Centurion Proceeds With Myanmar Gold Project Strategy
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/23/12 -- Centurion Minerals Ltd. (TSX VENTURE: CTN) ("Centurion", "the Company") announces that pursuant to its news release dated April 2, 2012, Centurion management has been reviewing and evaluating mineral exploration projects available for acquisition outside Indonesia. The Company has entered into two preliminary agreements with mining groups in Myanmar and is completing due diligence on these and several other prospective gold exploration prospects currently.
Subsequent to the recent Canadian government's suspension of economic sanctions with Myanmar, Centurion's principals have renewed business relationships which have enabled the Company to quickly identify prospective projects and potential mining partners in this mineral-rich country. The Company is proceeding to open a representative office in Yangon in order to advance these opportunities. "Now that economic sanctions have been lifted, we are very pleased to be able to return to Myanmar which has such potential for discovering world class mining projects," stated Mr. Alfred Lenarciak, Centurion Chairman.
Myanmar Gold Opportunities
The gold prospects under Centurion's consideration lie within two of the major gold and associated mineral belts that span the N-S axis of Myanmar for hundreds of kilometres. Over 340 gold occurrences of varying stages of exploration have been noted along the belts, but only a small number of them have been explored systematically using modern methodology. Most of the occurrences are of epithermal and intrusion-related style of mineralization. Historical exploration by international and local companies has enabled development of a few of these gold prospects into currently producing gold mines with grades reportedly varying from 3 to 15 g/t Au. Centurion has been invited by several local mining companies to consider partnering with them to further develop their gold projects.
Indonesian Properties
Due to this year's enactment of Indonesian mining regulation (#24-12) whereby international mining companies have become subject to regulations requiring divestment of a minimum 51% of their interests in mining projects by the tenth year of production, Centurion management has decided to maintain only its (core) Banda Raya project in Aceh, Indonesia. Initial sampling and a short hole drilling program had identified several promising epithermal gold and porphyry Cu-Au prospects on this project, which is adjacent to the Miwah gold property. The company will also maintain an interest in the Miwah gold deposit through its financial partnership agreement with Indonesian (IUP) permit holder, PT Bayu Kamona Karya. Centurion will relinquish its interests in its other Indonesian properties.
Mr. Lenarciak, Chairman commented, "We are confident that the newly elected Aceh government will succeed in improving the provincial investment climate to enable full development of its mining resource potential."
ABOUT CENTURION
Centurion Minerals Limited is a Canadian-based company focused on the exploration and development of gold and other precious metal projects in Southeast Asia.
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
