Centurion Minerals Ltd.

Centurion Minerals Ltd.

May 24, 2012 16:32 ET

Centurion Closes First Tranche of Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 24, 2012) - Centurion Minerals Ltd. (TSX VENTURE:CTN) ("Centurion", "the Company") is pleased to announce that it has closed on a first tranche of its previously announced (April 17, 2012) brokered private placement for total gross proceeds of $685,000.

The first tranche consists of 6,850,000 Units priced at $0.10 for total gross proceeds of $685,000. Each Unit consists of one common share and one half warrant. Each whole warrant is exercisable for one common share at $0.12 for a period of eighteen months following the closing. The units are subject to a hold period which expires in September 2012.

The Company paid Maison Placements Canada Inc., as Agent, fees of $40,000 and issued 500,000 non-transferrable Agent's warrants. Agent's warrants are exercisable into Units at $0.12 on the same terms as those issued pursuant to the private placement. Insiders of the Company participated in this private placement for a total of 1,300,000 Units.

Proceeds from this financing will be used for general working capital purposes.

Centurion Minerals Limited is a Canadian-based company focused on the exploration and development of gold and other precious metal projects in Southeast Asia.

On Behalf of the Board,

"David G. Tafel"
President and CEO

This news release may contain forward-looking statements concerning future operations of Centurion Minerals Ltd. (the "Company"). All forward-looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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