RNS12 Aug 2013 12:27
Mon, 12th Aug 2013 10:30
RNS Number : 4698L
Centurion Resources PLC
12 August 2013
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Centurion Resources Plc / Index: AIM / Epic: CEN / Sector: Natural Resources
12 August 2013
Centurion Resources Plc ('Centurion' or 'the Company')
Final Results
Centurion Resources Plc, the AIM listed exploration and development company, is pleased to announce its final results for the year ended 29 February 2013.
Overview
· 33 sq km Mitterberg Copper Licences in the Mitterberg district of Salzburg, Austria
· Exploration target of 11.0Mt-11.7Mt with a grade range of 1.0%-1.15% copper
· Solid cash position to fund growth and strategic acquisitions to build a portfolio of strategic assets
· Board and management with extensive experience in identifying resource projects and implementing value accretive development programmes
Chairman's Statement
I am pleased to report on our first financial year as Centurion Resources plc, following the Company's change of name and re-admission of its ordinary share capital to trading on the AIM market in November 2012. Centurion Resources continues to make steady progress as a natural resource focussed exploration and development company. The 33 sq km Mitterberg Copper Project ('Mitterberg' or 'the Project'), located in the historic Mitterberg district of Salzburg, Austria, continues to prove its potential to host high copper grades, with an exploration target of 11.0Mt-11.7Mt with a grade range of 1.0%-1.15% copper.
To date, we have collected a total of 40 grab samples, each averaging 1kg, taken from four dumps located adjacent to previously producing adits of the Mitterberg Copper Project: Josefi-Oberbaustollen; Mariahilfstollen, Josefi-Unterbaustollen and Johann-Barbarastollen. The highest grades were located at the Mariahilfstollen adit with assays MB-B12, MB-B8 and MB-B1 returning grades of 7.08%, 5.11% and 4.1% respectively.
In addition to the Mitterberg project, Centurion plans to expand its portfolio by acquiring additional resource projects which meet the Company's stringent investment criteria. The Board will only consider assets which they believe complement the Company's current portfolio, and provide value accretive opportunities.
With this in mind, having acquired a 10% equity position in the Monty Zinc-Lead-Silver Project in Montenegro in February 2013 through North Mining D.O.O. ('North Mining'), a wholly owned subsidiary of ASX-listed resource company Balamara Resources Limited, in July 2013 we decided to terminate the contract for strategic reasons. This had no effect on Centurion financially; in fact, in accordance with the agreement, Centurion earned a 10% interest on our funds, and Balamara has since returned the total of £412,500 to the Company which has augmented our cash reserves.
Financial Review
The loss before taxation of the Grou