Message #18 From:
NewsBot Date: November 4, 2005 12:00:00 AM
CGHI News Centurion Gold Holdings Receives Zaaiplaats Exploration Permits; Plans to Begin Mining Immediately
JOHANNESBURG, South Africa--(BUSINESS WIRE)--Nov. 4, 2005--Centurion Gold Holdings, Inc. (OTCBB:CGHI), announced today that it has received exploration permits for its Zaaiplaats tin mine in Limpopo province, South Africa. Having received these permits, the Company intends to immediately commence mining the property. As previously announced, the Zaaiplaats property makes Centurion the largest tin mining company in South Africa.
"As a resource development company we are moving forward with developing our mining assets. Zaaiplaats is a very economically feasible mining property which we expect will yield us cash flows that support our business. Centurion will continue to evaluate which of our properties we will mine immediately and which we can more favorably sell or joint venture with other partners. Our development decisions to either mine or spin out an asset are driven by internal ROI requirements and the best return on shareholder value," stated Centurion Gold Holdings CEO Dale Paul.
Centurion Gold Holdings' Zaaiplaats tin mine is located in the Limpopo province of South Africa, in the northern Bushveld complex. The Zaaiplaats tin mine has produced in excess of 17,000 metric tons of metal. Once fully capitalized it will produce roughly 2,500 tons a year. The mine has agreements with local smelters to buy the tin concentrates to be produced. The processed metal is generally exported to China or used locally in the production of steel alloys. The mine has a probable reserve of 3.3 million tons of minus 3 mm gravity tailings.
Centurion Gold Holdings, Inc.
Centurion Gold Holdings is a resource development company that acquires, develops and mines or spins out natural resource assets. The Company's mineral assets generally have combined the potential for a near term revenue stream and existing low cost production operations with turnaround opportunities. Based in South Africa, the Company is ideally suited to exploit new legislation implemented by the South African government in May 2004. This legislation enforces a "use it or lose it" strategy, whereby all mining claims must be prospected within a designated time frame; otherwise, such prospects revert to the state, thereby creating never-before-seen opportunities, particularly for smaller companies like Centurion. The Company has built a strong team of experienced management and operations mining professionals to exploit these opportunities, and is positioning itself to become a major producer by continually implementing its "growth through acquisition" strategy. www.centuriongold.com
Forward-Looking Statements
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release the Company will appropriately inform the public.
