Centurion Gold Holdings Cancels Negotiations with Sub Nigel.Business Editors JOHANNESBURG, South Africa--(BUSINESS WIRE)--June 4, 2004 Centurion Gold Holdings, Inc., (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CGHI.OB), announced today that it has cancelled negotiations with Sub Nigel to acquire a stake in the listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → due to Sub Nigel not being able to deliver on the proven reserves of 12 million ounces indicated by Steven Ward the company 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. . The Sub Nigel board was also investigated for insider trading by the Johannesburg Stock Exchange Johannesburg Stock Exchange (JSE) Established in 1886, the Johannesburg Stock Exchange is the only stock exchange in South Africa. Gold and mining stocks form the majority of shares listed. authorities after its stock rose in excess of 500%, and CEO Steven Ward severely reprimanded for misrepresentations in press releases which also influenced the decision of the Centurion Board not to pursue the acquisition. With the funding available Centurion will pursue other opportunities which are revenue producing with substantial proven reserves and expects to announce a substantial acquisition very shortly. The world's largest producer of gold, South Africa's enormous gold ore reserves represent more than 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. 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 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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