Message #31 From:
NewsBot Date: December 11, 2006 03:00:00 AM
CGHI News Centurion Gold Finalises Sale of Glencairn Mining Company Pty Ltd
JOHANNESBURG, South Africa--(BUSINESS WIRE)--Centurion Gold announced today that it has finalized the sale of
Glencairn Mining company Pty Ltd far a total of $2,600,000.00. The
purchase was finalized between Centurion and the current management of
Glencairn Mining company who will continue with the operation. This is
in line with Centurion's strategy to restructure its balance sheet. The
agreement, only finalized in December, will be made effective as of 1st
September 2006. Centurion is thus not involved in the strike action in
progress by the National Union of Mine Workers (NUM) at the Glencairn
Mine in Primrose.
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
ever-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.
