Mr. David Tafel reports

CENTURION ACQUIRES INTEREST IN THE NICARAGUAN SAN CRISTOBAL GOLD PROJECT

Centurion Minerals Ltd. has executed a binding letter of intent (LOI) with Global Group S.A., a Nicaragua-based corporation, wherein the company has agreed to acquire 50 per cent of the 2,520-hectare (ha) San Cristobal project by agreeing to finance all exploration and development activities up to a production decision. Additionally, the company has the right to increase its ownership of the project to 70 per cent by acquiring a minority interest for a mutually agreed cash consideration.

Extending beyond the initial San Cristobal interest, Centurion has the exclusive right to acquire up to a 100-per-cent interest in additional concessions acquired by, or availed to, Global. Pursuant to this agreement, Centurion is currently reviewing additional concession areas of interest presented by Global, and subject to due diligence and agreeable financial terms, the company may pursue additional mineral project transactions in Nicaragua.

David Tafel, Centurion's president and chief executive officer, commented: "We see incredible opportunity in Nicaragua, which has a significant history of mineral development and responsible mining. Additionally, Nicaragua's extensive highway, road and power infrastructure, along with excellent access to skilled labour, makes the country an ideal location for Centurion. We are looking forward to initiating a systematic exploration program on the San Cristobal project, which has the prospect of district-wide geological continuity from the La India gold/silver property, the same style of mineralization and extensive presence of artisanal mining activities in the area."

San Cristobal project

The San Cristobal project is located in the department of Matagalpa, within the municipality of San Isidro, approximately 125 kilometres (km) north of Managua. From Managua, the property is accessed via the Pan-American North Highway, which passes to the east and north of the property, and the Telica-San Isidro Road, which departs the Pan-American highway. Access to the property for the purposes of exploration is excellent, provided by the Telica-San Isidro Road, including local land use roads and trails. The property is bisected in a northeast-southwest direction by the Telica-San Isidro Road. To the northwest, the property consists of highlands with moderate local relief, which includes local outcrop exposure. To the southeast, the property is relatively flat and dominantly covered by Quaternary sediments.

The project is located in the Interior Highlands region of Nicaragua. Geologically, the property is within the interior tertiary volcanic province of western Nicaragua, and is underlain by rhyolite flows and tuffs, and dacitic to andesitic lithic and porphyritic tuffs. Gold-silver mineralization on the property consists of low-sulphidation epithermal veins and veinlet zones hosted within zones of silicic and silicic-argillic alteration.

The advanced stage La India gold-silver project is contiguous to the west with the San Cristobal project. Historical production from La India, between 1938 and 1956, is estimated at 1.7 million tonnes (t) at 13.4 grams per tonne (g/t) gold (Au) for 576,000 ounces (oz) gold produced. Current resources include an indicated mineral resource of 9.85 million t at 3.6 g/t gold for 1.14 million oz gold and 5.9 g/t for 1.88 million oz silver, and an inferred mineral resource of 8.48 million t at 4.3 g/t for 1,179,000 oz gold and 8.2 g/t for 1,201,000 oz silver. Mineralization at La India consists of low-sulphidation epithermal veins, veinlets and associated silicic alteration zones hosted by felsic to mafic volcanic rocks of the tertiary volcanic province. The gold-silver resources on La India are contained in several veins, which are grouped into seven resource areas with the most easterly being approximately 1.5 km from the western boundary of the San Cristobal property.

There are no records of historic mining or past exploration on the San Cristobal property prior to 2015, although small-scale artisanal miners have historically been active on the property. In 2015, Minera San Cristobal S.A. completed a limited prospecting program on the property, and, in 2017, completed two campaigns of regional geological mapping and soil and rock sampling. Highlights of the 2015 and 2017 exploration include the mapping of an approximately 60 metres (m) wide by 250 m long (southeast-northwest) zone of silicification, which contains occurrences of fine to drusy saccharose quartz veinlets with oxide patinas in cavities, located in the southwestern most part of the property.

In the central-western part of the property, San Cristobal mapped a zone of silicification, including the local occurrence of chalcedonic quartz, fine, comb and banded saccharose crystalline quartz, with limonite and argillic alteration, occurring discontinuously over a one km strike length. Both epithermal vein occurrences are associated with anomalous to highly anomalous soil and rock geochemistry, including well-defined antimony and arsenic zones, and Au assay from outcrop grab samples up to 0.54 g/t Au.

Centurion is planning an exploration program to evaluate the epithermal occurrences and build upon the exploration completed to date. The company anticipates a phase 1 program to include continued mapping and geochemistry, as well as selected remote sensing and geophysical methods, and a phase 2 consisting of surface excavations and drilling.

Sources of information and qualified person

Resource data for La India project are from the Condor Gold PLC website.

Jamie Lavigne, PGeo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the company.

Transaction details

Centurion can earn a 50-per-cent interest in the 2,520 ha San Cristobal project by committing to the financing of all exploration and development activities up to a production decision. For greater clarity: Global directly owns 42 per cent, and indirectly controls 30 per cent, of the project (collectively 72 per cent), where 70 per cent of the controlling interest will be acquired by Centurion, equalling 50 per cent of the total project ownership.

Additionally, Global has agreed to facilitate negotiation of purchase terms for Centurion should the company proceed to acquire up to 100 per cent of the remaining 28-per-cent interest in the San Cristobal property. Cash consideration for the minority interest have not been negotiated by the parties.

If the minority interest is acquired by Centurion, the resulting ownership of the project would be Centurion (70 per cent) and Global (30 per cent).

Additionally, the LOI gives Centurion the exclusive right to acquire up to a 100-per-cent interest in other concessions acquired by, or available to, Global.

Options grant

The company also announces that, in accordance with the company's share option plan, it has granted options to purchase an aggregate of 3.5 million common shares of the company to certain directors, officers and consultants of the company. Each option is exercisable into one common share at an exercise price of five cents. The options are subject to certain vesting conditions and expire five years from the grant date.

About Centurion Minerals Ltd.

Centurion is a Canadian-based company with a focus on mineral asset exploration and development in the Americas. Centurion can earn a 100-per-cent interest in the Casa Berardi West gold project, which is located in the prolific gold-producing, greenstone belt of the central Abitibi subprovince of Northeastern Ontario.

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