Centurion Gold Holdings Discovers Significant Platinum Reserves; In Proving Reserves in Chrome Project Uncovers Significant Platinum Deposit.JOHANNESBURG, 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. -- Platinum Deposit in Close Proximity to the World's Largest Platinum Reserves; Chrome Reserves Valued at $74 Million E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Centurion Gold Holdings, Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CGHI), announced today that in evaluating its chrome reserves in the Rustenberg District, preliminary results have indicated a potential major platinum deposit within its Chrome Project. This discovery was made in the Rustenburg District, an area well known to contain the majority of the world's platinum reserves. The discovery was made as a result of the company's ongoing effort to verify and prove up reserves on its chrome projects and as part of its study to satisfy Centurion's new order mining license application. E[acute accent]Within Centurion's Chrome Project, the discovered UG2 reef is well known to be one of the main platinum group The platinum group (alternatively, the platinum group metals or platinum metals) is a collective name sometimes used for six metallic elements clustered together in the periodic table. metal bearing reefs along with the Merensky reefs The Merensky Reef, is a layer of igneous rock in the Bushveld Igneous Complex (BIC) in the Transvaal which together with an underlying layer, the Upper Group 2 Reef (UG2), contains most of the the world's known reserves of platinum group metals (PGMs) or platinum group elements . The total value of the platinum that is indicated far exceeds the value of the chrome reserves. The proven, probable and measured reserves of chrome amounted to nearly 3.8 million tonnes at an average of 38% chrome. The company had estimated that the chrome was valued at $74 million using a 70% recovery model. E[acute accent]Dale Paul, chief executive officer of Centurion Gold, said, "This is an extremely exciting discovery for Centurion Gold Holdings. With current platinum prices at $859 an ounce and our extremely close proximity to the platinum refineries, this discovery has created a major potential asset for our company. As a result of this discovery, we are re-evaluating our strategy on this project, we will now set out to further quantify Quantify - A performance analysis tool from Pure Software. the ore body and its commercial value " E[acute accent]Centurion acquired the Chrome Project in December 2003, as part of its strategy to identify and acquire ore-bearing mining properties. Employing traditional valuation methods of ten percent of proven reserves, CGHI's fair value is approximately $75 million, or about $1.40 per share, without including the value of the chrome deposits or this most recent platinum discovery. E[acute accent]About Centurion Gold Holdings, Inc.: E[acute accent]Centurion Gold Holdings, located in Johannesburg, South Africa, started three years ago to identify and acquire promising ore-bearing properties. In addition to its current holdings of four properties: 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; the Omaruru Gold Mine; the Sellies Mine and a chrome bearing operation, the company is positioning itself to become a major producer in this market by acquiring additional mineral bearing properties and mineral rights. E[acute accent]Forward Looking Statements: E[acute accent]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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public. |
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