|August 29, 2016|
Centurion's Ana Sofia Project Commences Sale of Stockpiled Agricultural Gypsum
|Vancouver, B.C., August 29, 2016. Centurion Minerals Ltd. (CTN: TSX-V) ("Centurion", or the "Company") is pleased to announce that it's joint venture partner, Demetra Minerals Inc. ("Demetra"), has negotiated the sale of up to 7,500 tons of crushed and stockpiled agricultural gypsum that was abandoned by a previous operator at the Ana Sofia Project in Santiago Del Estero Province, Argentina. One of the Province's conditions of the Ana Sofia mining permit, was to remove this historically processed/crushed and stockpiled material. Shipping of the gypsum has commenced with the material being bulk-loaded onto trucks and transported to the fertilizer distributor's warehouse for resale to agricultural producers. |
Due to years of exposure to the elements and the resulting high moisture content, this material is suboptimal for conventional commercial fertilizer spreaders and is being sold at a discount to the current market price of agricultural gypsum. The distributor anticipates blending the material with an additional fertilizer allowing consistent application for agricultural producers.
"We are excited about this opportunity. Our partners have found a way to generate our initial revenues while completing required site remediation. More importantly this sale demonstrates that there exists a strong demand for agricultural gypsum as a plant nutrient in the region." stated, Centurion CEO, David Tafel.
Net proceeds of sale from the historic stockpiled agricultural gypsum material will be used to further the development of the Ana Sofia project. Photos of loading operations are available on the Centurion website:
Centurion also announces its intention to complete a non-brokered private placement for up to $300,000 priced at $.07/Unit. Each Unit consists of one common share and one 2-year common share purchase warrant. Each warrant will be exercisable for one common share at $0.12 for the first year and at $0.15 for the second year following the closing. Closing will be subject to TSX Venture Exchange approval. Proceeds from this financing shall be used to advance the Ana Sofia project to pilot plant stage and for general corporate purposes.
The Ana Sofia project comprises two mining concessions totaling 50 hectares (ha) in size within a larger (approximately 500 ha) exploration permit area. Trenching and test pit sampling work completed by joint venture partner Demetra Minerals Inc. in 2014-15 and expanded upon by Centurion in 2016, identified multiple, near surface gypsum layers. Small scale producers located in the vicinity are currently extracting agricultural gypsum and selling to fertilizer distributors and farmers. Agricultural gypsum is a valuable plant nutrient and plays a vital role in maintaining soil structure and nutrient balance in South American soils, allowing greater crop yields.
Centurion Minerals Ltd. is a Canadian-based company with an international focus on the exploration and development of gold and agri-mineral projects.
On Behalf of the Board,
"David G. Tafel"
President and CEO
For Further Information:
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.
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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