Ann: Centaurus Acquires 100% of Key Brazilian Iro, page-3

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Centaurus' Brazilian play



Centaurus Metals is set to acquire a 100 per cent interest in the Jambreiro Iron Ore Project, in south-eastern Brazil - representing a potential cornerstone for Centaurus Brazilian iron ore business.
The project will be acquired from Cenibra, a Brazilian cellulose and forestry company.

There will be an exploration target of 4060 million tonnes itabirite iron ore @ 30 to 40 per cent Iron for the project with mineralisation mapped over a 7km strike extent.

An initial seven-hole diamond drilling program completed by Cenibra has intersected the itabirite mineralisation to a vertical depth of 90m.

Mineralisation is highly friable which is anticipated to enable low-cost beneficiation to a high-grade (+63 per cent Iron) product.

The company said a 3500m diamond and RC resource definition drill campaign will commence before the end of June.

Darren Gordon, managing director, said the company has been able to exercise the option over the Jambreiro Project ahead of time.

"The company aims to quickly advance the drilling work necessary to define a resource on the project which can make a significant contribution towards our strategic objective of becoming a 3mtpa iron ore producer in Brazil by the end of 2013."

We are well down the path of securing a number of drill rigs to drill out what we believe has the potential to become our largest domestic iron ore production project to date," he added.