ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

COW iShares Global Agriculture Index ETF

62.83
0.74 (1.19%)
31 May 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
iShares Global Agriculture Index ETF TSX:COW Toronto Exchange Traded Fund
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.74 1.19% 62.83 62.81 62.97 62.82 62.28 62.28 3,283 22:00:00

Centurion Executes Agreement to Acquire Gold Project in Aceh, Indonesia

16/09/2009 12:00pm

Marketwired Canada


Centurion Minerals Ltd. (TSX VENTURE:CTN) ("Centurion" or "the Company") is
pleased to announce that it has executed a Memorandum of Agreement ("MOA") to
acquire a 77% interest in PT Tambang Mas Sable ("PT TMS"), a private company
which holds a Contract of Work ("COW") on the Sable gold project in Aceh
Province, Northern Sumatra, Indonesia.


The Sable project is approximately 23,500 hectares in size and is located
approximately 5 kilometres west of the East Asia Minerals Corporation ("East
Asia") Miwah epithermal gold project. The Sable Project has been subject to
previous historical exploration consisting of rock chip and soil geochemical
sampling, as well as drilling of 19 diamond holes ranging from 150 to 250 metres
in depth. The company is currently reviewing the historical data. The historical
programs have been conducted mainly in the southern part of the project, in
areas referred to as the "Saddle Hill" and "Sequenten" prospects. However, the
northern region of the Sable project, referred to as the "Geupoh" prospect,
which is west of, and potentially on strike to Miwah, has not been actively
explored to date.


East Asia has recently reported consistently strong results at Miwah, including
100 metres (m) of 2.11 grams per tonne (g/t) gold, and 142 m of 2.25g/t gold and
have announced expansion of the current diamond drill program to include diamond
drilling to support the estimation of gold resources compliant with NI 43-101
(see East Asia news releases dated September 10, 2009 and September 11, 2009).
Pursuant to the East Asia website, "Mineralization at Miwah consists of two
components; a large 1,200 metre long, 300 to 400 metre wide, approximately 200
metre thick tabular zone and vertical diatreme breccia feeder zones that are
beneath and cut through the tabular zone. The Miwah Property is in a very
similar volcanic setting to the Martabe gold-silver deposit, also located in
North Sumatra. The alteration systems at Miwah and Martabe are of comparable
size. Furthermore, according to the East Asia Website "Miwah exhibits a likeness
to the size, style and geometry of the alteration system developed at the
Pierina gold deposit in Peru.


"We are excited with the prospects of the Sable project. Two of our directors,
Alfred Lenarciak and Joe Del Campo, have many years of experience in Indonesia
as well as a historical working relationship with the current President of PT
TMS, and holder of the Sable Contract of Work Ahmad Yani, which has enabled the
Company to progress to its current stage," said David Tafel, Chief Executive
Officer.


Centurion will be responsible for assisting and funding the reactivation of the
COW (US$60,000) and funding 100% of exploration costs to feasibility stage of
the Sable project. Upon the reactivation of the COW, Centurion is to make staged
payments totaling $100,000 and issue 400,000 common shares and 100,000 common
share options. The MOA is subject to completion of due diligence and definitive
agreements as well as regulatory and Board of Director approvals.


Upon completion of due diligence and definitive agreements, Centurion intends to
commence an active exploration program on the Sable project.


QUALIFIED PERSON STATEMENT

The content of this release has been read and approved by Jamie Lavigne, P. Geo
and Qualified Person for the Company as defined in National Instrument 43-101.


ABOUT CENTURION

Centurion is a Canadian-based company focused on the procurement, exploration
and development of gold and other precious metal 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.


1 Year iShares Global Agricultu... Chart

1 Year iShares Global Agricultu... Chart

1 Month iShares Global Agricultu... Chart

1 Month iShares Global Agricultu... Chart