|September 16, 2009|
Centurion Executes Agreement To Acquire Gold Project In Aceh, Indonesia
|Vancouver, B.C., September 16, 2009. Centurion Minerals Ltd. (CTN: TSX-V) ("Centurion" or "the Company") is pleased to announce that it has executed a Memorandum of Agreement ("MOA") to acquire a 77% interest in PT Tambang Mas Sable ("PT TMS"), a private company which holds a Contract of Work ("COW") on the Sable gold project in Aceh Province, Northern Sumatra, Indonesia. |
The Sable project is approximately 23,500 hectares in size and is located approximately 5 kilometres west of the East Asia Minerals Corporation ("East Asia") (EAS:TSX-V) Miwah epithermal gold project. The Sable Project has been subject to previous historical exploration consisting of rock chip and soil geochemical sampling, as well as drilling of 19 diamond holes ranging from 150 to 250 metres in depth. The company is currently reviewing the historical data. The historical programs have been conducted mainly in the southern part of the project, in areas referred to as the "Saddle Hill" and "Sequenten" prospects. However, the northern region of the Sable project, referred to as the "Geupoh" prospect, which is west of, and potentially on strike to Miwah, has not been actively explored to date.
East Asia has recently reported consistently strong results at Miwah, including 100 metres (m) of 2.11 grams per tonne (g/t) gold, and 142 m of 2.25g/t gold and have announced expansion of the current diamond drill program to include diamond drilling to support the estimation of gold resources compliant with NI 43-101 (see East Asia news releases dated September 10, 2009 and September 11, 2009). Pursuant to the East Asia website, "Mineralization at Miwah consists of two components; a large 1,200 metre long, 300 to 400 metre wide, approximately 200 metre thick tabular zone and vertical diatreme breccia feeder zones that are beneath and cut through the tabular zone. The Miwah Property is in a very similar volcanic setting to the Martabe gold-silver deposit, also located in North Sumatra. The alteration systems at Miwah and Martabe are of comparable size. Furthermore, according to the East Asia Website "Miwah exhibits a likeness to the size, style and geometry of the alteration system developed at the Pierina gold deposit in Peru.
"We are excited with the prospects of the Sable project. Two of our directors, Alfred Lenarciak and Joe Del Campo, have many years of experience in Indonesia as well as a historical working relationship with the current President of PT TMS, and holder of the Sable Contract of Work Ahmad Yani, which has enabled the Company to progress to its current stage," said David Tafel, Chief Executive Officer.
Centurion will be responsible for assisting and funding the reactivation of the COW (US$60,000) and funding 100% of exploration costs to feasibility stage of the Sable project. Upon the reactivation of the COW, Centurion is to make staged payments totaling $100,000 and issue 400,000 common shares and 100,000 common share options. The MOA is subject to completion of due diligence and definitive agreements as well as regulatory and Board of Director approvals.
Upon completion of due diligence and definitive agreements, Centurion intends to commence an active exploration program on the Sable project.
QUALIFIED PERSON STATEMENT
The content of this release has been read and approved by Jamie Lavigne, P. Geo and Qualified Person for the Company as defined in National Instrument 43-101.
Centurion is a Canadian-based company focused on the procurement, exploration and development of gold and other precious metal projects.
On Behalf of the Board,
"David G. Tafel"
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For Further Information Contact:
President and CEO
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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