Friday, September 4, 2009
Century Mining Increases Flow-Through Offering To C$1.1 Million
BLAINE, WA, Sept. 4 /CNW/ - Century Mining Corporation (CMM: TSX-V) announces today that the private placement of flow through shares announced on September 2, 2009 will be raised from C$400,000 to a maximum of C$1.1 million, due to increased investor interest in the offering. All other terms and conditions remain the same as announced on September 2. Century expects the financing to close on September 9, 2009.
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There was likely a behind the scenes development over the past couple of days that both suddenly generated increased interest in the flow-through offering and helped to stabilize the share price. Only time will tell if it turns out to be fiction or reality.
The gold price is $5 away from $1,000. It's a good time Century's financing to come together, if that is what is happening behind the scenes.
As a side note, it's small potatoes, but the last quarter was the best ever for San Juan. The quarterly production of 4,290 ounces was the best ever since Century took over. The cash cost per ounce was US$437, which is excellent for this environment. Tonnage, gold grade and recovery were all very good. There didn't appear to be any weakness with San Juan results for Q2'09. The capital expenditure costs for mine development in Q2 appears to have been very reasonable. It seems like Q1 had a lot of mine development work done. I think Q2 benefited substantially from that work, and capital expenditure costs, in Q1. I think there is a good chance that the Q1 work may benefit Q3 and Q4 also. I think it will be good if they can deliver similar results to Q2. It will be difficult to increase production ounces beyond the 4,290 in Q3 and Q4 due to not having the cash for the mill expansion. San Juan will be upgraded once the bigger financing has been completed.
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