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Centurion Gold Receives Approval for Prospecting Rights in Uvongo South Rand Gold Basin; Uvongo Property Has an Estimated 24 Million Ounces of Gold Resources Potential

Posted on: Wednesday, 17 August 2005, 06:00 CDT

Centurion Gold Holdings, Inc. (OTCBB:CGHI), the only South African junior gold mining company publicly listed in the U.S., announced today that it has received approval for two prospecting rights by the Department of Mineral and Energy for the Uvongo South Rand Gold Basin's farms Rietfontein 566, Drukfontein 613ir and Roodepoort 598ir. This is a significant development in that the Company can start prospecting the assets which are estimated at 24 million ounces of gold resources potential. The development is also noteworthy in that it reinforces Centurion's valuation and assets for the new company.

"We are extremely pleased with this development for Centurion as it allows us to move forward in prospecting for gold resources and closer to realizing revenue from the Uvongo South Rand Gold Basin. In addition, this project enhances our appeal as a buy-out candidate as we consistently demonstrate our ability to execute in driving the Company closer to generating revenues from our many recently acquired properties," commented Dale Paul, CEO and Chairman of Centurion Gold Holdings, Inc.

South Rand Gold Basin is a proven gold-bearing property that has been explored and mined since the 1930s and is the last remaining gold basin in the Witwatersrand Basin. To date, approximately 5 tons of gold have been mined from South Rand Gold Basin and the property remains a strong exploration target due to newer exploration and mining technologies. The South Rand Gold Basin is located on a triangular parcel of land sized at approximately 124 million square meters, located adjacent to the well-drilled and documented Burnstone Project.

About Centurion Gold Holdings, Inc.:

Centurion Gold Holdings is the only South African junior gold mining company publicly listed in the United States. The Company is executing a roll-up strategy acquiring proven mineral assets, "growth through acquisition;" these assets consist of near revenue stream and existing low cost production operations with turnaround opportunities. Based in South Africa, the Company is ideally suited to exploit new legislation implemented by the government in May 2004. This legislation enforces a "use it or lose it" strategy, whereby all mining claims must be prospected within a designated time frame, otherwise, such prospects revert to the state, thereby creating never before seen opportunities, particularly for smaller companies like Centurion. The Company has built a strong team of experienced management and operations mining professionals to exploit these opportunities, and is positioning itself to become a major producer by continually implementing its "growth through acquisition" strategy.

Forward-Looking Statements:

Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release the Company will appropriately inform the public.

Source: Business Wire

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