The updated data input and model includes new resources defined from 1,000 - 2,000 feet below surface. The intersections were calculated using information from an additional 1,100 diamond drill holes, 26,500 assays and 9,800 moil samples that have been entered since the issuance of the Company’s NI 43-101 technical report in April 2008. As a result, a detailed block model identified 428,357 ounces of new measured and indicated gold resources in an area previously estimated to contain only 70,916 ounces of gold. Furthermore, 285,452 additional ounces of gold in the inferred category have been identified.
Since completion of the Company’s NI 43-101 technical report in April 2008, Century’s team of engineers and geologists have continued to digitize, scan and compile additional historic underground data from previous owners Teck Cominco and Placer Dome to develop a single Vulcan database and model for use in its short and long term mine planning strategies. The updated model announced today adds to the previous model that had been completed from surface to 6,000 feet.
Century also noted several diamond drill hole additions to the model that yielded assay results within unmined dyke and shear structures, including a diamond drill hole containing 91 continuous feet grading 9.0 grams per tonne. Other notable diamond drill holes from unmined areas used in the updated model are shown in the following table:
These newly defined dyke and shear structures indicate the presence of large virgin ore zones, which may be bulk mined within 2,000 feet of surface. Along with these results, the Company still has a significant amount of data to enter for modeling along strike from surface to the 2,000 foot level. Data input and calculation for this zone is ongoing, and the Company will make further announcements when subsequent calculations are complete.
The mine site is located in the prolific Abitibi camp, where over 120 million ounces of gold have been produced historically. The Lamaque Underground mine complex has produced over 9.2 million ounces of gold historically.
The resource evaluations in this press release were prepared by Mr. Ross Burns, P Geo., LG, Vice President of Exploration. This press release was prepared under the guidance of Mr. Burns, who is designated as a Qualified Person under National Instrument 43-101, with the ability and authority to verify the authenticity and validity of the data.
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 3
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.
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.
1 comment:
"The Company owns and is working towards the restart of the Lamaque mine in Québec..."
That sounds like they are still focused on restarting Lamaque, instead of selling it. Hopefully it is also an indication that the gold-based financing efforts are still progressing along.
With regards to the 700K additional ounces, it's a really nice accomplishment given how difficult of a year it was last year. We knew that the company kept plugging away with their resource modeling work. These ounces are the fruits of the labour - it's good to see during tough times.
It looks like we are now up to 5.3M (43-101) ounces at Lamaque and 5.7M (43-101) ounces for the company overall (including San Juan).
I find this part to be very interesting:
"These newly defined dyke and shear structures indicate the presence of large virgin ore zones, which may be bulk mined within 2,000 feet of surface."
This could have great potential. Bulk mineable ounces are significantly cheaper to mine. Teck Cominco ("Teck Corp") mined about 3 million bulk mineable ounces while they occupied Lamaque over the years. As such, Century's discovery is not too surprising. Actually, Century had previously discussed the potentially of 500K bulk mineable ounces existing below 3,000 feet (not yet added to the 43-101 count). What's new is that these new bulk mineable ounces are located between the surface and 2,000 feet.
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