Centurion Gold Holdings, Inc. Announces 3rd Acquisition.Business Editors JOHANNESBURG, South Africa--(BUSINESS WIRE)--Nov. 4, 2003 Centurion Gold Holdings, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CGHI) is pleased to announce that it has signed a letter of intent to acquire the Chrome Mines, Spruitfontein, from Investpro Props 11 (Pty) Ltd and Marikana from Coinholders (Pty) Ltd. The mines are situated on 55 hectares in the Rustenburg Area on the famous Merensky Fault, which is, the worlds richest platinum basin. The mines have In Situ In place. When something is "in situ," it is in its original location. Chrome Ore reserves of 6,5 million tones. At today's prices this could bring in revenues of over $169 million to Centurion over the life of the mine. Mining operations have commenced in an open pit and the top weathered material is currently being extracted. An off take agreement has been signed with Xstrata Plc, the leading Ferro Chrome producer in the world, and covers the total production at the mines. Revenues should reach $200,000 per month within 90 days. "We will complete the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. within 30 days and should close on the acquisition by years end. We will continue to make acquisitions that add revenue and value to the Company," said CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Arthur Johnson. About the South African Gold Market: The world's largest producer of gold, South Africa's enormous gold ore reserves represent over 40% of global reserves. Industry analysts predict that the future of the gold industry in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. is dependent on consolidation of mining companies and increased productivity. Market leaders, such as Anglogold Limited (NYSE NYSE See: New York Stock Exchange :AU) and Gold Fields Ltd. (NYSE:GFI GFI Ground Fault Interrupter GFI Go For It GFI Government-Furnished Information GFI Growing Families International GFI Goodness of Fit Indices GFI Government Financial Institutions (Philippines) GFI Gross Farm Income ), have benefited from strategic mergers and acquisitions of mining companies owning mineral rights leases in South Africa. As Centurion Gold Holdings steadily expands its South African gold mining enterprises by strategically acquiring companies mining or owning mineral lease rights, the company is setting the stage to become a major producer in this market. 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 Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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. |
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