|May 04, 2010|
Centurion Executes Agreements for Banda Raya and Halimon Gold Properties Located Directly North of the Miwah Discovery in Aceh, Sumatra; Receives IUP Mining Exploration Licenses
|Vancouver, B.C., May 04, 2010. Centurion Minerals Ltd. (CTN: TSX-V) ("Centurion" or "the Company") is pleased to announce that it has executed two Agreements whereby Centurion will hold an 80% joint venture interest in the Banda Raya and Halimon Properties in Aceh Province, Sumatra, Indonesia. The two 10,000 hectare properties are located adjacent to, and directly to the north of, the East Asia Minerals' (EAS:TSX-V) Miwah discovery. A location map of these properties can be viewed at http://www.centurionminerals.com/i/maps/Banda-Raya-Halimon.jpg |
IUP Mining Business Licenses for Exploration (Ijin Usaha Pertambangan) on the two properties have been issued pursuant to Indonesian law, which secure the projects' tenure and enable formal exploration activities to commence.
Historical exploration activities completed by previous operators (PT Miwah Tambang Emas and PT Barrick Mutiara Woyla) within the project area during the 1990's consisted of mapping, targeting, surface drainage sampling and follow-up reconnaissance. Results from this work outlined a structural corridor prospective for epithermal -- porphyry style mineralization located between the main Miwah prospect (approximately 2.5 kilometres south of the Halimon border) and the Peut Sague Volcano 8 kilometres to the north of Miwah.
Several technical reports published in the mid-1990's conclude that it is possible that the Peut Sague Volcano was the source of hydrothermal fluids that altered and mineralized the structures at the Miwah prospect and could also therefore be responsible for mineralization at other prospects within the structural corridor. Centurion's geologists concur with this view and also agree that of special interest on this North-South corridor are the intersections with major East-West faults. Such intersections occur North, North East and South of Miwah. Previous exploration has identified three epithermal and three gold-copper porphyry prospects on the Banda Raya and Halimon properties within this corridor.
Results from historical ground exploration work within the IUP license areas successfully confirmed the presence of multiple areas of surface alteration, drainages containing anomalous pathfinder geochemistry and localized areas of epithermal veining. Additionally, results from mapping confirmed the presence of locally brecciated and high sulphidation style altered volcanic units inferred to correlate with the Leuping Volcanic member which hosts the neighbouring Miwah prospect and the adjacent Banda Raya epithermal prospects.
Centurion's geological team headed by Mr. Dylan Jeffriess, P.Geo, has travelled to the properties and is currently compiling and confirming the historical data that will lead to a comprehensive exploration plan to be carried out in the near future. Mr. Jeffriess has over 12 years of mineral exploration experience in epithermal gold and porphyry gold/copper deposits in the Australasia region as well as in Latin America, China and Sweden. He has held a number of exploration and operational positions for companies such as Goldfields Australasia Pty Ltd, Minera Goldfields, and Rio Tinto Exploration Peru.
Centurion will be responsible for administrative and legal costs, including processing costs related to the mining business license (IUP) and will also be responsible for 100% of the exploration costs to feasibility stage.
Dylan Jeffriess P. Geo and independent consulting exploration 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 in Northern Sumatra and Canada.
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: Wed May 26, 2010, Centurion Minerals Increases Private Placement By One Million Units
You can view the Previous News Releases item: Mon Apr 26, 2010, Centurion Minerals Engages Maison Placements for $5 Million Brokered Private Placement
You can return to the main News Releases page, or press the Back button on your browser.