Centurion Gold Raises $3 Million For Alaskan Oil Project; Investment is From One of the Largest Shareholders; Centurion Gold Remains In Good Financial Standing
Centurion Gold Holdings, Inc. (OTCBB:CGHI message board, news, dd, quote), a natural resource development company, announced today that it has raised $3 million from one of its largest shareholders. The funds will be used to pay for the AIM IPO listing and the deposits for the Jack Up rig and the heavy lift vessel with the balance going toward the Company's working capital. Centurion intends to start drilling the East Kitchen prospect in Alaska by the beginning of summer this year.
Dale Paul, Chairman of Centurion Gold, commented, "We are extremely pleased to receive the additional investment as well as the continued confidence of one of our largest shareholders in Centurion. Centurion Gold remains in good financial standing as we embark on this rare opportunity to drill the Missing Giants of Alaska."
Centurion Gold Cancels Sale of Naboom to Fundy
Centurion Gold Holdings, Inc. (OTCBB:CGHI), a natural resource development company, announced today that due to unexpected delays, Centurion Gold has elected to cancel the Letter of Intent signed by the two parties. The LOI, which had originally been announced on October 19, 2005, stipulated Centurion's intent to sell 10.4% of its holdings in Naboom Platinum deposit to Fundy Minerals Ltd.
Centurion Gold has fulfilled its obligation to engage an independent party to prepare a Qualified Person's Report. That report is currently in process.
"We have been fulfilling our obligations to move the process forward on Naboom. We have been pleased to work with Fundy Minerals; however, certain parts of the process that are out of Centurion's control have taken far longer than expected. We have a very valuable asset on hand and we intend to reap its full value," stated Centurion Gold CEO and Chairman Dale Paul.
Centurion Gold Sets Production Casing on Well in Wharton County Texas; Drilling Commenced on Schedule; Several Potential Gas Productive Zones Identified
Centurion Gold Holdings, Inc. (OTCBB:CGHI), a natural resource development company, announced today that the #1 Leslie well, part of the BBB prospect in Wharton County, Texas, was drilled to a total depth of 9800' on February 3, 2006 as an apparent multi-pay over-pressured Yegua formation gas discovery. A 4 1/2" production casing was run to 9800'. Several potential gas productive zones were encountered in the Yegua interval from 8730' to 8840. These zones were identified from mud log analysis and gas shows while drilling and Schlumberger Triple Combo logs. Production tests will be initiated in the next two weeks or as soon as possible depending on availability of a completion rig. The over-pressured Yegua section is a prolific gas producing trend in the upper Texas Gulf Coast. Based upon successful results of the #1 Leslie well completion, additional development wells may be drilled.
Working interest holders include Centurion Gold Holdings which holds 10%, as well as Escopeta Oil, Ventum Energy, and Kraker & Martin Energy, as operator.
Centurion Engages with Investec UK to List Escopeta Oil & Gas Leases on London's AIM Exchange
Centurion Gold Holdings, Inc. (OTCBB:CGHI), a natural resource development company, announced today that it has finalized its Letter of Engagement with investment banking firm, Investec UK, to list its Escopeta Oil & Gas leases on the London AIM exchange.
The Newco "Escopeta Oil of Alaska" through the AIM listing will raise funds to engage the Jack Up Rig to drill the "East Kitchen structure."
Dale Paul, CEO and Chairman of Centurion Gold, commented, "We are delighted to be working with Investec. On completion of the AIM listing this will allow Centurion to carry out its obligation to Escopeta and drill what we believe to be a substantial oil and gas opportunity in the Cook Inlet Alaska."
About Investec:
Investec is an international, specialist banking group that provides a diverse range of financial products and services to a select client base. Founded as a leasing company in Johannesburg in 1974, it acquired a banking license in 1980 and was listed on the JSE Securities Exchange South Africa in 1986. In July 2002, the Company implemented a Dual Listed Companies structure with linked companies listed in London and Johannesburg. It is organized as a network comprising five business divisions: Private Client Activities, Treasury and Specialized Finance, Investment Banking, Asset Management and Property Activities. The head office provides group-wide integrating functions and is also responsible for central funding and the Trade Finance business. The Company has an efficient integrated international business platform, offering all core activities in South Africa and the UK and select activities in Australia, with approximately 4050 employees. www.investec.com
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.
In the United States:
MCC Financial Services
Leslie Richardson, 310-453-4667 x239
ir@mccglobal.com
or
In Europe:
MCC Financial Services
Carrie Howes, +44 (0) 207 408 5406
ir@mccglobal.com
