Centurion Gold Holdings Raises $625,000 in Additional Capital; Gold Production is Increasing at Primrose Facility.Business Editors JOHANNESBURG, South Africa--(BUSINESS WIRE)--June 10, 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 raised $625,000 from local private investors to finish the upgrade and development 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. Mine. The funds were raised as a loan that is convertible into a private equity offering of 500,000 restricted rule 144 shares. The Company also announced that it has increased production fourfold fourfold Adjective 1. having four times as many or as much 2. composed of four parts Adverb by four times as many or as much Adj. 1. since takeover and the Company is on budget in regard to increasing gold production at the Primrose facility. As a result, the mine is expected to achieve positive cash flow in two months. A highly sophisticated security system is currently being installed. In addition to safeguarding the gold plant production, the security system cameras will make it possible for investors that visit the Centurion Gold Web site to watch operations at the Primrose mine, even to see the gold being poured. The Company reported that it is nearing completion on the construction of a crushing and gold concentrate processing plant at the Sellies mine, which will start operations by the middle of this month. In addition, the Company reported that the Omaruru Mine is ready to begin operations. It is currently awaiting authorization of its mining license, which it expects to receive in the third quarter. 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, "We are delighted with the progress we have made thus far in launching our new operations. The Company's fundamentals are positive and in line with our budget and business plans." 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 Sellies 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 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. : 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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