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August 18, 2005 - 6:00 AM EDT
CGHI 0.265 -0.01
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Centurion Gold Purchases Alluvial Platinum Deposit Diamant
Centurion Gold Holdings, Inc. (OTCBB:CGHI):
-- Proposed Platinum Deposit Estimated at Approximately $50 Million
Centurion Gold Holdings, Inc. (OTCBB:CGHI), the only South African junior gold mining company publicly listed in the U.S., announced today that it has purchased the alluvial platinum deposit Diamant. The alluvial platinum deposit adds an additional 2.6 million tons of potential platinum and platinum rich PGMs at an estimated value of $49.97 million bringing Centurion Gold's platinum and platinum rich PGMs to an estimated value of $2.71 billion. The property is especially attractive in that the primary deposits are immediately accessible making the initial capital outlay minimal and the ability to realize rapid returns possible, also the Diamant project is very close to the nearby Majormatic Platinum project purchased by Centurion in May of 2005 and can be mined in conjunction with this project under the same management.
Centurion Gold Holdings, Inc. CEO and President, Dale Paul, commented, "This is a very attractive property which fits in well with our current portfolio of gold and mineral assets. Moreover, the alluvial platinum deposit offers Centurion the opportunity for immediate access to the platinum market at a minimal cost resulting in an increased return on investment."
About Centurion Gold Holdings, Inc.:
Centurion Gold Holdings is the only South African junior gold mining company publicly listed in the United States. The Company is executing a roll-up strategy acquiring proven mineral assets, "growth through acquisition;" these assets consist of near 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 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.
