On October 25, 2010, Centurion entered into a Financial Partnership with PT Bayu Kamona Karya ("Kamona"), the Indonesian company which has been issued the Exploration Mining Permit (IUP) on the property that hosts the Miwah epithermal gold discovery in Aceh, Sumatra, Indonesia. Kamona maintains a 15% interest in the Miwah project, which is undergoing an ongoing exploration and infill drilling program by project operator East Asia Minerals Corporation (http://www.eaminerals.com/s/Miwah.asp
Pursuant to this Partnership Agreement, Centurion will have the right of first refusal to provide the necessary funding to satisfy the financial obligations associated with the Kamona IUP Property Agreements. Kamona's intention is to maintain its 15% interest in the Miwah project and participate in any future mine development. In exchange for this funding, Centurion will receive 72% of the benefit that the IUP Holder receives both directly and indirectly from the Joint venture Company formed with respect to the Property (equates to a 10.8% interest).
To maintain the right of first refusal, and to enable Kamona to prepare its development participation, staged payments linked to a series of milestone achievements leading up to mine construction will be made.
On May 9, 2011, EAS released an initial NI 43-101 compliant inferred resource (using a 0.2-gram-per-tonne gold cut-off) is estimated at 103.9 million tonnes averaging 0.94 g/t gold and 2.68 g/t silver for 3.14 million ounces gold and 8.95 million ounces silver in near and at-surface mineralization
The estimate is contained within the Miwah Main Zone and remains open for expansion. The inferred resource block measures 1,300 m east-west, up to 600 m north-south, and 300 m thick.
Significant gold-bearing drill intersections remain open at the outer limits of and adjacent to the resource block, verifying the potential to quickly expand the initial resource estimate. Exploration drilling remains in progress with the objective to generate the next phase of data required to provide an update to the initial Miwah resource estimate
The news release pertaining to the resource estimate may be accessed on the EAS corporate website here: http://www.eaminerals.com/s/NewsReleases.asp?ReportID=455818&_Type=News-Releases&_Title=East-Asia-Announces-NI43-101-Resource-Estimate-for-Miwah-Growth-Potential-V...