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.
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NI 43-101 Compliant Reserves & Resources - February 2009
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Metric Grade
Category Tonnes grams/tonne Gold Ounces
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Proven & Probable Reserves 7,736,181 4.56 1,134,971
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Measured & Indicated Resource 6,523,328 5.02 1,052,558
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Inferred Resource 17,839,915 4.83 2,832,389
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Updated Resources - June 2009
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Metric Grade
Category Tonnes grams/tonne Gold Ounces
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Proven & Probable Reserves 7,736,181 4.56 1,134,971
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Measured & Indicated Resource 8,305,551 4.81 1,283,891
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Inferred Resource 19,680,673 4.95 3,130,779
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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:
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From To True Length Average Grade
(*)Hole ID (feet) (feet) (feet) (g/t Au)
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5729 2.0 63.0 51.2 27.32
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6414 41.0 70.5 29.4 7.77
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9391 3.0 30.5 24.6 20.22
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12257 45.9 70.0 20.7 9.45
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15021 0.0 47.0 46.3 6.98
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15581 13.6 73.6 59.6 6.87
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15589 0.0 112.0 110.1 3.25
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16539 40.4 76.4 34.8 9.18
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16542 46.4 120.3 70.9 4.21
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(*) 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 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 2007 and 2008 was 63,124 and 14,252 ounces of gold, respectively.
"Margaret M. Kent"
Chairman, President & CEO
1 comment:
Hopefully the financing situation is at a stage where they are waiting for the Lamaque subsidiary to be approved by shareholders, and potentially in combination of them waiting for the cash to be deposited into the bank account. If the cash is in the account if/when they announce the closing (instead of waiting for a couple of weeks for the money to be deposited) then everything can move forward right away.
It's impossible to know what the status is on anything though. I'm just as in the dark as everyone else. I'm just suggesting possible logical scenarios. The main thing is to have continued progress with this $65M deal. The journey has been long and rocky. It would be rough to have to switch to Plans B or C at this point, after coming so far with Plan A. The key is to getting this particular deal closed off one way or another - to the positive side of course.
Sometimes deals are done (signed), pending certain close off requirements. I cannot say with certainty that that is the case here - just saying that this sometimes happen. If such is the case, I hope that the close off items are not deal breakers. Other than the 2 possible items I mentioned (Lamaque sub approval and cash in bank) I can't think of other possible items that could be deal breakers at this late stage. This is different from the Fortis deal. With the Fortis situation, we never got past the credit approval stage due to Fortis' own difficult situation. With our current $65M deal, we are way past that stage. Let's hope that things can come together during this final stage, and no major negative surprises.
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