|March 12, 2009|
Centurion Signs Property Option Agreement With Duran Ventures; Arranges Private Placement
|Vancouver, B.C., March 12, 2009. Centurion Minerals Ltd. (CTN: TSX-V) ("Centurion" or "the Company") is pleased to announce that it has signed a Letter Agreement with Duran Ventures Inc. (DRV:TSX-V) ("Duran"). The Agreement outlines the terms of a Property Option whereby Duran has granted Centurion the right to earn up to a 60% interest in the 2,900 hectares, ten concession, Corongo Property in Ancash, Peru. The Corongo Property hosts a number of Au-Ag-Cu showings and historic mine workings, including the Santa Rosa and Pucapampa areas, which contain both porphyry copper and vein-manto Au-Ag style mineralization. Exploration work was carried out by Rio Tinto Zinc in the 1990's, however the area has been subject to limited modern systematic exploration work. Previous work on the property had resulted in grab samples returning assay values of up to 7.8g/t Au and 191.0g/t Ag.|
Centurion may earn an initial 50% interest by incurring property expenditures of US$1,000,000 by December 31, 2011 with US$200,000 committed spending by December 31, 2009, and issuing 1,000,000 shares to Duran on a phased basis over this period. Upon earning its initial 50% interest, Centurion has the right to increase its interest to 60% by issuing an additional 250,000 shares within 120 days and completing an additional US$250,000 of exploration expenditures within 12 months.
Centurion will be designated the project operator and Duran the project manager. The property option agreement is subject to regulatory approval.
The Company has paid a non-refundable US$25,000, due upon executing the Letter Agreement, as an advance towards the first year property exploration expenditure commitments.
Centurion also announces that it has arranged a non-brokered private placement of up to 2,000,000 units priced at $0.05 per unit for gross proceeds of $100,000. Each Unit will consist of one common share and one share purchase warrant. Each whole warrant will be exercisable for one common share at $0.10 for a period of two years from closing.
The private placement is subject to acceptance by the TSX Venture Exchange and all securities issued will be subject to a four-month hold period.
Proceeds from this financing will be used for general working capital purposes and to advance exploration programs on the Company's properties.
ABOUT CENTURION MINERALS LTD.
Centurion is a Canadian-based company focused on the procurement, exploration and development of gold and other precious metal properties in Canada and the Americas. The Company has an option to acquire up to a 60% interest in the Copper Prince Gold-Copper property in Sudbury, Canada and the Corongo Gold-Silver-Copper properties in Peru.
On Behalf of the Board,
"David G. Tafel"
President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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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 the Company's 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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