Message #28 From:
Stock News Bot Date: November 22, 2006 03:00:00 AM
CGHI News Centurion and Partners Escopeta Announce Final Reports on Alaskan Leases with Higher Than Expected NPVs
JOHANNESBURG, South Africa--(BUSINESS WIRE)--Centurion Gold Holdings, Inc. (OTCBB:CGHI)
/ Escopeta are pleased to announce the finalization of the Gaffney Cline
competent person’s report on two of the four
prospects associated with the Alaskan leases namely North Alexander and
East Kitchen. Gaffney, Cline & Associates Inc. are Technical and
Management Advisors to the Petroleum Industry Internationally since 1962
and are a world renowned organization (www.gaffney-cline.com).
The full report is available for review on the CGHI website in the ARRIK
ENERGY placing and admission document to London AIM, under Part
3, Technical Report page 54. The report finalized the reports for the
prospects North Alexander and East Kitchen and states the following, for
North Alexander; in the pay zones of Beluga and Tyonek: “assuming
a discovery is productive in both these formations, which GCA believes
is reasonable based on the data available, GCA’s
mapping indicates potential for a discovery in the order of 82 Bcf (of
gas)." For reporting purposes, the price of Gas used was $7.25 and the
illustrative cash flow shows a post-tax NPV of US$86 million (IRR 10%).
For the East Kitchen prospect “GCA estimates
gross Prospective Resources for East Kitchen to lie in the range 100 to
250 MMBbls of oil and up to 1,25 Tcf of gas, with a best estimate of 150
MMBbls and 750 Bcf.” With an oil price of
US$50 per barrel and gas at $6.00,the illustrative cash flow shows a
post-tax NPV of over US$1 billion (IRR 10%).
Centurion Gold Holdings (OTCBB:CGHI)
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.
