Centurion to maintain Banda Raya gold project as core business

By Peni Pedriawan

Canadian based Centurion Minerals Ltd said that its management has decided to maintain only Banda Raya gold project as core business in Aceh due to the government's regulation requiring divestment of a minimum 51% of shares of foreign company.

It said that Initial sampling and a short hole drilling program had identified several promising epithermal gold and porphyry Cu-Au prospects on this project, which is adjacent to the Miwah gold property.

The company will also maintain an interest in the Miwah gold deposit through its financial partnership agreement with Indonesian (IUP) permit holder, PT Bayu Kamona Karya.

Centurion will relinquish its interests in its other Indonesian properties.

"We are confident that the newly elected Aceh government will succeed in improving the provincial investment climate to enable full development of its mining resource potential." Lenarciak, Centurion Minerals Chairman said.

Editing by Adianto P. Simamora