|January 20, 2011|
Centurion Minerals Closes $1.7 Million Non-Brokered Private Placement
|Vancouver, B.C., January 20, 2011. Centurion Minerals Ltd. (CTN: TSX-V) ("Centurion", "the Company") is pleased to announce that it has closed the non-brokered portion of the private placement previously announced on December 7, 2010 and has issued 1,120,515 shares priced at $1.55 per share for total gross proceeds of $1,736,800. The shares are subject to a four month hold period which expires in May 2011.|
This non-brokered placement is a component of the strategic alliance made with PT Titan Metals ("Titan"); a private Indonesian company engaged in the acquisition and development of mineral resource projects in Indonesia (also announced December 7, 2010). The agreement provides Centurion with the first right of refusal to participate in any of the projects in which Titan is seeking a partner in exchange for Centurion's technical, legal, and financial expertise.
Total net proceeds from the subscribers will be used for exploration and drilling programs on the Company's properties, due diligence of further potential projects, and for general working capital purposes. Centurion is now well funded with in excess of $6 million in its treasury and is aiming to commence a drilling program on at least one of the identified epithermal gold prospect areas within the Banda Raya-Halimon properties between Q1 and Q2 this year.
Centurion Minerals Limited is a Canadian-based company focused on the procurement, exploration and development of gold and other precious metal projects in 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:
Toll Free (North America) 1-877-784-2161
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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