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Century Mining Reports First Quarter 2009 Financial Results
BLAINE, WA, June 1 /CNW/ - Century Mining Corporation (CMM: TSX-V) is pleased to announce its financial and operating results for the first quarter ended March 31, 2009.
First Quarter Results ---------------------
In the first quarter ended March 31, 2009 the Company reported an operating profit from mining operations, before depreciation, amortization and accretion, of C$1,818,991 (2008 - operating profit of $709,904) from gold revenues of $4,084,592 (2008 - $3,223,641). Expenses incurred in mining operations were $2,265,601 (2008 - $2,513,737).
For the quarter ended March 31, 2009 the Company reported net income of $1,612,611 or $0.01 per share, compared to a net loss of $1,809,846, or $0.01 per share in the period a year earlier. The net profit recorded in the first quarter was largely due to improved results at the Company's San Juan Gold Mine in Peru, in addition to corporate-wide initiatives to reduce administrative and other costs.
In the first quarter of 2009, corporate administration expenses were $498,612 (2008 - $720,497), a decrease of approximately 31%. These expenses include salaries and benefits, as well as travel and accommodation expenses.
Efforts by management to improve the Company's balance sheet resulted in a significant decrease on the Company's working capital deficit, which was down 12%compared to the previous year end.
Margaret Kent, President & CEO commenting on Century's first quarter results and future prospects said: "We are pleased that we are achieving positive operating results, thereby allowing the Company the necessary time to close a large financing that will facilitate the commencement of mining operations at Lamaque. Management will remain focused on closing the project financing for the Lamaque Mine, as well as further enhancements and expansion at San Juan throughout the year."
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.
"The San Juan operation continues to produce at the rate of 3,500 ounces of gold per quarter. The operation is in need of cash for expansion. With US$1.5 million of cash investment in the operation, it can be expanded from 250 tons per day to 400 tons per day, which will increase production by over 50% to over 5,000 ounces per quarter."
"Currently, the management is working on a new arrangement whereby the mine will implement a new three shift per day schedule. The mine is also planning improvements of the tailings dam to increase tailings storage capacity. The San Juan operations have been supporting the Company with enough cash flow to cover the Company’s headquarters costs. With a long-term financing in place the Company will be able to invest the necessary funds back into the San Juan mine to meet the Company’s long-term projections of 30,000 ounces of gold per year."
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Century Mining Reports First Quarter 2009 Financial Results
BLAINE, WA, June 1 /CNW/ - Century Mining Corporation (CMM: TSX-V) is pleased to announce its financial and operating results for the first quarter ended March 31, 2009.
First Quarter Results
---------------------
In the first quarter ended March 31, 2009 the Company reported an operating profit from mining operations, before depreciation, amortization and accretion, of C$1,818,991 (2008 - operating profit of $709,904) from gold revenues of $4,084,592 (2008 - $3,223,641). Expenses incurred in mining operations were $2,265,601 (2008 - $2,513,737).
For the quarter ended March 31, 2009 the Company reported net income of $1,612,611 or $0.01 per share, compared to a net loss of $1,809,846, or $0.01 per share in the period a year earlier. The net profit recorded in the first quarter was largely due to improved results at the Company's San Juan Gold Mine in Peru, in addition to corporate-wide initiatives to reduce administrative and other costs.
In the first quarter of 2009, corporate administration expenses were $498,612 (2008 - $720,497), a decrease of approximately 31%. These expenses include salaries and benefits, as well as travel and accommodation expenses.
Efforts by management to improve the Company's balance sheet resulted in a significant decrease on the Company's working capital deficit, which was down 12%compared to the previous year end.
Margaret Kent, President & CEO commenting on Century's first quarter results and future prospects said: "We are pleased that we are achieving positive operating results, thereby allowing the Company the necessary time to close a large financing that will facilitate the commencement of mining operations at Lamaque. Management will remain focused on closing the project financing for the Lamaque Mine, as well as further enhancements and expansion at San Juan throughout the year."
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
"The San Juan operation continues to produce at the rate of 3,500 ounces of gold per quarter. The operation is in need of cash for expansion. With US$1.5 million of cash investment in the operation, it can be expanded from 250 tons per day to 400 tons per day, which will increase production by over 50% to over 5,000 ounces per quarter."
"Currently, the management is working on a new arrangement whereby the mine will implement a new three shift per day schedule. The mine is also planning improvements of the tailings dam to increase tailings storage capacity. The San Juan operations have been supporting the Company with enough cash flow to cover the Company’s headquarters costs. With a long-term financing in place the Company will be able to invest the necessary funds back into the San Juan mine to meet the Company’s long-term projections of 30,000 ounces of gold per year."
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