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Century Resolves All Issues With BCSC - Company restates third quarter 2007 financial results -
BLAINE, WA, May 7 /CNW/ - Century Mining Corporation (CMM: TSX-V), announced today that the Company has resolved all outstanding issues with the British Columbia Securities Commission (BCSC) regarding the Company's financial statements and technical reports.
In addressing concerns raised by the BCSC, Century today filed restated financial results for the third quarter 2007. The revised statements are available for viewing on SEDAR's website at www.sedar.com.
On March 25, 2008 Century announced a write-down of approximately $23 million related to deferred stripping and other expenses associated with the shutdown of the Sigma open pit operation. More specifically, deferred stripping expenses of approximately $19 million have been written off in the third quarter 2007 reporting period, with the remaining $4 million consisting of a write-down of mining and plant equipment asset values.
By filing the restated third quarter financial statements, San Juan Technical Report and the revised Lamaque Technical Report, Century has now addressed all of the issues raised by the BCSC. Resolution of the financial reporting concerns of the BCSC will enable Century to finalize the annual audit and issue the year-end 2007 financial statements, which the Company expects to file by May 15, 2008. The Company expects that the Management Cease Trade Order currently in effect will be revoked by the BCSC at that time.
The link works now. Copying has been disabled to prevent copying and pasting of parts of posts on Stockhouse by known bashers that don't have the courage to post here.
Anyone can post "anonymously", but please take the time to click the Name/URL button and give youself a nickname identifier.
By making CMM re-state Q3 financials instead of taking the writedowns in Q4, the BCSC is trying to jusify the CTO. If Century had filed Q3 on Nov. 4, thee would not have been any writedown losses in Q3.
Overall it doesn't much matter whether it's Q3 or Q4. Next week's Q4 loss won't be headlined as a $30 million loss.
Thanks Carib. I also found it in my broker's news. Glad you know your way around computers so well. Let those who will, post to themselves at the other place. (Wink!)
Gosh, this is the best single site of information anywhere on web! I am surprised that CMM isn't at least helping you guy out with content if not paying something for the efforts! Keep up the good work!
Glad to be free of those a-holes on the other board.
Some interesting things about Rosario, it seems like the whole Rosario deal was delayed(by the sellers CMM states). They still have $16 250 000(13+3,25) to pay for it. Maybe they have already payed the $3,25M by now? The $13M payment seems to be set for mid august(please correct me if i'm wrong).
They also talks about Shauindo, and from what i can see, they payed all their $1M payments last year as they was supposed to do if they want the option to still be active.
Also about the $200M that Sulliden claims, what do you feel about that one? Our own claims(Poderosa) i can't see nothing about.
6 comments:
Thanks but Link does not work and this page does not allow copying.
Century Resolves All Issues With BCSC
- Company restates third quarter 2007 financial results -
BLAINE, WA, May 7 /CNW/ - Century Mining Corporation (CMM: TSX-V), announced today that the Company has resolved all outstanding issues with the British Columbia Securities Commission (BCSC) regarding the Company's financial statements and technical reports.
In addressing concerns raised by the BCSC, Century today filed restated financial results for the third quarter 2007. The revised statements are available for viewing on SEDAR's website at www.sedar.com.
On March 25, 2008 Century announced a write-down of approximately $23 million related to deferred stripping and other expenses associated with the shutdown of the Sigma open pit operation. More specifically, deferred stripping expenses of approximately $19 million have been written off in the third quarter 2007 reporting period, with the remaining $4 million consisting of a write-down of mining and plant equipment asset values.
By filing the restated third quarter financial statements, San Juan Technical Report and the revised Lamaque Technical Report, Century has now addressed all of the issues raised by the BCSC. Resolution of the financial reporting concerns of the BCSC will enable Century to finalize the annual audit and issue the year-end 2007 financial statements, which the Company expects to file by May 15, 2008. The Company expects that the Management Cease Trade Order currently in effect will be revoked by the BCSC at that time.
The link works now. Copying has been disabled to prevent copying and pasting of parts of posts on Stockhouse by known bashers that don't have the courage to post here.
Anyone can post "anonymously", but please take the time to click the Name/URL button and give youself a nickname identifier.
By making CMM re-state Q3 financials instead of taking the writedowns in Q4, the BCSC is trying to jusify the CTO. If Century had filed Q3 on Nov. 4, thee would not have been any writedown losses in Q3.
Overall it doesn't much matter whether it's Q3 or Q4. Next week's Q4 loss won't be headlined as a $30 million loss.
Thanks Carib. I also found it in my broker's news. Glad you know your way around computers so well. Let those who will, post to themselves at the other place. (Wink!)
Gosh, this is the best single site of information anywhere on web! I am surprised that CMM isn't at least helping you guy out with content if not paying something for the efforts! Keep up the good work!
Glad to be free of those a-holes on the other board.
MD&A May 7 2008
page 4
Some interesting things about Rosario, it seems like the whole Rosario deal was delayed(by the sellers CMM states). They still have $16 250 000(13+3,25) to pay for it. Maybe they have already payed the $3,25M by now? The $13M payment seems to be set for mid august(please correct me if i'm wrong).
They also talks about Shauindo, and from what i can see, they payed all their $1M payments last year as they was supposed to do if they want the option to still be active.
Also about the $200M that Sulliden claims, what do you feel about that one? Our own claims(Poderosa) i can't see nothing about.
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