Wednesday, 16th March 2005 (2704 views)

South Africa's Centurion Gold has announced today it has signed a deal with UK-based Rovagold to purchase all of its resource assets.

Once complete, the transaction will add 7.6 million ounces of gold and 500,000 ounces of platinum to the company's reserves.

Ventures will include gold and platinum projects in South Africa, and Gabon, Angola and Mali, all located in West Africa.

According to CEO Dale Paul, the projects include five million ounces of gold in South Africa, 1.5 million ounces of gold in Mali, 600,000 ounces of gold in Gabon and 500,000 ounces of gold in Angola.

All the platinum reserves will come from the South African projects.

The joint venture or possible takeover of Rovagold will see Centurion's total gold reserves rise to 9.3 million ounces or approximately $4.14 billion at current prices and platinum will jump to 853,000 ounces or around $747 million.

Centurion is based in Johannesburg and was set up three years ago to identify and purchase promising properties. Its mines include Primrose Gold Mine, the Omaruru Gold Mine and the Sellies Mine.

 

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