Centurion acquires Aceh gold, metal exploration property

Canadian firm Centurion Minerals Ltd. announced on Tuesday that it has executed a Binding Letter Agreement with two private Indonesian companies whereby Centurion will hold an 80% joint venture interest in the "Badak" property in Aceh.

The Badak property is one of the three claim areas in Aceh that would be acquired by the Company under the MoU signed in December 2009.

Centurion shall manage all exploration activities, be responsible for license issuance costs and 100% of exploration expenditures and related costs through to feasibility study.

Formal documentation granting an Indonesian mining license (IUP) pursuant to the Badak property has been received from the Indonesian government which will enable exploration activities to commence immediately, it said.

The Badak mineral claim is approximately 10,000 hectares in size and is located to the southeast of East Asia's Miwah discovery in Aceh and within the renowned Neogene mineralized magmatic belt of Sumatra. The Neogene belt contains many gold and base-metal deposits, making it one of the most productive among the Indonesian metallogenic zones.

Centurion is a Canadian-based company focused on the procurement, exploration and development of gold and other precious metal projects. (alex)