Centurion Executes Agreement for Jimeu Gold Property Located in Aceh, Sumatra; Receives Exploration-Stage Mining Business Permit Iup
Suite 322 - 470 Granville Street Vancouver, BC Canada V6C 1V5 Tel: (604) 484-2161 Fax: (604) 683-8544 www.centurionminerals.com [email protected]
NEWS RELEASE
CENTURION EXECUTES AGREEMENT FOR JIMEU GOLD PROPERTY LOCATED IN ACEH, SUMATRA; RECEIVES EXPLORATION-STAGE MINING BUSINESS PERMIT IUP
Vancouver, B.C., November 04, 2010. Centurion Minerals Ltd. (CTN: TSX-V) (“Centurion” or “the Company”) is pleased to announce that it has executed an Agreement with private Indonesian company, PT Nanggroe Kuchi Puega, whereby Centurion will hold an 80% joint venture interest in the Jimeu Property in Aceh Province, Sumatra, Indonesia. The property is situated about 20 kilometres (km) southeast of the Miwah epithermal gold project. A location map of Centurion’s Aceh properties can be viewed here:
http://www.centurionminerals.com/i/pdf/JimeuMap.pdf
The Jimeu project covers 10,000 hectares, and has been granted an exploration-stage Mining Business Permit (IUP). Under Indonesian mining laws, the project area falls within the jurisdiction of the Aceh Tengah Regency, which has authority over exploration and mining activities and issuance of IUP Permits. The IUP has been issued by the Tengah Regency to Centurion’s Indonesian joint venture partner.
Jimeu Epithermal Mineralization
The Jimeu property lies in the Cenozoic magmatic arc of Sumatra that is well-known to host most major gold and gold/copper deposits on the island. Previous exploration in the mid to late 1990s by PT Miwah Tambang Emas (Highlands Gold Ltd.) delineated the Jimeu epithermal mineralization within one of their Au/Cu/As geochemical anomalous claim areas. This showing occurs in terrain characterized by prominent peaks resembling eroded volcanic edifices which are deemed exploration target areas. Jimeu is transected by splays of the Sumatra strike-slip fault system, the mega structure frequently linked to deposit forming processes.
Pursuant to earning an 80% interest in the project, Centurion will be responsible for legal and administrative costs related to the IUP permit and will also be responsible for 100% of the exploration costs to feasibility stage. A re-evaluation of all available historical data is underway so that field work can commence as soon as possible.
QUALIFIED STATEMENT
Dylan Jeffries P. Geo and independent consulting exploration geologist to the Company is the qualified person under National Instrument 43-101 who has read and approved the technical contents of this news release.
ABOUT CENTURION
Centurion is a Canadian-based company focused on the procurement, exploration and development of gold and other precious metal projects in Northern Sumatra, 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:
David Tafel President and CEO 604-484-2161
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.