Ctn on the move as well you guys may be onto something as the area heats up!!
DOt
Centurion Minerals to acquire 77% of PT Tambang
2009-09-16 08:21 ET - News Release
Mr. David Tafel reports
CENTURION EXECUTES AGREEMENT TO ACQUIRE GOLD PROJECT IN ACEH, INDONESIA
CenturionMinerals Ltd. has executed a memorandum of agreement toacquire a77-per-cent interest in PT Tambang Mas Sable (PT TMS), aprivate company that holds a contract of work (COW) on the Sable goldproject in Aceh province, northern Sumatra, Indonesia.
TheSable project is approximately 23,500 hectares in size andis locatedapproximately five kilometres west of the East Asia MineralsCorp. Miwahepithermal gold project. The Sable project has been subjectto previoushistorical exploration consisting of rock chip and soilgeochemicalsampling, as well as the drilling of 19 diamond holesranging from 150to 250 metres in depth. The company is currentlyreviewing thehistorical data.The historical programs have beenconducted mainly in the southern partof the project, in areas referredto as the Saddle Hill and Sequentenprospects. However, the northernregion of the Sable project, referredto as the Geupoh prospect, whichis west of and potentially on strike toMiwah, has not been activelyexplored to date.
East Asia hasrecently reported consistently strong results at Miwah,including 100metres of 2.11 grams per tonne (g/t) gold and 142 metresof 2.25 g/tgold, and has announced the expansionof the currentdiamond drill program to include diamond drilling tosupport theestimation of gold resources compliant with NationalInstrument 43-101(see East Asia news releases dated Sept. 10, 2009, andSept. 11, 2009,in Stockwatch).
Pursuant to the East Asia website:"Mineralization at Miwah consists oftwo components: a large1,200-metre-long, 300-to-400-metre-wide,approximately 200-metre-thicktabular zone and vertical diatremebreccia feeder zones that are beneathand cut through the tabular zone.The Miwah property is in a verysimilar volcanic setting to the Martabegold-silver deposit, alsolocated in north Sumatra. The alterationsystems at Miwah and Martabeare of comparable size."
Furthermore, according to the East Asiawebsite, "Miwah exhibits alikeness to the size, style and geometry ofthe alteration systemdeveloped at the Pierina gold deposit in Peru."
"Weare excited with the prospects of the Sable project. Two ofourdirectors, Alfred Lenarciak and Joe Del Campo, have many yearsofexperience in Indonesia as well as a historical workingrelationshipwith the current president of PT TMS and holder of theSable contractof work, Ahmad Yani, which has enabled the company toprogress to itscurrent stage," said David Tafel, chief executiveofficer.
Centurion will be responsible for assisting andfinancing thereactivation of the COW ($60,000 (U.S.)), and financing100 per cent ofexploration costs to the feasibility stage of the Sableproject. Uponthe reactivation of the COW, Centurion is to make stagedpaymentstotalling $100,000, and issue 400,000 common shares and 100,000commonshare options. The MOA is subject to the completion of duediligenceand definitive agreements, as well as regulatory and board ofdirectorsapprovals.
Upon the completion of due diligence anddefinitive agreements,Centurion intends to commence an activeexploration program on theSable project.
Qualified person statement
Thecontent of this release has been read and approved by JamieLavigne,PGeo, qualified person for the company as defined in NationalInstrument43-101.
We seek Safe Harbor.