has decided to maintain only its (core) Banda Raya project in Aceh,
Indonesia. Initial sampling and a short hole drilling program had
identified several promising epithermal gold and porphyry Cu-Au
prospects on this project, which is adjacent to the Miwah gold property.
The company will also maintain an interest in the Miwah gold deposit
through its financial partnership agreement with Indonesian (IUP) permit
holder, PT Bayu Kamona Karya. Centurion will relinquish its interests
in its other Indonesian properties.
Mr.
Lenarciak, Chairman commented, "We are confident that the newly elected
Aceh government will succeed in improving the provincial investment
climate to enable full development of its mining resource potential."
ABOUT CENTURION
Centurion
Minerals Limited is a Canadian-based company focused on the exploration
and development of gold and other precious metal projects in Southeast
Asia.
Source: Equities.com
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