Copper orientated resources company Centurion Resources has raised £1 million and begun life on the capital markets.

The business, which will focus mainly on the exploration and development of copper possibilities in Austria, has raised the money through the issue of one million ordinary shares at 1p each.

Centurion Resources will use the funds raised on the Alternative Investment Market (AIM) to acquire and develop the Mitterberg Copper Exploration Licences in Salzburg, Austria.

The business believes that there is ‘potential significant’ value uplift for the new project through a ‘detailed’ exploration programme.

Alastair Clayton, chief executive officer of Centurion Resources, comments, ‘The Mitterberg Copper Project is a highly prospective, previously operating high grade copper mine, located in an area of significant mineralisation in Austria.

‘Exciting exploration upside is evident within the tenure offering Centurion the opportunity to create substantial value.’

Clayton also says that the company’s board of directors and management team has a ‘strong network’ of contacts in the European mining space which will enable it to ‘potentially’ acquire further resource projects’.