|November 04, 2008|
Centurion Completes Copper Prince Property Transaction
|Vancouver, B.C. November 04, 2008. Centurion Minerals Ltd. (CTN: TSX-V) ("Centurion" or "the Company") is pleased to announce that further to its news release of September 26, 2008, the Company has received TSX Venture exchange approval for the option and joint venture agreement with Garson Gold Corp. (GG: TSX-V) in respect of Garson Gold's 100% owned Copper Prince property located in Sudbury, Canada. Under the terms of the agreement Centurion can earn up to a 60% interest in the Copper Prince Property in two stages: 50% interest by making total payments of $75,000, issuing 650,000 shares, and incurring $900,000 in exploration expenditures over three years, and an additional 10% interest by incurring an additional $400,000 in exploration expenditures and issuing 250,000 shares within 18 months of the three-year anniversary date of the agreement. |
Centurion has commenced a first phase exploration program on the property which will include line-cutting, mapping, a geophysical survey, and channel sampling.
The Copper Prince property is a Gold-Copper project comprised of a contiguous block of 16 patented mining claims, encompassing approximately 260 hectares located in Falconbridge Township within the greater city of Sudbury, Ontario. The project lies in the Huronian Gold Belt -- a zone of past gold producers that extends from NE of the Sudbury Basin to the SW, south of the town of Espanola, a distance of approximately 120 kilometers (km).
The claims immediately to the north and west of Copper Prince are owned by FNX Mining-Xstrata and are being explored for footwall type Ni-Cu-PGM deposits. Xstrata is developing their Nickel Rim deposit further to the north with plans to go into production in the near future. The Xstrata smelter is located approximately two km to the north of the Copper Prince boundary. To the immediate east of the Copper Prince property lies the Falcon Gold Property which is owned by Kinross Gold Corp. The Manchester Offset Dyke (a Ni-Cu-PGM deposit) that belongs to Vale/Inco is located approximately 0.5 of a km south of the Copper Prince southern boundary.
From 1950 to 1973 Copper Prince Mines conducted various exploration programs over the property. During 1988-1989, Rainbow Exploration Corp. purchased the property from Copper Prince Mines, and optioned it to INCO Gold Co. INCO Gold completed magnetic, electromagnetic (VLF and some IP surveys), remapped the geology, collected 594 surface samples and drilled 4 holes for 421 metres (m) to test mineralization beneath the original "main" prospecting pit, and in 2 other areas.
In the period 1995 to 1997, Rainbow Petroleum Corp. tested the South Range Breccia Belt with 27 diamond drill holes for 6,319 m testing zones with narrow gold copper values at surface. Estimated expenditures by INCO Gold and the Rainbow group of companies to that time were about $750,000.
In 2004, MBMI Resources Inc. drilled 10 shallow diamond drill holes for a total of 775 m. The assay data received confirms copper-gold mineralization within quartz veins which range up to several metres in size concentrations. Two zones containing numerous quartz veins containing Chalcopyrite, Pyrite, and Pyrrhotite mineralization were encountered. One trend is 15 m wide by 50 m long, and open on strike and at depth. The other trend extends 80 m in length, and up to a half metre in width and is also open on strike and to depth.
On Behalf of the Board,
"David G. Tafel"
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements concerning future operations of Centurion Minerals Ltd. (the "Company"). All forward looking statements concerning the Company's future plans and operations, including management's assessment of project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
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