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The development was highlighted in a half-yearly results presentation by managing director Bob Cameron this week.
Centennial said Awaba East was currently at pre-feasibility stage and boasted large resources.
A project leader and team are already in place for the project.
If the project is given the go-ahead it will conclude its feasibility study mid next year with approvals sought around that time.
Development is expected to start in 2010 and the mine will become operational in 2012.
Cameron said in the presentation that existing exploration data had been reviewed internally and the geological model had been updated.
An exploration program will further define the reserve area. The company has procured a drill rig for the exploration.
