|December 22, 2009|
Centurion Enters Into A Financial Advisory Agreement With Maison Placements, Arranges Non-Brokered Private Placement, And Updates On Copper Prince Property
|Vancouver, B.C., December 22, 2009. Centurion Minerals Ltd. (CTN: TSX-V) ("Centurion" or "the Company") is pleased to announce that it has entered into a financial advisory services agreement with Maison Placements Canada Inc. Maison Placements will provide the Company with general corporate and financial advice as to strategies, structure, and terms of financing arrangements. The agreement contemplates that the Company issue 150,000 common shares to Maison Placements as a corporate finance retainer. |
This agreement was executed following a recent site visit to Indonesia with Maison President, John Ing. Centurion CEO, David Tafel stated, "Maison's financial expertise compliments Centurion's objective of assembling a package of highly prospective exploration properties."
In conjunction with this agreement, the Company announces it has arranged a non-brokered private placement of up to 1,000,000 units priced at $0.50 for total gross proceeds of up to $500,000. Each unit will consist of one common share and one half warrant. Each whole warrant will be exercisable for one common share at $0.60 for a period of two years from closing. Proceeds from this financing will be used for general working capital purposes, due diligence of potential projects and to advance exploration programs on the Company's current properties.
The above agreement and financing are subject to regulatory approval.
COPPER PRINCE UPDATE
The Company also wishes to announce the results from the early-stage exploration work conducted on its Copper Prince property which consists of 12 patented claims located in Falconbridge Township, Sudbury, Ontario. Centurion recently reviewed previous work on the property and completed a field exploration program consisting of geological mapping, a shallow ground electromagnetic prospecting survey, and outcrop sampling. Approximately 27 line km of electromagnetic surveying was completed using a Beep Mat Model BM8. Fifty-one samples were collected and analyzed for a suite of major and trace elements and forty five of these samples were analyzed for gold, platinum, and palladium.
Highlights of the assay data include a grade of 18.45 grams per tonne gold (Au) in sample 156153 and a grade of 2.77% copper (Cu) in sample 156118. Significant assay data is summarized in the table below.
All samples are grab samples of outcrop
Au = gold, Ag = silver, Cu = copper, Ni = nickel, Co = cobalt
ppm = parts per million = grams per tonne
The Beep Mat survey has resulted in the identification of a number of conductive and/or magnetic zones. However, all are located under overburden cover and the significance of the anomalies and the potential relationship with mineralization remains unknown. Samples 156153 and 156159, containing 18.45 grams per tonne gold and 0.45 grams per tonne gold respectively occur along the Nipppising diabase/Huronian contact approximately 40 meters apart and supports and illustrates the prospectivity of this geological environment. Centurion has the right to earn up to 60% interest in this property from Garson Gold Corp by completing certain expenditures within a four year period.
Geochemical analysis of the samples was completed at ALS Chemex (ALS) laboratory located in Sudbury, Ontario. Major and trace elements were analyzed using a four acid digestion and ICP-MS analysis (ALS code ME-MS61). Gold, platinum, and palladium concentrations of 45 samples were determined using fire assay with an ICP finish (ALS codes PGM-ICP23 and PGM-MS23) and six samples were further analyzed for gold by fire assay with an ICP finish (ALS code Au-ICP21).
The content of this news 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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