BLAINE, WA, Sept. 5 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that the lawsuit brought against it, Century Mining Finance Corp. and others, in the Ontario Superior Court of Justice has been dismissed at no cost to the Company. This brings to an end all proceedings in Ontario against Century and those associated with it relating to the Shahuindo Property, Sulliden Exploration Inc. and Minera Sulliden Shahuindo SAC.
Today's announcement brings to an end all litigation between Century and Sulliden in Canada and Peru.
Margaret Kent, President & CEO said: "We are pleased that the lengthy litigation process regarding Shahuindo is now ended. As we move through the current transitional phase, management and the Board of Directors are confident that the Lamaque and San Juan gold mines will provide significant value to shareholders and provide a solid foundation for growth."
2 comments:
Good to see that the amount of baggage we are carrying is finally starting to dissappear. With the exception of the baggage still at the top, we are starting to look a little more appealing. LOL, you wouldn't think that based on Canacord this morning.
Mike
Mike, it's almost as if Cannaccord knew this news was coming out this morning and they pre-empted it by slamming the share price at the open. Otherwise why would anyone wait until today to dump over 3.5 million shares at 3.5 and 3 cents.
The 13 million shares sold by Cannaccord in June/July is looking more like someone was shorting the stock then and is protecting that short position today - banking on CMM goes to 0.
Otherwise even though one could say that the news today was a foregone conclusion, the stock should otherwise go up on this news. If nothing else, it removes a possible impediment to securing both Fortis and bridge financing.
Unfortunately most of the buyers at these levels seem to be flippers, content with a 0.5 cent gain. They buy at 3 cents and immediately ask 3.5 cents for the shares purchased.
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