Centurion Gold Holdings Agrees to Acquire Mine Waste Solutions; Currently Producing 58,000 Ounces of Gold a Year; One of the Lowest-Cost Producers in South Africa.

JOHANNESBURG, South Africa -- With Acquisition, Asset Valuation Rises to $2.91 a Share

Centurion Gold Holdings, Inc. (OTC BB: CGHI.OB), announced today that it has signed an agreement to acquire Mine Waste Solutions, (Pty) Limited, an environmental remediation company that uniquely combines mine rehabilitation with re-treatment, in an all cash transaction. Mine Waste Solutions is a recognized leader in the field of environmental remediation of degraded mine sites. The Company expects to close the acquisition later this month.

Chemwes, a wholly owned subsidiary of Mine Waste Solutions, currently processes 6.96 million tons of gold bearing waste annually, producing 58,000 oz. of gold a year. This project will immediately generate revenues in excess of $22 million annually for Centurion. In addition, Mine Waste Solutions has other projects under review.

Mine Waste Solutions is one of the lowest-cost gold producers in South Africa, with an average cash operating cost in the first quarter of fiscal 2005, ended May 31, of Rand 51,000 per Kg of gold, or US$244.00 per ounce of gold, at an exchange rate of Rand 6.50/US$1.00. The remaining proven reserves are 21,680,000 tons of ore containing an estimated 328,000 ounces of gold.

CEO Arthur Johnson of Centurion Gold Holdings, said, "We are pleased to acquire Mine Waste Solutions. With its gold producing property and prospects for additional projects, it is precisely the kind of acquisition Centurion Gold seeks to make as part of its business strategy. In addition, its seasoned management team will add experience and expertise to Centurion Gold Holdings executive leadership."

Johnson added, "With the acquisition Chemwes's assets, Centurion Gold Holdings valuation will increase substantially. Using the industry standard valuation of proven reserves, CGHI's valuation will rise to $143.1 million, or $2.91 a share from the current valuation of $69.6 million, or $1.41 a share."

The transaction is conditional on the Centurion Board of Directors approving the due diligence and the acquisition contract. In addition, the Competitions Board, The South African anti-trust agency, must approve the acquisition and the Reserve Bank must approve the transaction.

The world's largest producer of gold, South Africa's gold reserves represent more than 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: AU) and Gold Fields Ltd. (NYSE: GFI) and Harmony Gold (NYSE:HMY) have benefited from strategic mergers and acquisitions of mining companies owning mineral rights leases in South Africa.

About Centurion Gold Holdings, Inc.:

Centurion Gold Holdings, located in Johannesburg, South Africa, started three years ago to identify and acquire promising ore-bearing properties. In the past six months, it has acquired four properties: the Primrose Gold Mine; the Omaruru Gold Mine; the Sallies Mine and a chrome bearing operation. The Company is positioning itself to become a major producer in this market by acquiring mineral bearing properties and mineral rights.

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 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.