Centurion Gold Holdings, Inc. Announces Completion of Due Diligence and Contract to Open the Sallies Gold Mine.Business Editors JOHANNESBURG, South Africa--(BUSINESS WIRE)--Sept. 24, 2003 Centurion Gold Holdings, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CGHI) today announced its completion of 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. of the Sallies Gold Mine owned by Odzi Properties (Proprietary) Limited, Desta Transport Services The collective functions of layers 1 through 4 of the OSI model. (Proprietary) Limited and Area 9B Properties (Proprietary) Limited, and is entering into a definitive agreement to acquire the mining rights to the Sallies Gold Mine, situated in Gauteng, 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. . The Company anticipates the completion of the definitive agreement and the filing of all the necessary documents by the end of October 2003. The Company further announced that it has entered into an agreement with Enable Mining (Proprietary) Limited to open and operate the Sallies Gold Mine. Enable Mining will be the mine operator and manager and together with Mintek, a well known mine engineering and technology company, will bring the mine to production. All capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and outlays, as well as running costs running costs npl [of business] → gastos mpl corrientes [of car] → gastos mpl de mantenimiento running costs npl [of business will be provided for by Enable Mining and Mintek. Centurion will keep 30% of the gross revenues. Arthur Johnson, 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. , Centurion Gold Holdings, Inc., stated, "We are very excited about the prospects of the Sallies Gold Mine and anticipate Sallies contributing to revenues within 60 days." About Centurion Gold Holdings, Inc. Following its acquisition of Omaruru Exploration Company (Proprietary) Limited in June 2003, Centurion Gold Holdings, Inc. (CGHI) conducts gold mining and extraction operations in South Africa. Omaruru Minerals (Proprietary) Limited owns Elandshoogte mine, and is situated on the farms Elandshoogte, Rietvallei and Sudwalaskraal between the towns of Nelspruit and Sabie in the Mapumalanga Province of South Africa. Total area covered by all claims and rights is 1,736 hectares. In April 2003, the company reported above-ground reserves of 400,000 tons with a gold content of approximately 1.72 grams per ton, and below-ground reefs containing 448,000 tons with a gold content of approximately 7.3 grams per ton. The company further reported the discovery of 1,500 unproven claims intersecting the same reefs as the proven reserves, thus giving the mining operations a life expectancy Life Expectancy 1. The age until which a person is expected to live. 2. The remaining number of years an individual is expected to live, based on IRS issued life expectancy tables. exceeding 15 years. In addition to current gold extraction and ore recycling efforts underway, Centurion Gold Holdings Inc. continues to explore acquisition targets. 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 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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