Centurion Gold Raises $3 Million For Alaskan Oil Project

Centurion Gold Holdings raised $3 million from one of its largest shareholders. The funds will be used to pay for the AIM IPO listing and the deposits for the jackup rig and the heavy lift vessel with the balance going toward the Company's working capital. Centurion intends to start drilling the East Kitchen prospect in Alaska by the beginning of summer this year.

Dale Paul, Chairman of Centurion Gold, commented, "We are extremely pleased to receive the additional investment as well as the continued confidence of one of our largest shareholders in Centurion. Centurion Gold remains in good financial standing as we embark on this rare opportunity to drill the Missing Giants of Alaska."

Centurion Gold Holdings 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.


Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $51.46/BBL 0.61%
Light Crude Oil : $50.52/BBL 0.64%
Natural Gas : $2.83/MMBtu 5.35%
Updated in last 24 hours