Century Mining Grants Stock Options

This is incentive for joining Century Mining. It was granted to a new officer. This likely means that the VP of Staffed Salaried Personnel has been hired. That is the only Officer I believe they were hiring. It could be for an Executive Chairman/Non-Executive Chairman, but if it was then they might have used a more specific description than "officer". I don't think it's for the Lamaque GM, as the Lamaque GM I think will be reporting into a VP (in addition for the Operating Committee) thus may not be ranked high enough for "officer" status. Plus, the signing incentive for the Lamaque GM is $30,000 in cold hard cash (I remember that from the GM job posting).

Why would Century be hiring all of these people and dishing out cash and options if they didn't see the deal close off well in hand?

Here is the News Release:


BLAINE, WA, Dec. 2 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that on November 19, 2009 the Company granted a total of 450,000 stock options, of which 350,000 were granted to a new officer of the Company. The stock options are exercisable into common shares of Century at an exercise price of C$0.20 per share for a period of five years. Century's common shares closed at C$0.20 on the TSX Venture Exchange on November 18, 2009.

Century Mining has 225,987,463 common shares issued and outstanding. Under the terms of the Company's "rolling" Incentive Stock Option Plan, a maximum of 22,598,746 shares are available to be issued pursuant to the exercise of options at this time. Including this grant of 450,000 options, a total of 8,389,750 shares have been reserved for issuance pursuant to outstanding option grants. A further 14,208,996 shares are available for issuance pursuant to future option grants at this time.