WINTERPARK, Fla., Sept. 19, 2013 (GLOBE NEWSWIRE) -- Centor, Inc. (OTCBB:CNTO) is pleased to announce that it completed a Joint Venture agreement with Kilomax Mining LTD ("Kilomax") to begin immediate Au pit mining operations within the Ofosua Concession in the Oda District of Eastern Ghana.
Kilomax is a well established small scale mining company formed and based in Ghana, Africa with a significant track record of managing successful mining projects. The President of Kilomax, Chris Ellom has completed extensive due diligence on gold bearing concessions and has established relationships with both regional and tribal leaders as well as significant companies holding multiple mining concessions in Ghana. Mr. Ellom is an experienced business leader who is also well known for his work with non-profit organizations to benefit youth within Africa. Kilomax is well known within the mining industry for the development of humanity programs as part of its social partnership (SP) with the communities that provide concession lands and supports mining operations. Kilomax's SP model involves a deep bond with the local people to deliver both economic and social returns through education and economic inclusion.
Kilomax works closely with the Ministry of Lands and Natural Resources, The Minerals Commission and is fully registered with The Precious Minerals marketing Corporation ("PMMC"), which is the agency responsible for processing the sale of export of gold out of Ghana. ID. No 297. The Kilomax executive management team also includes Mr. Amoah Annan as Project Manager who brings 20 years of both large scale and small-scale mining experience; Mr. Lowell Brittain, CFO and Mr. Solomon Anum, Geologist who is also a Senior Member of the Ghana Geological Society with several publications and over 20 years experience to his credit.
Kilomax has secured the rights to several 25-acre alluvial mining concessions within gold-rich areas of Ghana. Small-scale mining accounts for about 562,000 ounces of gold annually in Ghana or about 18% of the total Ghana gold production. The joint venture agreement with CNTO is divided into phases. The first phase will begin with an 80 ton per hour wash plant on two 25-acre concessions within the Ofusua Concession in Eastern portion of Ghana, Africa. This is a well established area in Ghana, with a history of consistent and predictable production. Mr. Solomon Anum completed the first bulk sample pit, which indicated .8 grams per ton to 1.2 grams per ton Au production. This would yield an expected production of approximately 2 to 4 kilos per month utilizing the 80 ton / hour plant. Production is expected to increase to 4 to 8 kilos per month on these two concessions when Kilomax employs a larger plant with a capacity of 150 ton / hour wash rate. Based on a 32.104 troy ounces per kilo and a spot price of $1,400 per ounce, this would yield approximately $96,000 to $192,000 per month, average gross production revenues. The Company expects to bring additional Phases on-line with Kilomax in the foreseeable future following the same model of two, 25-acre concessions in each phase, escalating annual revenues quickly into the millions.
Mr. Bradley Wilson, President and CEO of CNTO stated, "We have been working with Kilomax, Chris Ellom and his team for several months and are extremely pleased about the joint venture agreement and the potential of this relationship. Mr. Ellom's local knowledge and relationships are invaluable to facilitating our operational growth not only within the Ofusua Concession but also throughout Ghana. The JV with Kilomax provides the company with consistent monthly revenue to support operations, further exploration and development of our other mining concessions within Ghana. We expect to release a more comprehensive shareholder update shortly to review overall operations, including progress with the Nobewan Concession and Achaa Mining Limited as well as to establish goals for the next year."
The company's website is www.centorresources.com
FORWARD LOOKING STATEMENTS
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual result and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change, other than as required pursuant to applicable securities laws.