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Centurion and Partners Escopeta Announce Final Reports on Alaskan Leases with Higher Than Expected NPVs.

JOHANNESBURG, South Africa -- Centurion Gold Holdings, Inc. (OTCBB:CGHI) / Escopeta are pleased to announce the finalization of the Gaffney Cline competent person's report on two of the four prospects associated with the Alaskan leases namely North Alexander and East Kitchen. Gaffney, Cline & Associates Inc. are Technical and Management Advisors to the Petroleum Industry Internationally since 1962 and are a world renowned organization (www.gaffney-cline.com). The full report is available for review on the CGHI website in the ARRIK ENERGY placing and admission document to London AIM, under Part 3, Technical Report page 54. The report finalized the reports for the prospects North Alexander and East Kitchen and states the following, for North Alexander; in the pay zones of Beluga and Tyonek: "assuming a discovery is productive in both these formations, which GCA believes is reasonable based on the data available, GCA's mapping indicates potential for a discovery in the order of 82 Bcf (of gas)." For reporting purposes, the price of Gas used was $7.25 and the illustrative cash flow shows a post-tax NPV of US$86 million (IRR 10%). For the East Kitchen prospect "GCA estimates gross Prospective Resources for East Kitchen to lie in the range 100 to 250 MMBbls of oil and up to 1,25 Tcf of gas, with a best estimate of 150 MMBbls and 750 Bcf." With an oil price of US$50 per barrel and gas at $6.00,the illustrative cash flow shows a post-tax NPV of over US$1 billion (IRR 10%).

Centurion Gold Holdings, Inc.

Centurion Gold Holdings (OTCBB:CGHI) is a resource development company that acquires, develops and mines or spins out natural resource assets. The Company's mineral assets generally have combined the potential for a near term revenue stream and existing low cost production operations with turnaround opportunities. Based in South Africa, the Company is ideally suited to exploit new legislation implemented by the South African government in May 2004. This legislation enforces a "use it or lose it" strategy, whereby all mining claims must be prospected within a designated time frame; otherwise, such prospects revert to the state, thereby creating never-before-seen opportunities, particularly for smaller companies like Centurion. The Company has built a strong team of experienced management and operations mining professionals to exploit these opportunities and is positioning itself to become a major producer by continually implementing its "growth through acquisition" strategy. www.centuriongold.com

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 Securities 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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Publication:Business Wire
Date:Nov 22, 2006
Words:511
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