$$ Century Mining. Die Goldchance ! $$
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June 5, 2007
CENTURY MINING PROVIDES UPDATE ON PODEROSA LITIGATION STATUS
-Injunction on sale of Poderosa shares still in effect –
BLAINE, WA: Century Mining Corporation (CMM: TSX-V) is pleased to provide an update on the Poderosa litigation in Peru. The defendants to the breach of contract claim Century Mining filed in Peru on May 15, 2007 failed to appear at the mediation hearing held on May 29, 2007. As a result, this matter will now proceed to trial, where Century is seeking damages totaling US$85 million.
Century’s claim is based on the improper sale of approximately 37% of the issued shares of Compania Minera La Poderosa S.A. (CMPSA) to Compania Minera San Manuel S.A, (San Manuel), a subsidiary of Compania Minera Atacocha S.A. This sale constituted a breach of a contract between the defendants and Century Mining signed October 12, 2006.
The following defendants were parties to the contract with Century and in breach thereof sold their Poderosa shares to San Manuel:
• Mónica Patricia Arias Vargas De Ucelli
• Verónica Rociío Arias Vargas de Gomero
• White Peak Resources, Inc.
• Koriarias, Inc.
The following defendants were involved in the transaction or related to the above former shareholders:
• Luz Evangelina Arias Vargas De Sologuren
• Compania Minera Poderosa S.A.
• Compania Minera Atacocha S.A.
• Corporación Minera San Manuel S.A.
• Ana Carolina Arias Vargas de Picasso and Jose Enrique Juan Picasso Salinas
In addition, Century Mining succeeded in maintaining the injunction on the transfer of all CMPSA shares currently held by Minera San Manuel whose total shareholding of CMPSA now represents 51% of the issued capital of CMPSA.
Margaret Kent, President and CEO commented, “Given the defendants’ failure to appear at the mediation hearing, we are well-positioned to succeed at trial as we demonstrate the breach of contract by the defendants. We maintained good faith in our negotiations with the selling group from the beginning of the negotiation process and we are now pursuing this legal action to protect the interests of our shareholders.”
On behalf of the Board of Directors,
“Margaret M. Kent”
Chairman, President and C.E.O.
For further information, please contact:
Brent Jones
Manager, Investor Relations
E-Mail: bjones@centurymining.com
Phone: (360) 332-4653
Fax: (360) 332-4652
Website : www.centurymining.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.
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Besitzer von Zinspapieren schlafen gut; Aktienbesitzer dagegen leben gut
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Century Mining Reports Amended Second Quarter Cash Flow
9/7/2007
BLAINE, WASHINGTON, Sep 7, 2007 (CCNMatthews via COMTEX News Network) --
Century Mining Corporation (TSX VENTURE:CMM) announces the filing of its amended Financial Statements and Management's Discussion & Analysis for the second quarter ended June 30, 2007.
The amendment was necessitated because of a clerical error in the cash flow statements with respect to foreign exchange losses. The amendment affects only the reported cash flow statements. The consolidated balance sheet and consolidated statement of operations and deficit are unchanged from the original filing. As a result of the corrections, cash flows from operating activities after net changes to working capital account balances are $2,279,682 for the second quarter of 2007 and $6,190,643 for the first half of 2007, versus $429,503 and $3,321,254, respectively, as originally reported. Cash flows used in investing activities are $9,304,727 for the second quarter and $15,243,998 for the first half, versus $7,454,548 and $12,379,789, respectively, as originally reported. The net increases in cash and cash equivalent of $7,955,664 for the quarter and $7,429,643 for the half are unchanged from the original report.
About Century Mining Corporation
Century Mining Corporation is an emerging mid-tier gold producer that is aggressively acquiring producing mines and exploration properties in Peru. The Company owns and produces gold at the Sigma and Lamaque mines in Quebec that historically have produced over 9.4 million ounces of gold. In Peru, Century wholly-owned subsidiaries own an 82.6% interest in the San Juan Mine where the Company accounts for 100% of gold production. Century subsidiaries have also recently acquired Rosario de Belen where it accounts for 100% of both gold and silver production. Century's growth strategy is to acquire gold producing assets in South America that will substantially reduce the Company's consolidated total cash cost of production and where there is exceptional exploration potential to expand production at these mines.
Margaret M. Kent, Chairman, President & CEO
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CENTURY CONVERTS SIGMA-LAMAQUE TO FULL UNDERGROUND OPERATION
- COMPANY CLOSES OPEN PIT -
BLAINE, WA: November 5, 2007 - Century Mining Corporation (CMM: TSX-V) Century Mining Corporation announced today that it has discontinued open pit mining operations at its Sigma gold mine at Val d’Or, Quebec as of Monday, November 5, 2007, and will ramp up production from the Lamaque underground mine, which the Company reactivated in April 2007. “The closure of the Sigma open pit was a difficult decision, but deteriorating ore grades in the open pit and increasing costs of operation because of rising fuel prices made the surface mine uneconomic,” said Century’s President and CEO, Margaret Kent.
“We are extremely enthusiastic about the prospects for the Lamaque mine, where we have had significant success since reopening this historic mining operation,” said Kent. “These underground mines have produced over 9.5 million ounces from the 1930’s until the 1990’s.” The contiguous underground properties of both Sigma and Lamaque have been combined and are referred to jointly by the Company as the Lamaque mine.
The Lamaque mine is currently producing 350 to 400 tonnes of ore per day at an average grade of approximately 5.5 grams per tonne. The Company has applied for permits to increase production to over 1,800 tonnes of ore per day. Century expects Lamaque to yield positive cash flows by the end of the first quarter of 2008. The Company also expects that Lamaque will produce upwards of 100,000 ounces of gold per year at a cash cost of approximately $350 per ounce by the end of the first quarter of 2009. As a result of the shutdown of the open pit, the Company’s revised production guidance for the full year 2007 is 65,000 ounces.
As a result of the closure of the Sigma open pit, the Company will temporarily reduce its staffing levels at Val d’Or this week by 191 employees, leaving employment of 110 at the site. This temporary workforce reduction, including both salaried and hourly employees, is necessary until these employees can be transitioned over to the Lamaque underground mine. As the Lamaque mine operations are expanded over the next several months, the employment levels will be increased to approximately 350 to 400 employees when the mine achieves full production of 1,800 tonnes of ore per day.
Century has also undertaken a major data compilation and mapping effort for the Lamaque property to demonstrate resources on the property and guide future expansion of mining operations. Use of recently digitized historic information and the application of geological models has resulted in the discovery of several new ore zones at the Lamaque property. Century is currently delineating and quantifying these ore zones in order to prepare and file an NI 43-101 report expanding the reportable reserves and resources at the mine by the end of the year.
On September 27, 2007 the Company announced a non-brokered private placement of up to US$20 million. The Company has chosen to close out that private placement after raising approximately US$7.3 million because of available financing alternatives including a proposed leasing line and adjustments to the Company’s senior notes.
To fund the Lamaque underground development and underground exploration and resource definition programs, plus other projects, Century is announcing plans to raise C$6-8 million through a common equity and flow-through offering. The terms of the offering are as follows:
Offering of up to 6.5 million units. Each unit will consist of:
•
one flow-through common share
•
one common share
•
one full share purchase warrant, exercisable for two years from the date of issue at an exercise price of C$0.80
Proceeds of the offering will be used to fund the Lamaque exploration and resource delineation efforts, expansion of the Lamaque mine, and for working capital purposes, as follows:
•
C$3-4 million flow-through Lamaque exploration and resource expansion; and
•
C$2-3 million Lamaque underground mine development and working capital.
A finder’s fee of 6% in cash and 6% in broker warrants will be paid.
About Century Mining Corporation
Century Mining Corporation is an emerging mid-tier gold producer that is aggressively acquiring producing mines and exploration properties in Peru. The Company owns and produces gold at Lamaque mine in Québec that historically has produced over 9.5 million ounces of gold. In Peru, Century wholly-owned subsidiaries own an 82.6% interest in the San Juan Mine where the Company accounts for 100% of gold production. Century subsidiaries have also recently acquired Rosario de Belen where it accounts for 100% of both gold and silver production. Century’s growth strategy is to acquire gold producing assets in South America that will substantially reduce the Company’s consolidated total cash cost of production and where there is exceptional exploration potential to expand production at these mines.
On behalf of the Board of Directors,
“Margaret M. Kent”
Chairman, President and C.E.O.
For further information, please contact:
Brent Jones
Manager, Investor Relations
E-mail: bjones@centurymining.com
Phone: (360) 332-4653
Fax: (360) 332-4652
Web site: www@centurymining.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.
Caution Concerning Forward-Looking Information
This press release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. We use words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate” and similar terminology to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in gold and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our South American activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis included in this Annual Report , in our Annual Information Form and in other filings made by us with the Securities and Exchange Commission and with Canadian securities regulatory authorities and available at www.sedar.com.
While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.
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CENTURY ANNOUNCES UPDATED NI 43-101 RESERVES AND TECHNICAL REPORT FOR THE LAMAQUE MINE - Company reports total proven and probable reserves of 1.13 million oz. – Additional measured and indicated resources of 624,000 oz. and additional inferred resources totaling 2.8 million oz.
http://www.sedar.com/...CompanyDocuments.do?lang=EN&issuerNo=00002842
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Die News von gestern klingen sehr sehr gut!
Quelle: www.sedar.com
February 21, 2008 CENTURY MINING RECEIVES UPDATED LAMAQUE UNDERGROUND PERMIT Production ramp up at flagship mining operation on schedule Blaine, WA: Century Mining Corporation (CMM: TSX-V) announced that it has received an updated Certificate of Authorization from the Quebec Ministry of Environment for the Lamaque underground project to increase production from 400 tonnes of ore per day to 1,200 tonnes of ore per day. This is a significant step toward achieving Century’s plans to increase production at the Lamaque underground mine, where the Company recently announced NI 43-101 compliant reserves in excess of 1 million ounces of gold. The Lamaque underground mine contains the following mineral inventory:
Mineral Inventory Summary
Tonnes
Grade grams/tonne
Gold ounces
Proven and probable reserves
7,736,181
4.56
1,134,971
Measured and indicated resources
3,687,308
5.27
624,201
Inferred resources
17,839,915
4.83
2,832,389
For further details on Lamaque reserves and resources, see January 11, 2008 press release. Production from the Lamaque underground mine has steadily increased from 5,137 tonnes of ore in October 2007 to 7,783 tonnes in January 2008. Century currently forecasts average production from the Lamaque underground mine of 300 tonnes of ore per day in the first quarter of 2008. The Company plans to increase production to approximately 450 tonnes per day in the second quarter, 700 tonnes per day in the third quarter and 1,200 tonnes per day in the fourth quarter of the year. As part of the Company’s plan to fund Lamaque capital requirements, Century completed the sale of the semi-autogenous grinding mill (the “SAG mill”) on February 14. The SAG mill became surplus equipment when Century completed the transition from open pit operations to underground mining during the second half of 2007. Century will receive a total of $2.0 million from the sale of the SAG mill, of which $1.0 million was received at closing, with the remaining $1.0 million due upon removal of the SAG mill from the site. Century will use the proceeds of the SAG mill sale for capital requirements at Lamaque, including the acquisition of crushing equipment that will enhance milling productivity and efficiency.
As previously announced, the Company has hired a crew of miners, geologists, and engineers for the Lamaque underground program and has procured necessary equipment and materials. As the production ramp up continues, Century estimates that it will need to increase
underground mining staff by an additional 37 persons during the first half of 2008, which will be achieved through an aggressive recruiting campaign that began in 2007. Century does not anticipate any delays in the ramp up schedule due to personnel or equipment issues. Margaret Kent, President & CEO, commented: "We are very excited about the progress we have made since completing the transition from open pit to underground mining. At this point we are on schedule and within budget for the Lamaque production ramp up, and we are confident that Lamaque will achieve positive cash flow in 2008 and serve as the foundation for the Company’s future growth.”
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Ich werde nachlegen...das ist eine Chance, die ich mir nicht entgehen lasse.
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PRESS RELEASE
May 12, 2008
CENTURY AWARDS FORTIS LEAD ARRANGER AND UNDERWRITER MANDATE
FOR LAMAQUE EXPANSION FINANCING OF UP TO $70 MILLION
Blaine, WA: Century Mining Corporation (CMM: TSX-V), is pleased to announce the
appointment of Fortis (Belgian-Dutch leading financial institution), as Lead Arranger and
underwriter for a fully underwritten project loan facility of up to US$70 million to fund the
Lamaque Underground Mine expansion project.
The project loan facility’s primary use of proceeds includes capital expenditures to expand
production to 115,000 ounces per annum, at an estimated cash production cost of $425
per ounce, associated hedging, working capital, and for general corporate purposes.
As announced on March 25, 2008 capital requirements for the Lamaque Underground
Mine in 2008 total approximately $9.3 million. Going forward, Century estimates capital
expenditures for Lamaque of $25.5 million and $20.0 million in 2009 and 2010,
respectively.
Closing on the project loan facility will be subject to completing satisfactory due diligence,
credit approvals, and negotiating loan and security documentation. The Company and
Fortis anticipate having the facility in place within 4-5 months.
Margaret Kent, President & CEO, commented: "We are very excited to have the support of
Fortis. This debt facility will allow Century to achieve its medium and long-term objectives
with respect to the Lamaque expansion project.”
About Fortis
Fortis is an international financial services provider engaged in banking and insurance.
Fortis offers its personal, business and institutional customers a comprehensive package
of products and services through its own channels, in collaboration with intermediaries and
through other distribution partners. With a market capitalisation of EUR 35.1 billion
(31/03/2008), Fortis ranks among the 15 largest financial institutions in Europe. Its sound
solvency position, presence in more than 50 countries and dedicated, professional
workforce of 60,000 enables it to combine global strength with local flexibility and provide
its clients with optimum support. More information is available on www.fortis.com
Press Contacts: Brussels: +32 (0)2 565 35 84
About Century Mining Corporation
Century Mining Corporation is an emerging mid-tier gold producer that is aggressively
acquiring producing mines and exploration properties in Peru. The Company owns and
produces gold at the Lamaque mine in Québec that historically has produced over 9.4
million ounces of gold. In Peru, Century wholly-owned subsidiaries own an 82.6% interest
in the San Juan Mine where the Company accounts for 100% of gold production. Century
subsidiaries also operate Rosario de Belen where it accounts for 100% of both gold and
silver production. Century’s growth strategy is to acquire gold producing assets in South
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America that will substantially reduce the Company’s consolidated total cash cost of
production and where there is exceptional exploration potential to expand production at
these mines.
“Margaret M. Kent”
Chairman, President & CEO
For further investor information, please contact:
Brent Jones, Manager of Investor Relations
E-mail: bjones@centurymining.com
Phone: (877) 284-6535 or (360) 332-4653
Fax: (360) 332-4652
Website: www.centurymining.com
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March 24, 2009 CENTURY MINING RECEIVES UNDERWRITING PROPOSAL FOR US$65 MILLION DEBT FINANCING Century also announces C$1.75 million flow-through financing for Lamaque drill program and additional reserve and resource upgrades Blaine, WA: Century Mining Corporation (CMM: TSX-V) today announced that the Company’s Board of Directors has agreed to proceed with a proposal it has received for a fully-underwritten debt financing for its Lamaque project in the amount of US$65 million. US$65 million debt financing details On February 2, 2009 Century announced plans for a gold-based debt facility, whereby the Company would raise necessary funding from institutional investors and repay the loan with physical gold from production at Lamaque. After evaluating several financing alternatives, the Company has chosen to pursue the debt financing announced today because it requires no commitment of future gold production and minimizes potential dilution of the Company’s shares. Under terms agreed to in the underwriting agreement, Century will borrow $65 million for a term of 7 years, at an interest rate of 8% in the first year, and 6% per year in years 2 – 7. The interest for the first year of the loan will be paid in full at the time of closing of this transaction. Payments in years 2-7 will be interest only, with a balloon payment at the end of the loan term for the entire principal amount. The primary use of proceeds will be for capital expenditures to restart mining operations at Century’s Lamaque Underground Mine, located in Quebec, Canada. This financing is being arranged by Union Securities Ltd. of Calgary. Union Securities has been instrumental in identifying sources of private debt financing for the Lamaque project. In a confirmation letter sent to Century and Union Securities regarding the debt financing, the lenders stated, “We are pleased to confirm that we can underwrite investment for Century’s project in the amount of $65 million.” The source of funds will be from a consortium of international investors. Closing on the debt facility will be subject to terms, conditions and guidelines as set forth by the lender, and security documentation. A 3% underwriting fee and a 6% finder’s fee with 10 million warrants exercisable at C$0.15 for a period of two years will be paid at closing.
Regarding due diligence processes customary in financings of this scope, the lender has indicated that the extensive due diligence carried out by Fortis Bank and the resulting January 2009 Due Diligence Report are sufficient for the purposes of this transaction. This is significant because it will expedite the
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closing of the debt financing. The Company and the consortium anticipate finalizing the underwriting on this debt financing in approximately 21 days, with funding of the full amount to take place 30-45 days after that. Century has terminated its agreement with Octagon Capital Corporation, which was acting as lead agent for the gold-based financing. C$1.75 million flow-through financing details Century also announced today that, subject to regulatory approval, it will complete a non-brokered private placement of up to C$1.75 million, comprised of flow through shares.
The Company will issue common shares on a flow-through basis at an issue price of $0.13 per share.
The Company will pay certain persons for introducing subscribers to the Company a finder’s fee of cash equal to 6% of the aggregate gross proceeds, and broker warrants equal to 6% of the aggregate number of flow-through shares. Each broker warrant shall be exercisable for 18 months from the date of issue and shall entitle the holder to purchase a common share of the Company for a price of $0.13. The flow-through share issuance is subject to approval by the TSX Venture Exchange.
The proceeds from this offering will be used for diamond drilling of the Bedard Dyke at the Lamaque Mine and completion of an ongoing Vulcan computer modeling project of the Lamaque Mine from the 2,000 to 3,000 foot levels. All of the securities issued under these private placements will be subject to a four-month hold period.
Margaret Kent, President and CEO of Century commented, “Century has been working on this debt financing package for several weeks now. We are very pleased with the terms of this debt financing. Since early February, management and the Board have conducted extensive negotiations with potential lenders regarding both gold-based and straight debt financing alternatives. The terms of the deal announced today will allow us to restart operations at Lamaque without committing a single ounce of future gold production.”
About Century Mining Corporation
Century Mining Corporation is a junior gold producer. The Company owns and is working towards the restart of the Lamaque mine in Québec that historically has produced over 9.2 million ounces of gold. In Peru, Century wholly-owned subsidiaries own an 82.6% interest in the San Juan Mine where the Company accounts for 100% of gold production. Total gold production for 2006 and 2007 was 70,401 ounces and 63,124 ounces of gold, respectively.
“Margaret M. Kent”
Chairman, President & CEO
For further investor information, please contact:
Brent Jones, Manager of Investor Relations
E-mail: bjones@centurymining.com
Phone: (877) 284-6535 or (360) 332-4653
Fax: (360) 332-4652
Website: www.centurymining.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.
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Caution Concerning Forward-Looking Information
This press release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. We use words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate” and similar terminology to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in gold and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our South American activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis included in this Annual Report, in our Annual Information Form and in other filings made by us with the Securities and Exchange Commission and with Canadian securities regulatory authorities and available at www.sedar.com.
While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.
www.centurymining.com
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