|February 16, 2010|
Centurion Executes Binding Agreement; Receives (IUP) Mining License On Badak Property In Northern Sumatra, Indonesia
|Vancouver, B.C., February 16, 2010. Centurion Minerals Ltd. (CTN: TSX-V) ("Centurion" or "the Company") is pleased to announce that the Company has executed a Binding Letter Agreement with two (arms-length) private Indonesian companies whereby Centurion will hold an 80% joint venture interest in the "Badak" property in Northern Sumatra. The Badak property is one of the three claim areas announced in a news release dated December 21, 2009. |
Centurion shall manage all exploration activities, be responsible for license issuance costs and 100% of exploration expenditures and related costs through to feasibility study.
Formal documentation granting an Indonesian mining license (IUP) pursuant to the Badak property has been received from the Indonesian government which will enable exploration activities to commence immediately.
The Badak mineral claim is approximately 10,000 hectares in size and is located to the southeast of East Asia's Miwah discovery in Northern Sumatra, Indonesia (view location map) and within the renowned Neogene mineralized magmatic belt of Sumatra. The Neogene belt contains many gold and base-metal deposits, making it one of the most productive among the Indonesian metallogenic zones.
The property has undergone previous exploration for gold and base-metals in the last three decades. Located between the Miwah and Abong epithermal gold mineralization to the northeast and southeast respectively, Badak hosts at least two gold anomalous areas with characteristics interpreted by previous explorers to be of epithermal style. These anomalies, which were delineated from results of geochemical survey, occur within a large complex of extrusive centers. The centers consist of extensively altered Pleistocene andesite to dacite piles, and are cut by north-to-northeast striking faults - a structural trend that controls mineralization in the region. This geological setting is similar to that of the Miwah discovery, hence potentially hosting important volcanogenic epithermal deposits.
The agreement is subject to the approval of the TSX Venture exchange. Upon receipt of regulatory approval, Centurion plans to immediately commence its initial exploration program at Badak to verify certain historical data and to investigate new prospective areas in order to delineate drill targets.
Mr. Simon Meldrum, P. Geo and consulting geologist to the Company is the qualified person under National Instrument 43-101 who has read and approved the technical contents of this news release.
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.
You can view the Next News Releases item: Thu Feb 18, 2010, Centurion Minerals Appoints Mr. Simon Meldrum As Consultng Geologist Responsible For Indonesian Exploration Programs
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