Centurion Receives Purchase Orders For 3,000 Tonnes Of Agri-Gypsum Material; Closes First Tranche Financing
Vancouver, B.C., May 11, 2017. Centurion Minerals Ltd. (CTN: TSX-V) (“Centurion”, or the “Company”) is pleased to announce that it has received purchase orders from three fertilizer distributors, two of which are under existing contract, for a minimum of 3,000 tonnes of agri-gypsum material to be delivered in May.
The Company’s Ana Sofia, agri-gypsum plant in Argentina, has been operating at minimal levels over the past two months. Until recently, its distributors have not been able to generate sales due to extreme flooding and wet weather conditions. Since early February, Argentina has experienced unusual weather events that have caused flooding and mudslides resulting in significant delays to crop harvesting across many agricultural regions. On April 12, 2017 it was reported by Investing.com that Argentina had harvested less than 6% of its soybean crop, which, in an average year would have by then been harvested, re-fertilized and re-seeded.
Following recent meetings in Argentina with a number of fertilizer distributors, Centurion CFO, Jeremy Wright, comments; “The distributors and farmers have been as frustrated as Centurion’s operating team with the unusually wet conditions and resultant significant slowdown in sales and delivery of all fertilizer products.”
Several Argentine agronomists and distributors have reported that as the fields dry, the soils will be subjected to an undesired increase in salinity levels. As a result, demand for agri-gypsum materials and other fertilizers should increase as extensive applications of these products will be required to return the soils composition to balanced levels.
Commenting today from Centurion’s operation’s office in Buenos Aires, David Tafel, President and CEO, remarked; “Centurion management and its local partner anticipate ramping up to plant design capacity very shortly as weather conditions normalize and the current 2,000 tonne stockpile of raw and finished goods is sold and delivered.”
Private Placement Closing
Centurion announces it has closed a first tranche of its previously announced non-brokered private placement and issued 1,236,429 Units priced at $0.07 for gross proceeds of $86,550 Each Unit consists of one common share and one warrant. Each warrant will be exercisable for one common share at $0.12 during the first year or $0.15 during the second year, following the closing. The shares are subject to a four month hold period expiring in September 2017. Proceeds from this financing shall be used to advance the Ana Sofia, Argentina agri-gypsum plant and for general corporate purposes.
ABOUT THE ANA SOFIA PROJECT
The pilot plant has a process design capacity of 4,000 tonnes/month. Gypsum is quarried from near-surface, flat-lying beds within the sedimentary formation that extends throughout the Ana Sofia, Argentina Property. The gypsum rock is fed into primary and secondary crushers, then screened and sorted into two agri-gypsum fertilizer products. The plant can produce both a pellet-sized granular product and a powdered product (each comprised of a minimum 85% gypsum content) that are packaged into one tonne tote bags.
The Ana Sofia Project comprises two mining concessions totaling 50 hectares (ha) in size within a larger (approximately 600 ha) exploration permit area. The Project is well situated within a region where other small producers are currently extracting agricultural gypsum and selling to fertilizer distributors and farmers. An initial inferred gypsum resource for the Project was estimated (news releases – October 31; December 16, 2016), to comprise 1.47 million tonnes averaging 94.1% gypsum, using an 85% cut-off grade that is the minimum required gypsum content for commercial-quality agricultural gypsum products in Argentina.
The technical content of this news release has been reviewed and approved by Andrew J. Turner, B.Sc., P.Geol. of APEX Geoscience Ltd., who is the Company’s Geological Consultant and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Centurion Minerals Ltd. is a Canadian-based company with an international focus on the exploration and development of agri-mineral and precious mineral projects. For additional information on the Ana Sofia project and applications of agri-gypsum, visit our website: www.centurionminerals.com
“David G. Tafel”
President and CEO