VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2012) -Centurion Minerals Ltd. (TSX VENTURE:CTN) ("Centurion", "the Company") and GPM Asia Limited ("GPM Asia"), a private mining company with operations in Southeast Asia, are pleased to announce that they have entered into a Strategic Alliance Agreement. The Strategic Agreement sets out the process pursuant to which Centurion and GPM Asia will work together to negotiate acquisition and development strategies with respect to specific projects in Myanmar and to advance Centurion's Aceh, Indonesia projects. Centurion has identified certain mining projects in Myanmar that it believes fit GPM Asia's strategic acquisition parameters.
Under the terms of the Strategic Alliance Agreement, GPM Asia will make an initial equity investment into Centurion by way of Private Placement for up to 5 million shares of the Company at a price of $0.10 per share, and will have the right to nominate a representative to the Board of Directors. The placement is subject to completion of due diligence and TSX Venture Exchange approval.
"The alliance with GPM Asia is a very unique opportunity for Centurion to expand the Company's financial and operations management resources and extend its interest into advanced development projects. GPM Asia's objective of expanding its current Asian mining operations into Myanmar and Indonesia is also enhanced," said Alfred Lenarciak, Centurion Chairman.
"We are excited to join efforts with Centurion in our expansion of mining operations in Southeast Asia. Our new partner's expertise and experience in the region will be instrumental in taking GPM Asia's development projects forward. We are pleased to contribute our financial and management resources to enhance our partnership's positions in Myanmar and Indonesia," said Siman Povarenkin, GPM Asia's founder and shareholder.
ABOUT GPM ASIA
GPM Asia http://www.gpm.asia is one of Vietnam's leading heavy minerals producers specializing in mining and processing minerals since 2007. The Company's operations and assets are based in Vietnam. Mining, processing and upgrading operations are located in Binh Thuan province, known to have the largest mineral sands deposits in the country.
GPM Asia is affiliated with shareholders of GeoProMining Group ("GPM Group"). GeoProMining Group www.geopromining.com is an international, diversified metals resource company with mining operations in multiple countries. The GPM Group produced approximately 290,000 ounces of gold equivalent in 2011 and has a management team comprised of internationally experienced exploration, mining, operational and financial experts. The GPM Group aims to build on existing operations through brownfield expansion, greenfield exploration, new mine development and resource expansion.
Centurion Minerals Limited is a Canadian-based company focused on the exploration and development of gold and other precious metal projects in Southeast Asia.
On Behalf of the Board,
David G. Tafel, President and CEO
This news release may contain forward looking statements concerning future operations of Centurion Minerals Ltd. (the "Company"). All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.