Centurion Updates Project Status and Strategies
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/02/12 -- Centurion Minerals Ltd. (TSX VENTURE: CTN) ("Centurion", "the Company") wishes to update its shareholders on the Company's project status and corporate strategies.
The recently announced Indonesian presidential decree (No.24/2012) pursuant to which international mining companies, beginning 5 years after production, will be required to divest 51% of their interests in mining projects by year 10 of production, has adversely affected share prices of mining and exploration companies with Indonesian projects and created a level of uncertainty for future investment.
Centurion is of the view that greater clarity on the practical implementation of these proposed divestment regulations is required, and therefore intends to seek clarification from its Aceh, Indonesian partners and Acehnese leaders following the April 9th provincial elections in order to assess the impact of the new regulations, if any, on the Company's operations.
Due to this decree, the Company is undertaking several strategic initiatives including:
1. Temporarily suspending exploration and drilling activities and
expenditures on its Indonesian projects, including drilling activities
on its Banda Raya project;
2. Clarifying with its local partners and provincial leaders the
implications of the decree on Acehnese projects;
3. Reviewing and evaluating mineral exploration projects available for
acquisition outside Indonesia;
4. Reviewing and possibly amending terms of a previously announced non-
brokered private placement; and
5. Supporting and participating in planned foreign and Indonesian mining
companies' lobbying efforts to have this decree repealed.
The Company's geological team will continue to assess results of field work completed to date on the Banda Raya project and samples from drill holes completed will be reported when assay results are received. Substantial progress has been made in defining several promising epithermal gold prospects within its Aceh properties, and subject to clarification of the impact of this decree, Centurion remains committed to its prospective projects.
On Behalf of the Board,
David G. Tafel, 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.
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.
Contacts:
Centurion Minerals Ltd.
David Tafel
President and CEO
604-484-2161
604-683-8544 (FAX)
info@centurionminerals.com
www.centurionminerals.com
