Centurion Announces Director Changes and Update on Strategic Review

Vancouver, British Columbia--(Newsfile Corp. - October 17, 2019) -  Centurion Minerals Ltd. (TSXV: CTN) ("Centurion", or the "Company") wishes to announce the resignation of Mr. Stephen Wilkinson from the Company's Board of Directors and the appointment of Mr. Jeremy Wright CPA, CMA.

Mr. Wilkinson is retiring to spend more time with his family and his other business ventures. The Company truly wishes to thank Mr. Wilkinson for his ongoing advice and valuable guidance and wishes him well in his future endeavors.

Mr. Wright has been the Company's Chief Financial Officer ("CFO") since November 2015, and has been instrumental to the Board over the past 6 months in relation to the Company's cannabis strategic review identifying and evaluating potential acquisitions, including geographic focus and corporate direction based on the near-term opportunity for large-scale industrial production of CBD and THC-based cannabis and derivative products in low-cost stable jurisdictions.

Mr. Wright has broad experience working with senior management developing strategies and solutions to business issues mainly related to corporate finance, cost and risk management, and governance which will serve invaluable in his role as a Director of the Company. Mr. Wright is a Chartered Professional Accountant (Certified Management Accountant), currently serves as a Director of AmWolf Capital, Freeform Capital, and Demetra Minerals, and previously served as a Director of Pacific Community Resources Society and the Canadian Freestyle Ski Association. In addition to acting as the CFO for Centurion, Mr. Wright also serves as the CFO for several public and private companies including: Ecoland Biosciences, Portofino Resources, AmWolf Capital, Freeform Capital, and PayVida Solutions. He was previously the CFO for GTEC Holdings, a vertically integrated ultra premium cannabis producer having 3 operating licensed producers across Canada. Mr. Wright holds a Bachelor of Arts, with honours in Environmental Economics from Brock University.

Cannabis Strategic Review
The Company is currently undertaking due diligence on several operating assets and opportunities in Uruguay, Argentina, Paraguay and Peru. On a recent trip to Argentina, Uruguay and Paraguay, management held detailed follow-up meetings with groups directly involved with the industry from an operational, legal and government oversight capacity. Meetings also included preliminary discussions with the Argentine Ministry of Agriculture in order to determine the legalities and necessary steps required to pursue a collaboration agreement with the federal government. The Company is close to finalizing due diligence on several opportunities and intends to provide a comprehensive update upon completion.

ABOUT CENTURION
Centurion Minerals Ltd. is a Canadian-based company with a focus on South American asset development. The Company's lead investment is its interest in the Ana Sofia Agri-Gypsum Fertilizer Project. In addition, the Company is actively pursuing business opportunities in the South American cannabis industry.

"David G. Tafel"
President and CEO

For Further Information Contact:
David Tafel
604-484-2161

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.

This news release contains 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. Such statements include, among others: possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; actual results of reclamation activities; conclusions of future economic evaluations; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to construction activities and operations; timing and receipt of regulatory approvals of operations; the ability of the Company and other relevant parties to satisfy regulatory requirements; the availability of financing for proposed transactions, programs and working capital requirements on reasonable terms; the ability of third-party service providers to deliver services on reasonable terms and in a timely manner; market conditions and general business, economic, competitive, political and social conditions.

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