We knew about all this already, but this official notice is just a BCSC/TSX-V market requirement for all companies under a MCTO.
Century Mining Files Updated Notice Of Default
BLAINE, WA, June 2 /CNW/ - Century Mining Corporation (CMM: TSX-V) today announced that, in accordance with British Columbia Securities Commission regulations, it has filed an updated Notice of Default. The updated Notice is available for viewing on SEDAR's home page at www.sedar.com.
Commenting on today's updated Notice, the Company announced that it has now resolved all issues regarding write-offs for the year ended December 31, 2007, and expects to file its 2007 year-end financial statements this week.
9 comments:
Yea Production spoke with Brent
today and he said we'd probably get
both this week. Lots of meetings going on. Had meetings on the weekend to work out many details of bridge financing. Should be
very soon, tied in with long-term
financing and he doesn't expect any
convertables, on the short-term,
anyways. Wouldn't give any hint
on PK's status. He also said that
the mine manager at lamaque didn't
think the 1 month delay in funding
would effect projections. Once
they recieve funding, (fingers crossed), ramp up should proceed
quickly.
Once again, take it for what its
worth.
NR came out today that CMM will issue financials this week.
Glad to hear that CMM management is working the weekends. If I was in there shoes, I would do the same.
I will forgive and forget if PK can turn this ship around (some others on this board would not). All I want and care for is a $1 SP.
On an interesting note, I shorted SUE stock this morning at $0.85. Took advantage of people's excitement over a relatively non-event as Algamarca is still not out of the picture yet. Thinking of buying more CMM but have to wait for further direction on short term financing. If CMM can get at least $5M, I'm going in strong.
Bargain Hunter, your wish is granted.
Roxy, your's will take a bit longer.
Varscona recently wrote this:
"In a recent email[2weeks ago], Brent said that Lamache was on target for recruiting ug miners[1-2/week]."
Varscona, thank you for sharing your update with us!
While we wait, I thought I would play around with some numbers.
On the Jan. 14'08 c.c., PK mentioned that putting jackleg miners in place was the biggest challenge from a staffing perspective, although they had improved the situation to the level they had required. She mentioned that they had 25 jackleg miners (at the time of the c.c.) and they were bringing on 2-3 per week. She said they needed to get to 56 to enable them to mine 700 tpd. As a side note, they had 110 u/g staff at Lamaque at the time, and needed to get to 190 - 200 in order to mine 700 tpd.
The 1-2 jackleg miners is lower than the 2-3 quoted by PK back in January, but it is still decent (due to the lengthy timeframe from having to wait for funding to gain access to the 1.1M ounces in reserves).
Here are some stats:
*25 jackleg miners at Jan. 14'08
*let's use 1.5 jackleg miners added per week since the c.c.
*no idea what the attrition rate would be, but let's be conservative and use an annualized rate of 26% - this would mean a 10% attrition rate for the 20 wk period from c.c. until end of May.
Here is the work up:
*20 wks * 1.5 = 30
*25 original + 30 added = 55 (before attrition)
*55 * 10% = 5.5 loss due to attrittion
*55 - 5.5 = 49.5 (end of May)
*4 wks in June * 1.5 = 6
*49.5 + 6 = 55.5 (end of June)
Conclusion:
Reaching the 56 jackleg miner target within a reasonable timeframe (end of June perhaps????? or into July?) does not appear to be unrealistic. From a 10,000 ft level view, it doesn't appear as if Brent was pulling your leg. However, only an official update from the company can truly confirm this.
Natik
Not too long please. I was hoping
by June 27th.
It looks like we are entering another down leg in the credit crunch. There are rumors of a run on Lehman Brothers, similar to the past one on Bear Stearns.
IMO Century is in a race against time to close on the bridge financing before the banks panic and shut down further lending for a while until the dust settles.
So far it looks like RBC is our big seller (265,000 shares), hope its not Wega. Anyone know if it is Wega?
Nino.
I'd put my money on WEGA.
Today's trades and a summary for the past 5 days have been posted. RBC has sold over 540,000 shares net in that period.
Could it be Wega? Who knows. It's not the same programmed selling as before. If it is Wega they'll have to file insider trading reports next week.
We are only 2 days away from the last date to file proxy materials on Sedar for the AGM.
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