Odds and ends

1) It looks like Century's posting for a VP, South American Operations, might be related to the previous person moving (potentially promoted) to the position of CEO of Module Resources (a PK affiliated company).

Here is Module's NR:

Module Resources Appoints New CEO

Blaine, WA: Module Resources Incorporated (TSX-NEX : MLE.H) is pleased to announce the appointment of Mr. Luc Duquette as the Company’s Chief Executive Officer. Mr. Duquette has over 10 years experience in senior-level accounting, finance and management positions for various mining companies in North and South America. Most recently Mr. Duquette held the position of Country Manager, Peru for Century Mining Corporation. His responsibilities included all aspects of Peruvian operations, including mining operations, exploration and administration. Prior to Century Mining, Mr. Duquette held senior accounting and management positions with leading companies such as Minefinders Corporation Ltd. in Mexico and Manhattan Minerals Corporation. Mr. Duquette is a Certified General Accountant, and is fluent in both English and Spanish.

Graham Eacott, Chairman of the Company said: “We are delighted that Luc has joined Module as Chief Executive Officer. Luc’s broad experience in the mining industry will be an asset as we develop the Ladner Gold project in British Columbia. In addition, his experience working in South America will be invaluable as we pursue acquisitions to grow the Company.”

2) It was good to see the $16 US billion injection into Fortis by the governments of Belgium, Netherlands and Lexumberg. It means that Fortis should be well protected over the next little while. Fortis will also be selling their share of a bank that was acquired last year (that transaction was the largest in banking history, but it was apparently a key reason for pushing them over the edge, with the subsequent dry up of credit - Fortis was 1 of 3 shared buyers involved in the deal). The bottom line for Century is that Fortis now being on more solid ground continues to provide the opportunity to close off the $70M debt facility. Naturally, this would not have been the case had Fortis gone under.

3) Hopefully the Fortis technical valuation turns out to be positive. I think this is most critical right now. If it's positive then it should increase the marketability of Lamaque. Increased market value means we get a better price for Lamaque if it needs to eventually be sold (as a back up plan), if the Fortis deal doesn't get closed off (for whatever unforseen reason). Hopefully Fortis will allow Century to release info (to the market) on the technical evaluation, once available.

4) The gold price will continue to fluctuate over the next little while, but the trend at least over the next year (or two) still looks positive for gold, even once the $700 US billion bailout gets approved by the US House and Senate. It represents much needed assistance to help global credit to flow again, but the fundamental problems with the economy will continue to exist for quite a while longer, in my view. In addition, this (necessary) bailout (along with other recent bailouts) will result in America's debt increasing from over $10 trillion to over $11 trillion (and counting). It hadn't impacted the US materially in the past, but there will probably be a tipping point in the future, especially if other strong nations around the world begin losing confidence in the US. If the US has to depend less on borrowing from other countries to make ends meet on a daily basis, or even if they want to begin reducing the $11+ trillion debt total, it likely means printing lots of money. Naturally, this will lead to a substantial devaluation of the US currency, and support fot the gold price and other key currencies. Only time will tell how the US will address all these problems, especially since growth should continue to slow, and leading to higher unemployment. The mortgage/housing issues are massive (and complex) and probably still have at least a year or two before we can see firm recoveries, one would think anyway.