BLAINE, WASHINGTON, Feb 2, 2010 (Marketwire via COMTEX News Network) --
Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) is pleased to provide a progress update at its 100% owned Lamaque gold project located in Val-d'Or, Quebec, Canada. On January 4th, 2010, the Company announced the closing of the financing to provide the necessary capital for the continued exploration, development and reopening of the Company's Lamaque gold project, which is expected to be pouring gold in the second quarter of 2010.
Power has been restored to the mine offices, shops and mill facility, and the main haulage way (Lamaque #2 Portal) into the mine has been re-opened. To date, the Company has rehired 16 staff and 34 hourly employees. The Company anticipates rehiring an additional 50 hourly employees by the end of February 2010, as crews start to mobilize equipment underground and make preparations for underground development. Low-profile underground mechanized mine equipment has been ordered, with delivery expected in April of 2010. Additionally, the Company has started the upgrade work on the crushing circuit in the mill facility to adjust the capacity to approximately 3,000 tpd, and expects to complete this project in the next 8-10 weeks.
Exploration and definition drilling recommenced on the Bedard Dyke during the week of January 25th, 2010, with the first hole completed and visible gold identified in the drill core. The drill program is designed to provide block model information for the dyke, which will allow mine planning to be completed on the area in the next four weeks.
The Company continues to recruit employees to build the team that will bring the Lamaque mine back to full production, and Century currently has ten dedicated technical staff located in the corporate office working on additional reserve and resource delineation and project engineering.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds strategic land positions in Canada, United States and Peru. The Company's strategy is to grow to an intermediate gold producer through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
Margaret M. Kent, President & CEO
Caution Concerning Forward-Looking Information
This press release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. We use words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in gold and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our South American activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis included in this Annual Report, in our Annual Information Form and in other filings made by us with the Securities and Exchange Commission and with Canadian securities regulatory authorities and available at www.sedar.com.
While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.
SOURCE: Century Mining Corporation
Century Mining Corporation Peter A. Ball Director of Investor Relations (360) 332-4653 or Toll Free: (877) 284-6535 pball@centurymining.com www.centurymining.com
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1 comment:
Much needed damage control. Keep your eyes on the prize.
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