|October 21, 2010|
Centurion Executes Agreement for Menawan Gold Property Located in Aceh, Sumatra; Receives Exploration-Stage Mining Business Permit IUP
|Vancouver, B.C., October 21, 2010. Centurion Minerals Ltd. (CTN: TSX-V) ("Centurion" or "the Company") is pleased to announce that it has executed an Agreement with private Indonesian company, PT Nanggroe Kuchi Puega, whereby Centurion will hold an 80% joint venture interest in the Menawan Property in Aceh Province, Sumatra, Indonesia. The property lies along the Miwah gold-mineralized lineament and contains at least two anomalous mineralized areas identified by previous operators referred to as the Menawan Prospect and the Semelit Prospect. A location map of Centurion's Aceh properties can be viewed here |
The Menawan project covers 10,000 hectares, and has been granted an exploration-stage Mining Business Permit (IUP). Under Indonesian mining laws, the project area falls within the jurisdiction of the Aceh Tengah Regency, which has authority over exploration and mining activities and issuance of IUP Permits. The IUP has been issued by the Regency to Centurion's Indonesian joint venture partner.
The Menawan prospect is located in the easternmost part of the 25 kilometre (km) long Miwah lineament, an east-north-east-trending mineralized structural corridor passing through the Miwah epithermal gold deposit situated about 18 km west of Menawan. It is one of at least six gold and copper±gold showings composing the Menawan anomaly. All the occurrences were delineated in the mid 1990s by PT Miwah Tambang Emas (Highlands Gold Ltd.) on the basis of confirmation of the metalliferous outcrops.
Field and laboratory studies by Highlands and its consultant Terry Leach & Co. generated a conceptual model of hydrothermal system at Menawan in which alteration grades from illite+kaolinite clays in porphyritic andesite at higher elevations, through an extensive quartz+sericite+chlorite+pyrite zone in granodiorite-diorite pluton, to a biotite+pyrite assemblage in porphyry stock at lower elevations.
The Semelit prospect was discovered by PT Krueng Peusangan Takengon (Minorca Resources Inc.) in 1997 through an integrated exploration approach. Stream sediment samples around the prospect area were anomalous in gold and base metals. Disseminated Cu-Au mineralization in silicified and brecciated limestone (skarn-like) outcrops occur within the periphery of litho-magnetic domains and magnetic lineaments, which had been interpreted to indicate the presence of buried intrusion beneath the overlying limestone formation. Assays reported by Minorca from a suite of samples returned up to 1 ppm Au and 1240 ppm Cu.
Pursuant to earning an 80% interest in the project, Centurion will be responsible for legal and administrative costs related to the IUP permit and will also be responsible for 100% of the exploration costs to feasibility stage. A re-evaluation of all available historical data is underway so that field work can commence as soon as possible.
Dylan Jeffries 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, Indonesia.
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: Mon Oct 25, 2010, Centurion enters into Financial Partnership Agreement with IUP Permit Holder of Miwah Epithermal Gold Project
You can view the Previous News Releases item: Mon Oct 18, 2010, Centurion Releases NI 43-101 Technical Report On Banda Raya/Halimon Project, Northern Sumatra, Indonesia
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