Centurion Provides Project Review and 2023 Plans; Announces Private Placement
NEWS RELEASE
CENTURION PROVIDES PROJECT REVIEW AND 2023 PLANS; ANNOUNCES PRIVATE
PLACEMENT
Vancouver, B.C., January 30, 2022 - Centurion Minerals Ltd. (CTN: TSX-V) ("Centurion", or the "Company")
wishes to summarize its 2022 achievements and provide an overview of its Canadian gold exploration
project, 2023 plans, and objectives, as follows:
1. Casa Berardi West Gold Project Acquisition: Proceeding with its original focus of acquiring and
advancing gold exploration projects, the Company executed an Option Agreement in August 2022 to
acquire a 100% interest in the Casa Berardi West Gold Project (the “Project”). The Project consists of
3 claim groups (Noseworthy, Newman and Hepburn) comprising a total of 4,700 hectares,
strategically located northeast of Cochrane, Ontario, Canada in the mineral endowed central north
Abitibi greenstone belt.
A NI 43-101 Technical Report outlining the Project’s historical activities has been completed and can
be found on the Company’s website. ( Casa Berardi West – Centurion Minerals Ltd )
Highlights:
a) Historical exploration includes more than 70 RC drill holes returning encouraging results that
include 18 samples greater than 1,000 ppb (1 g/t) gold and the highest returning 38,000 ppb
(38g/t) gold;
b) Situated along structural corridors hosting world-class discoveries, operating mines, and
significant past-producing operations;
c) Located near historical production from Normetal Mines as well as currently active, Amex
Exploration Inc. which is undertaking one of the largest drilling programs in Canada on its Perron
project. ( Amex Exploration Highlights Accomplishments From 2022 And Reviews Exploration
Plans for 2023);
d) Numerous iron formations and shear zones proximal to a late granitic pluton ha s gold deposit
analogies to the Musselwhite gold mine in northern Ontario; and
e) Excellent access and infrastructure.
2023 Next Steps: Immediate exploration efforts will be focused on the following: (i) compilation of
all historical data; (ii) ground geophysics (IP) over priority targets; and (iii) an initial drill program
covering identified targets.
2. Resumption of Trading: Following preparation of a detailed financial business plan and extensive
dialogue with the TSX-V, a resumption of trading was granted in September 2022. This followed an
extended trading halt related to the cannabis spin-out transaction discussed below. This has created
a unique opportunity for shareholders and new investors to be exposed to the potential exploration
upside of the Casa Berardi West Gold Project.
Suite 520 - 470 Granville Street
Vancouver, BC Canada V6C 1V5
Tel: (604) 484-2161
Fax: (604) 683-8544
www.centurionminerals.com
3. Balance Sheet Restructuring: In December 2022 the Company received TSX-V approval for a financial
restructuring plan that resulted in a reduction of current liabilities by $732,468 through the issuance
of equity at a 150% premium to the closing share price (at the time of approval). Additionally, the
Company executed agreements with a number of creditors to convert a further $888,559 in payables
into 24-month long-term loans, permitting the Company to focus invested capital on value-creating
efforts, specifically, the recommended exploration program for the Casa Berardi West Gold project.
4. Cannabis Spin-Out: In August 2022, the Company completed a transaction involving the transfer of
all cannabis assets and select liabilities to a 100% owned subsidiary- 1364565 B.C. LTD. (“SpinCo”),
and subsequently distributed SpinCo’s shares to Centurion shareholders. As a result of the
transaction, Centurion shareholders retain their shares in the Company and have also become
shareholders of SpinCo on a 1 for 1 basis.
2023 Next steps: SpinCo and Hai Beverage (“Hai”) intend to complete a business amalgamation in
short order following Hai shareholder approval which was received on January 13, 2023. SpinCo and
Hai management are jointly implementing a business plan strategy focused initially on
commercializing Hai’s unique dry water -soluble cannabis technology as related to single-serve
powdered drink offerings. Subject to successfu l implementation of its business strategy , which
includes revenue generation, a follow-on objective would be to bring the business public with the
goal of providing added value and liquidity for all shareholders.
Private Placement
The Company intends to arrange a non -brokered private placement financing for up to $750,000 priced
at $0.02 per Unit. Each Unit will consist of one common share and one-half share purchase warrant. Each
full warrant shall have a term of 24 months commencing on the Closing Date and shall entitle the holder
to purchase one common share at a price of $0.05 during the first year and $0.10 during the second year.
A minimum of 25% of the proceeds from the financing shall be used for property payments and furthering
exploration activities on the Project, and 15% for non -arm’s length payments. The balance shall be used
for working capital and general corporate activities. Closing will be subject to TSX -V approval, and any
shares issued will be subject to a four-month hold period.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43 -101, has
reviewed, and approved the technical contents of this news release on behalf of the Company.
About Centurion Minerals Ltd.
Centurion Minerals Ltd. is a Canadian-based company with a focus on mineral asset exploration and
development in the Americas. Centurion has executed an Option Agreement enabling it to earn a 100%
interest in the Casa Berardi West Gold Project which is located in the prolific gold-producing, greenstone
belt of the central Abitibi Subprovince of north-eastern Ontario. The Agreement has received conditional
Exchange approval.
“David G. Tafel”
President and CEO
For Further Information Contact:
David Tafel
604-484-2161
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward -looking information within the meaning
of applicable Canadian securities laws. Forward -looking statements relate to future events or future performance and reflect
the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and
information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such
words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This
information and these statements, referred to herein as "forward‐looking statements", are not historical facts, ar e made as of
the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and
forecasts and statements as to management's expectations and intentions with respect to, among other things, the timi ng of
final approval of the Project and resumption of trading of the Company’s common shares on the TSX Venture Exchange; the
completion and timing of the proposed shares for debt transaction; the timing, terms and completion of any proposed private
placement; the expected use of proceeds from the financing; the Company’s undertaking of initial exploration on the Project;
and the Company’s intention to exercise its option to purchase a 100% interest in the Project.
These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from
results suggested in any forward -looking statements. These risks and uncertainties include, among other things, that the
Company will not receive final approval on the Property acquisition or resumption of trading; that the Company will not obtain
the requisite approvals, to complete the proposed private placement; the inability of the Company to raise capital on acceptable
terms, or at all; unanticipated costs; adverse change s in legislation; that the Company will not undertake initial exploration on
the Project within the timeframe anticipated or at all; market uncertainty; that the Company's operations, business, personne l
or financial condition is adversely impacted by COVI D-19 or the ongoing conflict in Eastern Europe; and the risk that Company
is not able to exercise its option to purchase a 100% interest in the Project.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including
without limitation; that the Company will receive all requisite approvals on the Property acquisition, and the proposed private
placement; that the Company will be able to raise capital on acceptable terms; that the Company will undertake exploration on
the Project, as anticipated; that the Company will retain the key personnel required to complete its business objectives; tha t
there will be no adverse changes in legislation; and that the Company will have the resources required to exercise its option to
acquire the Project.
Although management of the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements or forward-looking information, there may be other factors that
cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to b e
accurate, as actual results and future events could differ materially from those anticipate d in such statements. Accordingly,
readers should not place undue reliance on forward -looking statements and forward -looking information. Readers are
cautioned that reliance on such information may not be appropriate for other purposes. The Company does no t undertake to
update any forward-looking statement or forward -looking information disclosed herein, except in accordance with applicable
laws.