Centurion and Escopeta Announce Final Reports on Alaskan Leases

Centurion Gold Holdings, Inc. / Escopeta announced 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. 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%).

South Africa-based 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.