Published: February 1, 2016 |

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Centurion Minerals Ltd. has signed a definitive joint venture agreement with Demetra Minerals Inc. to develop the Ana Sofia agricultural gypsum project in Santiago del Estero province, Argentina. Demetra is the beneficial owner of 100 percent interest in the Ana Sofia property. It has been focused on identifying, developing and marketing calcium sulfate, a mineral fertilizer and soil conditioner (also known as agricultural gypsum) for the markets of Argentina, Paraguay, Bolivia, Brazil and Chile. The 50/50 joint venture enables Centurion and Demetra to accelerate exploration and development of the project.

Ana Sofia comprises two mining concessions totaling 50 hectares (ha) in size and approximately 500 ha of exploration rights located 50 kilometers west of the provincial capital city of Santiago del Estero in north-western, Argentina. Exploration work by Demetra, including trenching and sampling has identified multiple, high grade, near surface gypsum beds. Demetra has been issued two mining permits and has received environmental and export approvals from the provincial and federal authorities. There is evidence of small scale mining activities having taken place by previous operators within the property and small scale producers located immediately to the north are currently extracting agricultural gypsum and selling to fertilizer distributors and farmers. Agricultural gypsum is a valuable plant nutrient and plays a vital role in maintaining soil structure and nutrient balance in South American soils, allowing greater crop yields.

The company’s initial objectives will be to estimate sufficient resources to support development of a production facility to supply a rapidly growing market of identified fertilizer distributors.

Demetra will be appointed as the operator of the project and the managing board of the joint venture shall consist of 5 members — 3 Centurion nominees and 2 Demetra nominees. Gregg Jensen, the current CEO of Demetra, shall be appointed to the board of directors of Centurion, and shall hold the position of COO of the company. Centurion shall be responsible for all costs associated with bringing the Ana Sofia Project to commercial production.

Provided that the joint venture achieves production, or after Centurion has expended US$4 million in development costs, both parties shall have the right to call for an amalgamation which would be subject to a shareholder’s vote. Centurion shall have the right to acquire 100 percent of Demetra. Should Centurion spend US$6 million in development costs prior to amalgamation, all further costs shall be borne equally by the JV partners.

About Centurion
Centurion Minerals Ltd. is a Canadian-based company with an international focus on the exploration and development of gold and other mineral projects.

To stop by Centurion’s website, CLICK HERE

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