Canadian firm to acquire Aceh gold properties

Canadian-based firm Centurion Minerals Ltd. announced Monday that it has executed a Memorandum of Understanding with PT Sigma Mineral Exploration (Sigma), a privately held Indonesian company, to acquire an 85% interest in three properties, each of which holds a KP exploration claim and all of which are located in the Aceh Tengah Regency in Aceh province.

All three project claim areas are approximately 10,000 hectares in size and are located directly to the south of the Miwah epithermal gold project held by East Asia Minerals Corporation, the company said.

The Projects have been subject to historical exploration where the previous operator (which also made the Miwah discovery) identified the presence of large epithermal gold systems within the claim areas, it added.

?The company is currently reviewing the historical data and is working with the mining authorities to convert the registered KP claims to mining licenses (IUP's) issued under new Indonesian Mining laws, ? it said.

Pursuant to the agreements Centurion shall manage all exploration activities, be responsible for license issuance costs and 100% of exploration expenditures and related costs through to feasibility study. Upon receipt of IUP mining claim licenses, completion of definitive agreements and regulatory approvals, Centurion intends to commence an active exploration program on the three projects.

Earlier in September 2009, the company has also executed a Memorandum of Agreement to acquire a 77% interest in PT Tambang Mas Sable, a private company which holds a Contract of Work (COW) on the Sable gold project, also in Aceh. (alex)