Monday, June 29, 2009

The previously announced "shares for debt" offer to creditors accepted by TSX Venture

This was from today's TSX Venture bulletin:

BULLETIN TYPE: Shares for Debt
BULLETIN DATE: June 29, 2009
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing the Company's proposal to issue 5,265,472 shares at deemed value of $0.25 per share to settle outstanding debt for $1,316,368.10.

Number of Creditors: 39 Creditors

The Company shall issue a news release when the shares are issued and the debt extinguished.


Friday, June 26, 2009

AGM Concluded

Century Mining Concludes Annual Meeting Of Shareholders

BLAINE, WA, June 26 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that it concluded its Annual and Special Meeting of Shareholders held on June 24, 2009. At the meeting, all resolutions were approved by shareholders of the Company.

Elected to the Board of Directors were Allen V. Ambrose, Ross F. Burns, Margaret M. Kent, William J.V. Sheridan and Ricardo M. Campoy.

Century has 184,457,214 common shares issued and outstanding. Under the terms of the Company's "rolling" Incentive Stock Option Plan a maximum of 18,445,721 shares are available to be issued pursuant to the exercise of options at this time. Subject to the approval of the TSX Venture Exchange, the Company approved the issue of 500,000 stock options to directors of Century. The stock options are exercisable into common shares of Century at an exercise price of C$0.18 per share for a period of five years. Century's common shares closed at C$0.16 on the TSX Venture Exchange on June 23, 2009. Including this grant of 500,000 options, a total of 7,029,750 shares have been reserved for issuance pursuant to outstanding option grants. A further 11,415,971 shares are available for issuance pursuant to future option grants at this time.

Wednesday, June 24, 2009

Anything from the AGM from anyone?

Growing bulk mining potential at Lamaque

As we know, high grade zones / bulk mining zones are substantially cheaper to mine.

Bulk Mining potential at Lamaque (both mid-term and long-term potential):

1) April 6’09 NR – discovery of 3 completely separate new zones with bulk mining potential, located at points between the surface and 2,000 feet down. ‘Of more significance, is that some of these holes are step outs of over 300 feet from the main mine areas. There is a high probability that the ore extends from the main mine workings to these newly modeled intersections.’

Zone 1) – drill hole#1243 – 4.6 meters true thickness @ 30.2 g/t gold

- drill hole #369 – 10.6 meters true thickness @ 22.0 g/t gold

- drill hole #10875 – 1.7 meters true thickness @ 37.3 g/t gold

Zone 2) – drill hole #1676 - 3.0 meters true thickness @ 29.1 g/t gold

Zone 3) – drill hole#9251 – 4.2 meters true thickness @ 23.5 g/t gold

– drill hole#9477 – 7.2 meters true thickness @ 8.5 g/t gold

2) June 23’09 NR (today) – located between 2,000 and 2,600 feet below the surface (231,333 ounces of M&I and 12,938 Inferred ounces added)

*drill hole #5729 – 15.6 meters true length @ 27.3 g/t gold – “a diamond drill hole within a dyke structure containing 51 true vertical feet grading 27.3 grams per tonne including 3.5 feet of 363.4 grams per tonne”

*drill hole #6414 – 9.0 meters true length @ 7.8 g/t gold

*drill hole #9391 – 7.5 meters true length @ 20.2 g/t gold

*drill hole #12257 – 6.3 meters true length @ 9.5 g/t gold

*drill hole #15021 – 14.1 meters true length @ 7.0 g/t gold

*drill hole #15581 – 18.2 meters true length @ 6.9 g/t gold

*drill hole #16539 – 10.6 meters true length @ 9.2 g/t gold

*drill hole #16542 – 21.6 meters true length @ 4.2 g/t gold

3) February 24’09 NR - “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.” – located at 1000 to 2000 ft below the surface

The NR included 428,357 new M&I ounces and 285,452 new Inferred ounces. It is not likely that all of the new resources on this particular NR have bulk mining potential, but some of the ounces should have strong potential. Here are some drill results from this NR that certainly looks to have bulk mining potential:

*drill hole #16178 – 21.9 meters true length @ 8.3 g/t gold

*drill hole #16179 – 14.1 meters true length @ 10.5 g/t gold

*drill hole #14580 – 27.6 meters true length @ 9.0 g/t gold

*drill hole #16028 – 12.3 meters true length @ 3.8 g/t gold

*drill hole #14027 – 9.1 meters true length @ 5.5 g/t gold

4) Teck Cominco (“Teck”) had significant success in generating significant ounces from the Lamaque plugs in the past, via bulk mining methods. Those plugs still have ounces with bulk mineable potential at depth. Century has estimated that there are still approximately 2 million bulk mineable ounces still remaining in those Lamaque plugs (per the March 2009 Corporate Presentation):

*West Plug – bulk mineable ounces located 2800 to 5500 ft below surface

*Lamaque Main Plug – bulk mineable ounces located 4000 to 6000 ft below surface

In addition, the Bedard Dyke (separate from all of the areas listed above) appears to have at least 3 large high grade zones. The Bedard Dyke appears to start at the surface and go down to about 1000 ft. Some holes were drilled in 2005 with excellent results. Some near surface areas (attaching to the pit) were actually mined, which provided the company with additional important data. The company will be performing intense drilling on the Bedard Dyke in 2009.

Tuesday, June 23, 2009

I think our 43-101 resource count is now almost 6M ounces, company wide

Century Mining Announces The Addition Of 231,000 Gold Ounces At The Lamaque Mining Complex

BLAINE, WA, June 23 /CNW/ - Century Mining Corporation (CMM: TSX-V) today announced that significant progress has been made in the last four months through additional historical data input and computer modeling of the mineral resources at the Company's Lamaque underground gold complex.

The updated data input and model includes new previously unknown resources, below the previously mined out Sigma Open Pit, defined from 2,000 - 2,600 feet below surface. The intersections were calculated using information from an additional 4,114 diamond drill holes, 46,725 assays and 8,984 moil samples that have been entered since the announcement of additional resources in the Company's February 25th, 2009 press release. As a result, a detailed block model identified 231,333 ounces of new measured and indicated gold resources in an area previously estimated to contain only 52,890 ounces of gold. Furthermore, 12,938 additional ounces of gold in the inferred category have been identified. Current modeling efforts below the Sigma Open Pit to a depth of 2,600 feet have confirmed an average addition of M&I resources of 39,500 ounces per 100 vertical feet.

NI 43-101 Compliant Reserves & Resources - February 2009
Metric Grade
Category Tonnes grams/tonne Gold Ounces
Proven & Probable Reserves 7,736,181 4.56 1,134,971
Measured & Indicated Resource 6,523,328 5.02 1,052,558
Inferred Resource 17,839,915 4.83 2,832,389

Updated Resources - June 2009
Metric Grade
Category Tonnes grams/tonne Gold Ounces
Proven & Probable Reserves 7,736,181 4.56 1,134,971
Measured & Indicated Resource 8,305,551 4.81 1,283,891
Inferred Resource 19,680,673 4.95 3,130,779

Note: The resource additions were calculated using the Inverse Distance Weighted (IDW) Power of "2" method at a cutoff grade of 2.1 g/t Au. Resource gold ounces exclude reserve gold ounces.

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 fromsurface to 2,000 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 within a dyke structure containing 51 true vertical feet grading 27.3 grams per tonne including 3.5 feet of 363.4 grams per tonne. Other notable diamond drill holes from unmined, non-remnant areas used in the updated model are shown in the following table:

From To True Length Average Grade
(*)Hole ID (feet) (feet) (feet) (g/t Au)
5729 2.0 63.0 51.2 27.32
6414 41.0 70.5 29.4 7.77
9391 3.0 30.5 24.6 20.22
12257 45.9 70.0 20.7 9.45
15021 0.0 47.0 46.3 6.98
15581 13.6 73.6 59.6 6.87
15589 0.0 112.0 110.1 3.25
16539 40.4 76.4 34.8 9.18
16542 46.4 120.3 70.9 4.21
(*) All diamond drill holes were drilled from underground locations.

These newly added dyke and shear structures indicate the presence of large mineralized zones, which may be bulk mined within 2,600 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 2,600 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.

Margaret Kent, President and CEO of Century commented, "We continue to work diligently on the resource compilation program. We now have over 2.4 million ounces of gold in proven and probable reserve and measured and indicated resource categories, plus 3.1 million gold ounces in the inferred category. The data compilation is only about 50% complete, and the Company therefore expects to make periodic resource announcements in the future as this work continues."

About Century Mining Corporation

Century Mining Corporation is a junior gold producer. The Company owns and is working towards the start up of the Lamaque mine in Qu├ębec 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 2007 and 2008 was 63,124 and 14,252 ounces of gold, respectively.

"Margaret M. Kent"
Chairman, President & CEO

Monday, June 22, 2009

Ruling on Coeur d'Alene Alaskan mine

This is a very important precedent setting case for mining around the Juneau, Alaska area. I think it had to do with where tailings should be deposited. Century has a number of good potential properties around the Juneau area. Although Century will not be doing anything in Alaska anytime in the near future, this case ruling provides greater mining certainty for our Alaskan properties, thus providing Century's management with more organic growth options in attempting to build the company into a larger player in the long-term.

Here is the article:

US court rules for Coeur on Alaska mine permit
Mon Jun 22, 2009 10:08am EDT

WASHINGTON, June 22 (Reuters) - The U.S. Supreme Court ruled on Monday for Coeur d'Alene Mines Corp (CDE.N) by upholding a government permit that will allow the company's Alaska gold mine to deposit rock waste into a lake on federal land.

By a 5-4 vote in a closely watched environmental case, the justices overturned a U.S. appeals court's ruling that had invalidated the permit for Coeur's underground Kensington Gold Mine northwest of Juneau.

In 2005, the U.S. Army Corps of Engineers granted the company's Alaska unit a permit to put 4.5 million tons of rock waste, or mine tailings, into the lake over a decade. (Reporting by James Vicini, Editing by Gerald E. McCormick)

Friday, June 19, 2009

GM Lamaque job posting closed?

It is no longer in the job posting section. June 19th was the planned close date so right on schedule. Hopefully it means Century is in the process of interviewing (or have offered/hired), thus no need to extend the posting.

Thursday, June 11, 2009

Reduction in fully diluted shares?

On June 5, 2008 Century announced $6 million in financings consisting of a $1 million convertible debenture and a $5 million bridge loan. They received the CD but not the bridge loan.

The terms of the CD was a zero coupon with a 12-month maturity with the debenture convertible into shares at 18 cents at any time within 12 months. The conversion terms also included a half-warrant priced at 30 cents.

Conversion would ultimately result in the issue of 5,555,555 shares and a further 2,777,777 shares on conversion of the warrants into shares for a total of 8,333,332 shares.

In the Q1 Management Discussion and Analysis dated May 31, 2009, Century stated that there were 17,234,154 shares reserved for issuance on the conversion of two convertible debentures.

On the Century website the number of shares shown for convertible debentures is 8,900,822 - a reduction of 8,333,332 shares.

What this indicates is that the MRI $1 million CD has not and will not be converted into shares as the June 5, 2009 maturity date has expired.

Whether intentional or not, the delay in getting closure on the US$65 million financing appears to have saved investors the dilution of 8.3 million shares. Of course the C$1 million is now due and payable, but assuming Century closes the financing, that payment is a lot more desirable than issuing 8.3 million shares and warrants to be dumped into the market at any price over 18 cents and 30 cents for the warrants.

Incidentally even though the CD total on the website has been reduced to 8,900,822, the total diluted number has not been likewise adjusted. It should now be less than 209 million and most of the warrants and options are currently out of the money.

Commentary from today's jsminset

It sure is difficult for gold to stay down when you have the Dollar melting down once again and crude oil going beserk along with the rest of the commodity complex continuing to climb relentlessly higher.

The bullion banks have been fighting this rally in gold for all that they are worth and have been successful in preventing gold from moving back to $1,000 but buying from funds is proving to be nearly as relentless as selling from the price riggers.

All of the commodity currencies, the Aussie, Kiwi and Loonie, are sharply higher as hedge funds chase anything that has a tie to hard assets. Only in gold are their efforts being resisted.

Oddly enough, on a day in which crude oil prices are soaring along with gasoline and the rest of the commodity world, indicating that an inflation play is on, the bond market decided to stage a bizarre rally north. That looks to me to be more like a case of official sector interference to be honest.

Technically gold needs to climb back above the 10 day moving average which also is very near this week's high in price, A breach of that on a closing basis, and gold will run back up to test our old friend at $980. Support is near today's low with better support down near $930.

Poll Removed

Unfortunately I had to remove the latest poll because it was sabotaged.

At 2 AM EDT the poll results for "Do you think that the US$65 million financing will close by the AGM on June 24" were 33 votes for Yes and 14 Votes for No or 71% for Yes.

At 10 AM EDT the results were 34 Yes votes and 48 No votes which means that the vote for those 8 hours was 1 Yes and 34 No.

I have no doubt who the culprit is that has managed to subvert the process (it isn't all that difficult to do if you know how) - he is a professional basher at Stockhouse and posts under many different aliases. I had to restore the comment moderation function to the blog because he tried on many occasions to post many derogative and insulting posts directed at one or more of the blog members.

To those of you that are not members but do post sensible comments, you may sometimes have to wait a considerable period of time before your comment is moderated and posted because of the antics of the above-mentioned agitator. To avoid this, you have the option of becoming a Blog member.

Wednesday, June 10, 2009

Is the $65M US deal alive and kicking?

All the signs point to the answer being yes, heavily!

Who really knows for sure when it comes to CMM though, right?

I have placed my bets on Peggy coming through for us, as painful as it has been over the years. Peggy has plenty of warts, as we all know. But, I have seen first hand the actions of some of the scums out there with other companies, and in the industry in general. The corruption is unreal, and sad. It makes me sick to my stomach. IMO, the Canadian regulatory system it totally pathetic and the people in place are totally spineless, and useless!

In many ways, we am fortunate to have Peggy fighting for us - Ironlady II. She has made many mistakes in the past, and she is likely hated in the Toronto investment community for her toughness. But, her goal is to build a successful gold producing company here at Century. In that regard, I think her heart is pure. We know what we have - no surprises in that regard.

If she is successful then we will all be hugely successful also.

Based on the poll question, it sounds like many people believe that the financing will eventually get closed off.

I think it will also, but who can know for sure, with Century's track record.

If something goes wrong at the 11th hour, at least we have solid backup plans in place. We also have creditors (LOOKING FORWARD to new Century WORK/TRADE CONTRACTS) and our LT Debt partner (IQ/Quebec Gov't - LOOKING TO CREATE JOBS IN QUEBEC DURING THESE ROUGH ECONOMIC TIMES) working with us. Everyone wins with Century's success.

Thursday, June 4, 2009

Conference schedule

Based on the website listing, Century might have removed themselves from the Vancouver conference this upcoming weekend / early next week. Hopefully it's because Peggy and Brent are busy with more important things, like Asian related stuff.

Gross Says Diversify From Dollar as Deficits Surge (Update4)

Bill Gross is the CEO of PIMCO, the world’s biggest bond fund. Off the top of my head, I recall the value of the fund being around $800 billion US. Here is the Bloomberg article:

By Dakin Campbell

June 3 (Bloomberg) -- Bill Gross, founder of Pacific Investment Management Co., advised holders of U.S. dollars to diversify before central banks and sovereign wealth funds ultimately do the same amid concern about surging deficits.

Treasury Secretary Timothy Geithner’s plan to bring the budget back into balance won’t be successful as consumers shrink spending and the U.S. growth rate slows, Gross said in a Bloomberg Radio interview today. The budget deficit will be narrowed to “roughly” 3 percent of GDP from a projected 12.9 percent this year, Geithner said June 1.

“I think he’ll fail at pulling a balanced rabbit out of a hat,” Gross said from Pimco’s headquarters in Newport Beach, California. “They are talking about -- once the economy in the U.S. renormalizes -- the move back toward balance or much less of a deficit. I suspect that will be hard to do.”

Higher savings rates and an increase in the cost to service the national debt will drag on the U.S. economy, likely meaning “trillion-dollar deficits are here to stay,” Gross wrote in his June investment outlook posted today on the firm’s Web site.

Gross, manager of the world’s biggest bond fund, said on May 21 the U.S. will “eventually” lose its AAA credit rating after Standard & Poor’s lowered its outlook on the U.K.’s AAA to “negative” from “stable” amid an escalating ratio of debt- to-gross domestic product. While U.S. marketable debt is at about 45 percent of GDP, annual deficits of 10 percent will push the amount to 100 percent within five years, a level that rating companies and markets view as a “point of no return,” he wrote.

‘Years to Come’

Government spending will push the budget deficit to $1.845 trillion in the year ending Sept. 30, according to the Congressional Budget Office.

Federal Reserve Chairman Ben S. Bernanke said today that large U.S. budget deficits threaten financial stability and the government can’t continue indefinitely to borrow at the current rate to finance the shortfall.

The U.S. growth rate “requires a government checkbook for years to come,” Gross wrote. Coupled with Medicare and Social Security entitlements, government borrowing could reach 300 percent of GDP, meaning “the Chinese and other surplus nations cannot fund the deficit even if they were fully on board,” he wrote.

China, the largest U.S. creditor, with $767.9 billion of debt, has shifted purchases of Treasuries into shorter-maturity securities amid concern about unprecedented debt sales.

Yield Curve

Geithner, speaking yesterday in an interview in Beijing with Chinese state media outlets, said he has “found a lot of confidence” in the U.S. economy during his trip to China.

Investors should position themselves in the front end of the yield curve as long-term Treasury yields likely move higher, steepening the so-called yield curve, Gross wrote.

Gross reduced his holdings of government-related bonds in the $150 billion Total Return Fund in April for the first time since January, according to company data. In addition to Treasuries, the government debt category can include inflation- linked Treasuries, so-called agency debt, interest-rate derivatives and bank debt backed by the FDIC.

Yields on benchmark 10-year notes climbed as high as 3.75 percent on May 28, the most since November, rising from a record low of 2.04 percent on Dec. 18. the 10-year yield dropped three basis points today to 3.59 percent today.

Currency Diversification

The dollar weakened beyond $1.43 against the euro yesterday for the first time in 2009 on bets record U.S. borrowing will undermine the greenback, prompting nations to consider alternatives to the world’s main reserve currency.

Russian President Dmitry Medvedev may discuss his proposal to create a new world currency when he meets counterparts from Brazil, India and China this month, Natalya Timakova, a spokeswoman for the president, told reporters yesterday. Russia’s proposals for the Group of 20 meeting in London in April included studying a supranational currency.

The U.S. currency climbed 0.9 percent to $1.4177 per euro at 11:15 a.m. in New York, from $1.4303 yesterday, in the biggest intraday advance since May 27. The dollar traded at 95.75 yen, compared with 95.76.

The government has pledged $12.8 trillion to open credit markets and snap the longest U.S. economic slump since the 1930s. The Fed will buy as much as $1.75 trillion in Treasuries and housing-related debt to drive down consumer borrowing costs. That could have “inflationary implications,” Gross said.

No Exit

“Our expectation is the government won’t be able to exit” from those positions, Gross said in an interview on Bloomberg Radio today. The programs “will be semi-permanent positions on their balance sheets.”

For all the hand-wringing over the dollar’s slide, expanding deficits and declining credit ratings, the bond market shows international demand for American financial assets is as high as ever. The Federal Reserve’s holdings of Treasuries on behalf of central banks and institutions from China to Norway rose by $68.8 billion, or 3.3 percent, in May, the third most on record, data compiled by Bloomberg show.

The Total Return Fund rose 4.8 percent in 2008, beating 93 percent of its peers, data compiled by Bloomberg show. The fund has returned 1.5 percent this year, according to Pimco data.

To contact the reporter responsible for this story: Dakin Campbell in New York at

Last Updated: June 3, 2009 11:26 EDT

Wednesday, June 3, 2009

CMM reaches shares for debt settlement with certain trade creditors

Century Mining reaches shares for debt settlement with certain trade creditors

BLAINE, WA, June 3 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that it has received signed letters from 39 trade creditors who have agreed to accept shares of Century Mining Corporation in final settlement of amounts owed by the Company. The aggregate amount of trade payables settled with creditors is $1,316,368, which at a deemed issue price of $0.25 per share represents the issuance of 5,265,472 common shares of the Company. The issuance of the shares is subject to compliance with applicable securities laws and approval by the TSX Venture Exchange. The shares will be subject to a hold period of four months and a day.

On April 28, 2009 the Company issued a press release announcing the shares for debt arrangement and erroneously referred to this arrangement as a private placement. The Company is continuing to work with several trade creditors, who are evaluating the option of taking shares for debt. Over the next several weeks, Century expects to reach the aggregate amount of $2.0 million (8.0 million shares), as originally announced on April 28, 2009.

Margaret Kent, President and CEO of Century commented, "the Company's primary goal with the shares for debt arrangement is to reduce our working capital deficit as we prepare for the closing of a larger project financing for the Lamaque Mine. We are pleased that several of our creditors have elected to become shareholders of the Company."

Monday, June 1, 2009

Q1 Financials have been filed at Sedar


Revenue - $4.1 Million
Net Income - $1.6 million or 1 cent/share

SJ Production - 3,454 oz
Cash cost - $490/oz
Realized price - $908/oz

The complete Management Analysis and Discussion is posted in the Information Links