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Buyout of Centurion Gold on Track; First Step of Buyout Completed on Time
August 22, 2005 06:00:13 (ET)
JOHANNESBURG, South Africa, Aug 22, 2005 (BUSINESS WIRE) -- Centurion Gold Holdings, Inc. (CGHI, Trade), the only South African junior gold mining company publicly listed in the U.S., announced today that the initial stage of the due diligence process has been completed. Corporate buyouts have certain procedures that must be completed for the buyout to happen. The first step in completing a buyout is to do a full due diligence on the company being purchased. Centurion Gold has completed this process and has submitted full documentation to the UK Company. As the process moves forward, Centurion will be in the position to reveal more details in regards to the terms of the deal, including the purchasing UK Company. Centurion intends to keep investors informed on each step of the procedure until the buyout is completed.
Centurion Gold Holding's Inc. CEO and President, Dale Paul, commented "The completion of the first phase of the process is wonderful for the Company and its shareholders. Our process has been moving forward smoothly and in a timely manner and we anticipate announcing the details regarding the UK Company around the end of September and that the deal will be completed and closed before year end."
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: Centurion Gold Holdings, Inc.
MCC Financial Services 310-453-4667 x239 (U.S.) ir@mccglobal.com or Carrie Howes, +44 (0) 20 7907 9850 (U.K. and Europe) ir@mccglobal.com
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