DENVER, Jan. 17, 2014 /PRNewswire/ -- CRG is pleased to announce the acquisition of a 75% interest in a copper asset located in the Karagandy region of Kazakhstan. The copper project has a projected deposit of 153 million tons of mineral resource at an average grade of 0.34% copper based on a cut-off grade of 0.2% copper. Gold grades are also found on the property.
The decision to invest was made after CRG conducted detailed technical analyses of historic Soviet era geological data and performed in-house geological sampling.
"We believe that this is a perfect example of the many great opportunities to acquire underpriced assets in Kazakhstan. This project fits perfectly within the Fund's copper roll up strategy in Central Asia," said CRG Managing Director Rustem Ospanov.
Julian Bennett, CRG's Technical Director added, "This resource is suitable for open pit mining and is considered amenable to both heap leach extraction technology for the near surface oxide material and to standard flotation technology for the sulfide material at depth. This technology will be the subject of ongoing test work to optimize the process methodology."
CRG has been actively implementing its strategy of acquiring exploration assets with good mineral potential in Central Asia since early 2012. CRG has established a diverse pipeline of such assets and is currently seeking to acquire additional subsurface use contracts from the state.
David Linsley, MD and Portfolio Manager, said, "The CRG strategy in Central Asia is unique as we are able to target and acquire deposits with significant potential long term value. In addition, we are focused on building a global pipeline for the Fund; the team is currently conducting due diligence on a number of compelling opportunities in North America, Latin America and Africa."
ABOUT CENTURION RESOURCE GROUP: CRG (www.centurionresourcegroup.com) is an international private equity fund management group with expertise in the natural resources sector. The partners in CRG collectively have over 100 years of professional experience in private equity and mining investments. CRG has offices in Denver, Colorado and Almaty, Kazakhstan. CRG is continuing to raise capital for its Global Mining Fund I and expect to close to new investors in the second quarter of 2014.
For additional information, please contact:
Richard Waryn, Managing Director
Tel: +1 720 412 6140
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SOURCE Centurion Resource Group