Centurion Resources publish interim results

I am pleased to report on the progress Centurion continues to make as a natural resource focussed exploration and development company. Our 33 sq km Mitterberg Copper Project (‘Mitterberg’ or ‘the Project’), located in the historic Mitterberg district of Salzburg, Austria, remains highly prospective, and with an exploration target of 11.0Mt-11.7Mt, with a grade range of 1.0%-1.15% copper, we remain confident that the Project has strong potential to host high copper grades.

In order to better define the Project’s potential, and following initial desktop work performed by the Company’s Austrian consultant geologists, the Board decided to engage a geological services company to undertake a review of the wider Mitterberg area in order to assess whether additional land areas should be acquired prior to any full scale exploration campaign. The work to date indicates that there may be additional opportunities both to the East of the existing license area as well as a possible southern continuation of the prospective geology. We look forward to updating shareholders on these developments in due course.

In addition to potentially expanding the Company’s land holding at Mitterberg, Centurion will continue to assess future acquisition opportunities in order to build a portfolio of value accretive assets. Importantly, Centurion will only consider assets which meet its stringent investment criteria, complement the Company’s current portfolio and provide value accretive opportunities. In line with this, the Board is particularly encouraged by the high-quality investment opportunities available across Europe, and whilst no discussions have yet been concluded, the Board is confident that the Company is well placed to expand its geographical reach in the European resources space and gain exposure to exciting new markets.

To support the Company’s growth strategy, Centurion raised £200,000 by way of a placing in July 2013 (see announcement 2 July 2013. Centurion is committed to ensuring that the funds are used to the best value for the Company and its shareholders. In line with this, and the Company’s potential expansion into new geographical regions, Centurion announced in September 2013 that Non-Executive Chairman Peter Landau and Non-Executive Director Robert Hyndes stepped down from the Board in order to pursue their other business interests (see announcement dated 4 September 2013). The Company would like to thank both Peter and Rob for their contribution during the past 10 months, and wish them well in their future endeavours.

Financials

For the six months ended 31 August 2013, we are reporting a pre-tax loss of £176,300 (six months ended 31 August 2012: £128,807). The Company’s net cash balances as at 31 August 2013 were £657,992 (six months ended 31 August 2012: £64,687). The Group’s cash position currently stands at £600,491.

Outlook

Centurion has established a solid foundation, from which I firmly believe we can build value. With a prospective project, an experienced Board and management team, which has an in-depth knowledge of the European mining space and a proven track record in identifying and developing resource projects, and a strong cash position to help fund project development and potential acquisition opportunities, I believe we are well set to advance the Company for the benefit of all shareholders. I look forward to updating shareholders on these developments in due course.