Centurion Signs Property Option Agreement

VANCOUVER, BC - Centurion Minerals Ltd. reported that it has signed a Letter Agreement with Duran Ventures Inc. The Agreement outlines the terms of a Property Option whereby Duran has granted Centurion the right to earn up to a 60% interest in the 2,900 hectares, ten concession, Corongo Property in Ancash, Peru. The Corongo Property hosts a number of Au-Ag-Cu showings and historic mine workings, including the Santa Rosa and Pucapampa areas, which contain both porphyry copper and vein-manto Au-Ag style mineralization. Exploration work was carried out by Rio Tinto Zinc in the 1990's, however the area has been subject to limited modern systematic exploration work. Previous work on the property had resulted in grab samples returning assay values of up to 7.8g/t Au and 191.0g/t Ag.
Centurion may earn an initial 50% interest by incurring property expenditures of US$1,000,000 by December 31, 2011 with US$200,000 committed spending by December 31, 2009, and issuing 1,000,000 shares to Duran on a phased basis over this period. Upon earning its initial 50% interest, Centurion has the right to increase its interest to 60% by issuing an additional 250,000 shares within 120 days and completing an additional US$250,000 of exploration expenditures within 12 months.
Centurion will be designated the project operator and Duran the project manager. The property option agreement is subject to regulatory approval.
The company’s address is Suite 322, 470 Granville St., Vancouver, BC V6C 1V5, 604.683.1991, fax: 604.683.8544, email: [email protected].