CENTURY MINING CORPORATION
NOTICE
ATTENTION: SHAREHOLDERS OF CENTURY MINING CORPORATION
This Notice accompanies, and should be read in conjunction with, the management proxy circular (the “Circular”) of Century Mining Corporation (the “Company”) dated October 27, 2009 in respect of the special meeting of shareholders of the Company to be held on Monday, November 23, 2009.
With respect to the Company‟s proposed $21,000,000 Private Placement of Units (see “Particulars of Matters to be Acted Upon at the Meeting – Private Placement” in the Circular), please note the following amendments to the Private Placement and to the disclosure in the Circular:
(i) Of the 105,000,000 Units to be issued under the Private Placement, the Common Shares issued in connection with up to 20,000,000 Units may be issued on a „flow-through‟ basis (the “Flow-Through Units”). All other aspects of the Flow-Through Units, if issued as such, will remain the same as for the Units. For greater certainty, the Flow-Through Units, if issued, will be issued at Cdn$0.20 per Flow-Through Unit with each Flow-Through Unit consisting of one „flow-through‟ Common Share and one-half of one Common Share purchase warrant. Each whole Warrant will entitle the holder to purchase one Common Share at price of Cdn$0.30 for a period of 18 months, subject to the Company‟s right to accelerate the expiry date of the Warrants as set out in the Circular.
(ii) If Flow-Through Units are issued, of the net proceeds to be received by the Company from the Private Placement, up to $4,000,000 will be used to incur Canadian exploration expenses (“CEE”). Such CEE will be renounced to applicable subscribers.
The above change was made subsequent to the date and printing of the Circular. We apologize for the confusion.
Capitalized terms used herein but not defined herein, have the meaning given to such terms as set out in the Circular.
BY ORDER OF THE BOARD
(signed) Margaret M. Kent
MARGARENT M. KENT
Chairman, President and CEO
1 comment:
With US$1,100 gold, I really like this plan of attacking Lamaque heavily (immediately) on the exploration and resource compilation front. All $4M bridge financing amount is going towards this purpose. So far I have identified 4 possible areas of attack at Lamaque:
1) Bedard Dyke drilling
2) More resources thrown at the Vulcan modeling project to pick up the pace of increasing the 43-101 resource total.
3) Surface exploration drilling to increase reserves, to move ounces into higher categories and to add new ounces to the 43-101 count. This could have a side benefit of increasing near-term production if the new reserves are located in currently accessible locations.
4) Recalculation of current 43-101 resource total to reflect a lower cutoff grade/a higher gold price, which will substantially increase total 43-101 resources and potentially increase production ounces.
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