12:04 PM EST - Centurion Minerals Ltd. : announced that it has signed a Letter Agreement with Duran Ventures Inc. Agreement outlines the terms of a Property Option whereby Duran has granted Centurion the right to earn up to a 60-per-cent interest in the 2,900-hectare, 10-concession, Corongo Property in Ancash, Peru. Centurion may earn an initial 50-per-cent interest by incurring property expenditures of $1 million U.S. by December 31, 2011 with $200,000 U.S. committed spending by December 31, 2009, and issuing one million shares to Duran on a phased basis over this period. The Company has paid a non-refundable $25,000 U.S. due upon executing the Letter Agreement, as an advance towards the first year property exploration expenditure commitments. The company also announced that it has arranged a non-brokered private placement of up to two million units priced at US$0.05 per unit for gross proceeds of $100,000 U.S. Each Unit will consist of one common share and one share purchase warrant. Each whole warrant will be exercisable for one common share at $0.10 U.S. for a period of two years from closing. Centurion Minerals Ltd.
shares V.CTN are trading even at $0.07.
