Centurion Gold Enters LOI to Sell 10% of Naboom Platinum Deposit; Proceeds from Sale of Naboom to Be Distributed to Centurion Shareholders via Stock Dividend; Fundy Minerals to Hold Exclusive Right to Acquire Balance for $17 Million.

JOHANNESBURG, South Africa -- 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 signed a letter of intent to sell 10.4% of its stake in Naboom Platinum Deposit to Fundy Minerals Ltd. Fundy is a Canada-based natural resources company listed on the OFEX in London under the ticker "FUN."

In consideration for 10.4% of Naboom, Fundy will issue 20,000,000 shares of its stock to Centurion Gold. In addition Fundy will pay a 1% royalty fee on all future production from the property to Centurion. As part of the agreement, Fundy will hold the exclusive right for 12 months to acquire the balance of Centurion's ownership in Naboom Platinum Deposit for $17 million. Conclusion of the transaction is pending due diligence. Once the sale of 10.4% of Naboom is concluded, the Directors of Centurion intend to distribute, on a pro-rate basis, shares in Fundy to Centurion shareholders of record as of the date of the transaction concluding.

"We are pleased to team up with Fundy on the Naboom Project. Fundy recognizes the value in our Naboom property and has the exclusive right to purchase the property for $17 million," stated Dale Paul, Centurion's President and CEO. "Naboom is just one of Centurion's properties and at a valuation of over $17 million, this alone exceeds 50% of Centurion's current market capitalization. Through the Naboom sale, as well as our other pending M&A transactions, we are working hard towards creating the shareholder value that reflects the wealth of our mining assets."

In April 2005, Centurion acquired 74% of the Naboom Platinum Deposit from AngloGold Ashanti Limited with the Black Economic Empowerment Partner retaining its mandatory 26% share. Centurion has complete legal rights and all licenses/permits to Naboom. The Naboom ore body is a platinum-rich deposit with grades up to 4,000 grams/ton. The platinum occurs in free form in a quartz host rock containing chromatic chlorite. The implied tonnage, based on existing, historical development of Naboom, is 2.2 million tons equaling 14.96 million grams possible in-situ platinum resource that was previously exposed. Discovered in 1923, the Naboom Project is located in the Waterberg District approximately 5 km northwest of Naboomspruit in the Limpopo Province, South Africa and was originally operated by Transvaal Platinum Limited.

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.

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.