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Centurion Advances Gold Mineral Concession Applications in Myanmar; Shares Down 13% at Midday

By: MT Newswires
Posted: 3/8/2013 1:01:00 PM
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Centurion Minerals Ltd. (CTN.V) reported that its local Myanmar partner, Crown Mineral Co., has confirmed that two mining exploration concession applications and associated land packages have been accepted for processing by the Myanmar Mining Ministry.

The "Slate Belt" gold concession is located south of Mandalay and covers an area of approximately 103,000 hectares. It is bordered by the Modi Taung gold mine in the south and the Lebyin gold and polymetallic mines in the east.

The "Bandi" gold concession is located north of Mandalay and is approximately 100,000 hectares in size. The area is flanked by two operating gold mines, one of which is the Phayaung Taung mine located to the south.

The two gold concessions fall within the major gold and associated mineral belts that span N-S central Myanmar. Hundreds of gold occurrences at varying stages of exploration have been noted along the belts, but very few have been explored systematically using modern methodology.

"Our technical team is immediately preparing for an evaluation site visit to these two areas in order to identify priority exploration targets and to advance and finalize mineral license approvals," stated Alfred Lenarciak, Centurion Chairman.

CTN shares were off a penny at $0.065.