Centurion Gold Holdings Closes on Acquisition of Primrose Gold Mine; Will Be Processing 7000 Tons of Ore Monthly to Start.Business Editors JOHANNESBURG, South Africa--(BUSINESS WIRE)--Feb. 4, 2004 Combining the Production of the Primrose primrose, common name for the genus Primula of the Primulaceae, a family of low perennial herbs with species found on all continents, most frequently in north temperate regions. Gold Mine and the Sallies Mine Centurion Gold Holdings, Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CGHI), announced today that it completed its 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. and closed its acquisition of privately held Primrose Gold Mine, from Glencairn Gold Mine (Proprietary) Limited. Centurion will take over Primrose Gold Mine's ore extraction and processing operations immediately. Primrose Gold Mine's ore processing plant, which is capable of processing 20,000 tons of ore monthly, is currently processing 3,000 tons of ore derived from the Primrose Gold Mine. In addition, the ore processing plant will begin in the next few weeks to process the ore from Centurion Gold Holdings Sallies Mine, which is located nearby. The Sallies Mine will produce 3500 tons of ore monthly with a capability of producing 1,4 grams of gold per ton. The Primrose Gold Mine is situated in the Germiston region on the Witwatersrand, a well-known gold producing region. It had revenue in excess of $3.5 million for its year ended June 30, 2003, at the recent exchange rate of 6.75 Rand to the U.S. dollar. 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 of Centurion Gold Holdings said: "This acquisition--the fourth we have closed in the past six months--gives us the processing capability to leverage the potential of the Sallies Mine. Together, we will be processing 7000 tons of ore monthly. Plans are already in place to open another shaft at Primrose which will further increase capacity by a possible 3500 tons a month and a third shaft later in the year. "Our strategic plan is advancing successfully and we see many opportunities to continue our expansion through additional acquisitions." The Company reported that it expects to retain the current management of Primrose Mine. 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 Gold Fields Limited is one of the world’s largest unhedged producers of gold, providing investors with maximum leverage to the gold price. The company was formed in 1998 with the amalgamation of the gold assets of Gold Fields of South Africa Limited and Gencor Limited. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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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