Centurion Mines Corp., 331 S. Rio Grande St., has acquired 100 percent ownership of the Grand Central Mine and 70 percent control of the Mammoth Mining Co. in the Tintic Mining District for cash and common stock.
The acquisition includes 500 acres of contiguous, privately owned, patented mining properties in the highly mineralized portion of the main district with no outstanding royalties or other obligations. Most of these mines have been closed for more than 50 years because of general economic conditions and not for lack of ore.In addition, Centurion acquired 10,800 acres of privately owned mineral rights in the West Tintic and Sheep Rock mining districts.
Spenst Hansen, Centurion chief executive officer, said, "The Acquisition of the Grand Central and Mammoth mines and adjacent properties in the very heart of Tintic is a major step forward for Centurion. Not only do these properties contain indicated ore reserves that can be profitably mined at an early time but also have excellent potential for large additional tonnages of ore."
According to data obtained from the U.S. Bureau of Mines, 691,000 ounces of gold, 29.5 million ounces of silver and 78 million pounds of copper have been recovered from the five mines on these properties.