I had thought the geologists were thinking that Erika would be a 500,000 tonne deposit (as a super conservative first find) to start with and then the geologists would expand substantially their estimate as they gather more info. But, I figured it would have a slim chance of growing into a giant deposit.
It kept bugging me (over and over) that the geologists would have such a low starting point (even for a conservative starting point). As such, I decided to go back to double check all of the info.
It`s not 500,000 tonnes. Our geologists are thinking that our Erika copper-gold-silver system should have at least 500,000,000 tonnes. If it turns out to be correct (only after serious exploration efforts) then this will be huge - indeed, maybe a world class system afterall.
From Century`s March presentation:
``Erika >> Copper-gold-silver porphyry system in excess of 500Mt``
I also confirmed it from the last conference call (still on Century`s website). Peggy says ``500,000,000 tonnes``.
Here is the size of the other world class Cu-porphyry systems in the Southern Peru belt.
*Zafranal (50 kilometres from Erika) - will be large when 43-101 comes out
*Cerro Verde - 595,000,000 tonnes
*Cerro Negro - 64,000,000 tonnes
*Cuajone - 1,273,000,000 tonnes
*Quellaveco - 974,000,000 tonnes
*Toquepala - 770,000,000 tonnes
Century geologists must be thinking that there is a huge system (underneath, but near-surface). There was a thought in one of the SJ 43-101 reports that this could be a possibility (I remember reading it).
Again, insufficient work has been done on Erika to firmly conclude that 500,000,000 tonnes is definitely within the Erika system. However, it is optimistic that our geologists are thinking that this is likely the situation with Erika. They have the expertise. Also, we are perfectly located (perfect address) within the Southern Peru belt for this type of deposit. The Zafranal discovery is proof of that. We have the same geology as the Zafranal property. I also remember reading (and seeing a diagram with surface rock samples) that suggests Erika`s strike area likely branches out for 1 or 2 square kilometres.
Wednesday, March 31, 2010
Tuesday, March 30, 2010
IMO, Century should look at the feasibility of doing an IPO on either the HK or the Shanghai stock exchange
2 reasons:
1) The World Gold Council performed a study that came to the conclusion that China`s gold consumption could double within the next 10 years.
“`Assuming these figures are correct, WGC estimates suggest that China could exhaust its known gold mining reserves in six years from now,` the report said.``
`This could occur more rapidly if demand for gold in China experienced a sudden surge from current levels.`
2) There seems to already be some interest in Finskiy associated projects with some Chinese investors. Finskiy has his own private gold company in Russia called Daltsvetmet. It is targeted to produce about 42,000 ounces in 2010. It includes 7 holding companies with licenses purchased via Russian auctions (it is customary in russia for the government to auction off licenses and deposits to the highest bidder). In a Russia article published late last year, Finskiy stated that he has a production target of 225,000 - 255,000 ounces for Daltsvetmet in 2013. He expects 97,000 of that target production total to come from ramping up Daltsvetmet`s current flagship operation and the balance to come from his other Russian licenses.
Finskiy said he is considering doing an IPO of Daltsvetmet in either Shanghai or Hong Kong (in the second half of 2010) in order to fund the production ramp up of Daltsvetmet. In the article, Finskiy said that Proposals from Chinese investors to purchase shares are received continuously.
Getting back to Century, I think Century can benefit nicely from these 2 developments. This is a good time for Century to branch out to high appetite markets, as the company is soon to be revalued from Lamaque successfully coming back online.
I don`t think Century should issue new shares though. I think Century should purchase a few million shares on the open market in Toronto (at these severely discounted prices). Century should then retire those Toronto shares and then launch the HK or Shanghai IPO with the same number of shares that were retired from Toronto. The Chinese cash raised via the IPO will not only recover Century`s cash outlay to retire the Toronto shares, but should also make a pretty good IPO profit (as Century should be well into production at Lamaque).
I have no idea if Century is thinking along these lines. Personally, I think it`s an opportunity they should capitalize on, especially since there seems to already be Chinese institutional demand in the Chinese public markets for Finskiy associated gold companies.
Century should also look at doing an IPO on AIM (in London) as a stepping stone to eventually moving to the London Stock Exchange. Also, Century should also look at doing an IPO on the LIMA exchange in Peru. Both the AIM and LIMA IPO efforts can wait until much further down the road. I think the IPO priority should be China.
1) The World Gold Council performed a study that came to the conclusion that China`s gold consumption could double within the next 10 years.
“`Assuming these figures are correct, WGC estimates suggest that China could exhaust its known gold mining reserves in six years from now,` the report said.``
`This could occur more rapidly if demand for gold in China experienced a sudden surge from current levels.`
2) There seems to already be some interest in Finskiy associated projects with some Chinese investors. Finskiy has his own private gold company in Russia called Daltsvetmet. It is targeted to produce about 42,000 ounces in 2010. It includes 7 holding companies with licenses purchased via Russian auctions (it is customary in russia for the government to auction off licenses and deposits to the highest bidder). In a Russia article published late last year, Finskiy stated that he has a production target of 225,000 - 255,000 ounces for Daltsvetmet in 2013. He expects 97,000 of that target production total to come from ramping up Daltsvetmet`s current flagship operation and the balance to come from his other Russian licenses.
Finskiy said he is considering doing an IPO of Daltsvetmet in either Shanghai or Hong Kong (in the second half of 2010) in order to fund the production ramp up of Daltsvetmet. In the article, Finskiy said that Proposals from Chinese investors to purchase shares are received continuously.
Getting back to Century, I think Century can benefit nicely from these 2 developments. This is a good time for Century to branch out to high appetite markets, as the company is soon to be revalued from Lamaque successfully coming back online.
I don`t think Century should issue new shares though. I think Century should purchase a few million shares on the open market in Toronto (at these severely discounted prices). Century should then retire those Toronto shares and then launch the HK or Shanghai IPO with the same number of shares that were retired from Toronto. The Chinese cash raised via the IPO will not only recover Century`s cash outlay to retire the Toronto shares, but should also make a pretty good IPO profit (as Century should be well into production at Lamaque).
I have no idea if Century is thinking along these lines. Personally, I think it`s an opportunity they should capitalize on, especially since there seems to already be Chinese institutional demand in the Chinese public markets for Finskiy associated gold companies.
Century should also look at doing an IPO on AIM (in London) as a stepping stone to eventually moving to the London Stock Exchange. Also, Century should also look at doing an IPO on the LIMA exchange in Peru. Both the AIM and LIMA IPO efforts can wait until much further down the road. I think the IPO priority should be China.
Monday, March 29, 2010
The Southern Peru Cu-Porphyry Belt
The company Teck joint ventured the Zafranal Cu-Porphyry property to is called Apoquindo Minerals Inc. (AQM-V). On March 18th, Apoquindo announced a $31.9M PP. On the next day they announced even more good drilled intersections from Zafranal. I think this level of financing signifies the success of the Zafranal property in attracting institutional attention, but, I believe, it also embraces the idea that Zafranal is a northern extention of the Southern Peru Cu-Porphyry Belt.
The Southern Peru Cu-Porphyry Belt is long and has numerous world class deposits in it.
To be honest, I don`t see the signs that would suggest that our Erika property will ever be anywhere near to being a world class Cu-Porphyry deposit (although one could never know at this early stage). However, Erika seems to be directly in the path of this very successful belt (good location). It also helps that is has the same geologic surroundings as the very successful Zafranal property (and just 50 kilometres away). If Erika turns out to be a nice little successful Cu-Porphyry deposit then there is nothing wrong with that also - not every deposit along the belt needs to be world class to be successful.
Apoquindo has a nice little map of the Southern Peru Cu-Porphyry Belt within their Corporate Presentation. Take a look at page 6 of the presentation (attached link). Location wise, Erika would be in line for the next deposit to extend northwest on the belt. You will also notice that the deposits lower down in the belt were clustered together. If this tend continues, it would suggest that the Zafranal deposit may not be alone - the logic would suggest that there should be similar quality deposits nearby (maybe Erika is one of them - who knows).
http://www.apoquindominerals.com/i/pdf/2010-03-23_Apoquindo_Presentation.pdf
The Southern Peru Cu-Porphyry Belt is long and has numerous world class deposits in it.
To be honest, I don`t see the signs that would suggest that our Erika property will ever be anywhere near to being a world class Cu-Porphyry deposit (although one could never know at this early stage). However, Erika seems to be directly in the path of this very successful belt (good location). It also helps that is has the same geologic surroundings as the very successful Zafranal property (and just 50 kilometres away). If Erika turns out to be a nice little successful Cu-Porphyry deposit then there is nothing wrong with that also - not every deposit along the belt needs to be world class to be successful.
Apoquindo has a nice little map of the Southern Peru Cu-Porphyry Belt within their Corporate Presentation. Take a look at page 6 of the presentation (attached link). Location wise, Erika would be in line for the next deposit to extend northwest on the belt. You will also notice that the deposits lower down in the belt were clustered together. If this tend continues, it would suggest that the Zafranal deposit may not be alone - the logic would suggest that there should be similar quality deposits nearby (maybe Erika is one of them - who knows).
http://www.apoquindominerals.com/i/pdf/2010-03-23_Apoquindo_Presentation.pdf
Sunday, March 28, 2010
Thoughts on the upcoming San Juan exploration program
March 25`10 NR: ``Century is also reviewing multiple exploration prospects within the large 220 square kilometer land package controlled by the Company for future exploration programs planned for late 2010 and early 2011.``
San Juan is difficult to drill due to the narrow veins. Hopefully there were some good learnings from the last SJ drill program. I like the work of Century`s current geologists and other exploration team members with regards to the good work done on the Bedard Dyke. I look forward to seeing what they can do with San Juan. We already have 8 or 9 years of mine life established at San Juan (based on 30,000 oz per year production), but it would be nice to enhance the property further by having a successful exploration program.
I don`t know which targets Century will select for drilling (lots of opportunities with a 220 square kilometre land package in a proven gold bearing area), but here are some areas I would probably look at, at some point down the road (that comes immediately to mind anyway):
1) Drilling underground at the primary San Juan veins (San Juan and Mercedes) - I believe both veins are still open at depth (and maybe along strike also). San Juan uses an adit mining (going through the side of the mountain) approach because they mine within the mountains. They may have also mined a bit below surface level, but I don`t think they have gone too deep as yet. There is an opportunity to drill deep (I think it was also identified in the last 43-101 tech rpt but I don`t remember the details - it`s been a while since I`ve read it). There may be an opportunity here to add significant ounces, based on the findings of course. If the increase in resource is large enough then it will likely justify sinking a shaft and building appropriate mining infrastructure.
2) Continue exploration on the secondary (smaller) San Juan veins
3) Veta Clara, Santa Clarita and Lily La Huaca - I believe these are all vein systems that are similar to the primary San Juan veins. However, there is no data to suggest (as yet) that they can deliver anything close to what the San Juan veins have delivered over the years. I think we might be already mining a bit of Veta Clara, otherwise, A lot more exploration work is required to assess the potential of these systems.
4) Champune (formally ``Golden Champune``) - based on historical sampling data inherited by Century when the property was purchased, Century thought that this had the potential to be a stockwork low grade bulk tonnage gold deposit. Century`s further sampling proved that theory to be incorrect. I suppose it`s not clear why there was a disconnect with the inherited rock sample data. Century has figured out that the stockwork is intruded by dykes (per the last conference call). They have concluded that the gold is likely located at the margins of the dykes. I wouldn`t be surprised if Century tests this theory with the upcoming exploration program.
5) Erika - this is a copper porphyry property. Very little work has been done on Erika. There needs to be a lot of exploration work done even prior to drilling. There hasn`t even been a geophysical survey done. There has only been some rock sampling on the surface. The rock samples were decent but mixed. Century`s geologists believe that Erika could house at least 500,000 tonnes of ore. There is really no firm data as yet though. The work needs to be done before a realistic assessment can be done.
Teck Cominco discovered the Zafranal porphyry copper deposit in 2003, approximately 50 kilometers south of San Juan, in a similar geologic setting. Teck Cominco subsequently acquired some concessions surrounding the southern portion of the San Juan property, near the Erika porphyry prospect. Exploration results from Teck`s Zafranal property (50 kilometers away from Erika) have been excellent since the 2003. Teck has since joint ventured the property to a junior. I believe a scoping study is planned for later in 2010. I haven`t been able to locate any info on Teck`s claim properties that immediately abuts Century`s border.
I don`t think Erika is a priority for Century as it is not a gold property (it cannot impact immediate production). However, I wouldn`t be surprised if Century initiates a bit of work (at some point down the road) to get a better idea of what we have here.
San Juan is difficult to drill due to the narrow veins. Hopefully there were some good learnings from the last SJ drill program. I like the work of Century`s current geologists and other exploration team members with regards to the good work done on the Bedard Dyke. I look forward to seeing what they can do with San Juan. We already have 8 or 9 years of mine life established at San Juan (based on 30,000 oz per year production), but it would be nice to enhance the property further by having a successful exploration program.
I don`t know which targets Century will select for drilling (lots of opportunities with a 220 square kilometre land package in a proven gold bearing area), but here are some areas I would probably look at, at some point down the road (that comes immediately to mind anyway):
1) Drilling underground at the primary San Juan veins (San Juan and Mercedes) - I believe both veins are still open at depth (and maybe along strike also). San Juan uses an adit mining (going through the side of the mountain) approach because they mine within the mountains. They may have also mined a bit below surface level, but I don`t think they have gone too deep as yet. There is an opportunity to drill deep (I think it was also identified in the last 43-101 tech rpt but I don`t remember the details - it`s been a while since I`ve read it). There may be an opportunity here to add significant ounces, based on the findings of course. If the increase in resource is large enough then it will likely justify sinking a shaft and building appropriate mining infrastructure.
2) Continue exploration on the secondary (smaller) San Juan veins
3) Veta Clara, Santa Clarita and Lily La Huaca - I believe these are all vein systems that are similar to the primary San Juan veins. However, there is no data to suggest (as yet) that they can deliver anything close to what the San Juan veins have delivered over the years. I think we might be already mining a bit of Veta Clara, otherwise, A lot more exploration work is required to assess the potential of these systems.
4) Champune (formally ``Golden Champune``) - based on historical sampling data inherited by Century when the property was purchased, Century thought that this had the potential to be a stockwork low grade bulk tonnage gold deposit. Century`s further sampling proved that theory to be incorrect. I suppose it`s not clear why there was a disconnect with the inherited rock sample data. Century has figured out that the stockwork is intruded by dykes (per the last conference call). They have concluded that the gold is likely located at the margins of the dykes. I wouldn`t be surprised if Century tests this theory with the upcoming exploration program.
5) Erika - this is a copper porphyry property. Very little work has been done on Erika. There needs to be a lot of exploration work done even prior to drilling. There hasn`t even been a geophysical survey done. There has only been some rock sampling on the surface. The rock samples were decent but mixed. Century`s geologists believe that Erika could house at least 500,000 tonnes of ore. There is really no firm data as yet though. The work needs to be done before a realistic assessment can be done.
Teck Cominco discovered the Zafranal porphyry copper deposit in 2003, approximately 50 kilometers south of San Juan, in a similar geologic setting. Teck Cominco subsequently acquired some concessions surrounding the southern portion of the San Juan property, near the Erika porphyry prospect. Exploration results from Teck`s Zafranal property (50 kilometers away from Erika) have been excellent since the 2003. Teck has since joint ventured the property to a junior. I believe a scoping study is planned for later in 2010. I haven`t been able to locate any info on Teck`s claim properties that immediately abuts Century`s border.
I don`t think Erika is a priority for Century as it is not a gold property (it cannot impact immediate production). However, I wouldn`t be surprised if Century initiates a bit of work (at some point down the road) to get a better idea of what we have here.
Saturday, March 27, 2010
bigjohn37
Hi bigjohn,
Good to hear from you.
I don`t expect to see any takeover offers (hostile or friendly) for Century. It is now virtually impossible for any company to succeed in gaining majority control of Century without the blessings of Finskiy (especially if shares from Scola, Peggy and Ross Burns are aligned with his shares, which they are and will be). This is actually good for us small shareholders. It means that we can wait for production ramp up to drive share price closer to fair value levels, instead of being on the lookout for severely lowball (opportunistic) takeover offers flying our way.
Finskiy and Scola are looking to make zillions of dollars from this investment via the public market. Over time, they are looking to use Century as the vehicle to build one of North America`s largest gold producers. Over time, in my view, their annual production target for Century is 300,000 ounces then 500,000 ounces and then 1,000,000 ounces. In my view, only after reaching 1,000,000 ounces of annual gold production (much further down the road) will they consider selling the company - likely to a major like Agnico or Kinross or Polyus, etc. Nothing is ever set in stone and things can always change, but it is my belief that the current plan looks something like this.
Good to hear from you.
I don`t expect to see any takeover offers (hostile or friendly) for Century. It is now virtually impossible for any company to succeed in gaining majority control of Century without the blessings of Finskiy (especially if shares from Scola, Peggy and Ross Burns are aligned with his shares, which they are and will be). This is actually good for us small shareholders. It means that we can wait for production ramp up to drive share price closer to fair value levels, instead of being on the lookout for severely lowball (opportunistic) takeover offers flying our way.
Finskiy and Scola are looking to make zillions of dollars from this investment via the public market. Over time, they are looking to use Century as the vehicle to build one of North America`s largest gold producers. Over time, in my view, their annual production target for Century is 300,000 ounces then 500,000 ounces and then 1,000,000 ounces. In my view, only after reaching 1,000,000 ounces of annual gold production (much further down the road) will they consider selling the company - likely to a major like Agnico or Kinross or Polyus, etc. Nothing is ever set in stone and things can always change, but it is my belief that the current plan looks something like this.
While we wait - Century`s Goodchild property (20 KMs from the Hemlo gold camp in Ont)
Our Goodchild property is about 20 kilometres away from the Hemlo gold camp, in the “Hemlo region”. It is definitely a very early stage, grassroots, property. It`s definitely an absolute low priority for Century right now. However, it is nevertheless an interesting property. Not only is it 20 kilometres away from the very successful Hemlo gold camp, but it`s only about 5 kilometres away from the Marathon PGM-Cu deposit (Canada`s largest undeveloped PGM-Cu resource). Our Goodchild property is also about 5 kilometres away from Benton`s Goodchild property also. Benton`s property is a base metals property, with anomalies identified from geophysical airborne surveys and historical data gathered from prospecting.
With regards to Century`s Goodchild property, there are showings of gold and other metals on the property (from both drilling and sampling efforts). Century inherited the property from Saxony Explorations (when Century was formed). Saxony had previously done an option with JonPol Exploration on Aug. 26/02. JonPol performed limited (test) drilling in 2 phases, Jan. 28/03 and Oct. 16/03. Phase 1 drilling was very positive. Phase 2 drilling was mixed (especially on the poor side), but was too limited to make any firm conclusions about the property - only 5 drill holes in phase 2. There is definitely gold on the property, but it`s a matter of how much (if it`s material enough) and a matter of doing the working to find the rest of the gold. Actually, there appears to be some silver, copper and zinc also (by-product credit potential which allows for a lower economical gold grade).
Maybe Century can perform a more current geophysical airborne survey (using more modern technology) once Lamaque is up and running and generating good cash flow. The survey should be able to pinpoint further physical anomalies on the property. The geophysical anomalies coupled with data from the previous drill holes and historical rock sample results, plus some current rock samples and a mapping program, should provide some good blended info, enough to provide good guidance for a next phase drill program.
Actually, I think the phase 2 program focused more on testing the base metal anamolies and had less to do with expanding around the good (gold) holes hit in phase 1 program. I think the next drill program should focus on expanding outwards from the original successful au drill holes.
I like the location of this property. I also like that some of the previous holes have already hit gold on the property. I think it`s definitely worth an intense evaluation in the future.
I was able to find the phase 1 and 2 NRs for the Goodchild Lake property, from back in 2003.
JONPOL EXPLORATIONS LTD. DRILLS THE LUCKY AND UGM SHOWINGS AT THE GOODCHILD LAKE PROPERTY, ONTARIO.
Jonpol Explorations Ltd. (JON-TSX) wishes to announce the results of their Phase I diamond drill program at the Lucky and UGM Zones on its jointly held (Jonpol/Saxony) Goodchild Lake claims, located 15 km northeast of the town of Marathon in north central Ontario.
Three diamond drill holes -- GC-02-1, 2, & 3 -- for 513 meters were completed to test the Lucky Zone, to a depth of 50 meters and over a strike length of 100 meters. Assays of 1.29 g/t, 2.88 g/t and 0.26 g/t gold over core lengths of 1.00, 1.14 and 3.16 meters respectively are in the same range as surface channel samples from pyritized syenite within the zone. The Lucky shear-fracture zone dips west at 70 o and is characterized by red-buff quartz-carbonate-hematite alteration that fills fractures within a grey monzonite host at the margins of the pyritized syenite dyke.
The shear-fracture zone strikes north-south for at least 1.1 kilometers within the Beggs Lake stock and further detailed IP surveys over the structure are required to define sections of pyritized syenite and auriferous shear below the overburden.
Diamond drill hole GC-02-04, drilled – 52 o at 110 o from station (1245E and 985N) to test the UGM zone, cut fractured monzonite with pyrite, quartz veins and buff-carbonate alteration between 32.8 and 69.55 meters from collar and was stopped in unaltered monzonite at 167 meters. A 0.42 meters section of altered monzonite between 33.49 and 33.91 meters assayed 3.6 g/t gold, while 2 silicified sections below this interval assayed 1.80 g/t and 2.54 g/t over 0.20 and 1.0 meters respectively.
The drilling has shown that the pyritized UGM fracture zone is vertical, while trench mapping and stripping has established a strike of N25 OE across the Beggs Lake stock.
Diamond drill hole GC-02-05 drilled – 52 o at 225 o from station (242W and 683S Teck Grid) was collared in basalt and cut 89.6 meters of altered basalt with four sections of pyritized tuff-sediment and cherty tuff between 25.36 and 115.0 meters above the volcanic/monzonite contact. The hole was stopped in unaltered monzonite at 153.0 meters.
Two sections of tuff and cherty tuff with 1 – 3% pyrite-pyrrhotite-sphalerite assayed (1) 0.06 g/t gold, 1.08 g/t silver, 680 ppm copper and 445 ppm zinc over 5.0 meters, and (2) 0.02 g/t gold, 0.51 g/t silver, 253 ppm copper and 4043 ppm zinc over 3.8 meters.
Individual assays of 3470 ppm zinc and 1.0 g/t silver over 1.0 meter within cherty tuff lie above these zones.
The altered sulphide bearing tuff chert section explains a prominent IP chargeability anomaly that extends for at least 300 meters to the north and west along the intrusive/volcanic contact.
A Phase II diamond drill program, currently in the planning stage, will test the massive copper-zinc and precious metal sulphide potential of this conductive zone and similar zones up section to the northeast within the volcanic pile.
TORONTO, Oct. 16 /CNW/ - Jonpol Explorations Limited (JON-TSX) (the "Company") wishes to announce the results of their Phase II diamond drill program on its jointly held (Jonpol/Saxony) Goodchild Lake claims, located 15 km northeast of the town of Marathon in north central Ontario.
The Company has completed a five hole (992 metre) drilling program on the Goodchild Property. Four holes (GC-03-06 to GC-03-09) targeted induced polarization geophysical anomalies while the fifth hole (GC-03-10) tested a stripped and trenched gold showing. The best result was from hole GC-03-06 that tested a coincident induced polarization anomaly and a gold occurrence. In this hole, a 0.20 metre interval from 25.95 metres to 26.15 metres, assayed 1.13 g/t Au. Samples from the other holes returned only very low grade values. All samples from the drilling program were sent to Swastika Laboratories and gold assays were carried out using the fire assay method.
Phase I results of the drilling program on the Goodchild Property were previously announced by the Company in a release dated January 28, 2003. The Company reports that no further work on the Goodchild Property is contemplated at this time.
With regards to Century`s Goodchild property, there are showings of gold and other metals on the property (from both drilling and sampling efforts). Century inherited the property from Saxony Explorations (when Century was formed). Saxony had previously done an option with JonPol Exploration on Aug. 26/02. JonPol performed limited (test) drilling in 2 phases, Jan. 28/03 and Oct. 16/03. Phase 1 drilling was very positive. Phase 2 drilling was mixed (especially on the poor side), but was too limited to make any firm conclusions about the property - only 5 drill holes in phase 2. There is definitely gold on the property, but it`s a matter of how much (if it`s material enough) and a matter of doing the working to find the rest of the gold. Actually, there appears to be some silver, copper and zinc also (by-product credit potential which allows for a lower economical gold grade).
Maybe Century can perform a more current geophysical airborne survey (using more modern technology) once Lamaque is up and running and generating good cash flow. The survey should be able to pinpoint further physical anomalies on the property. The geophysical anomalies coupled with data from the previous drill holes and historical rock sample results, plus some current rock samples and a mapping program, should provide some good blended info, enough to provide good guidance for a next phase drill program.
Actually, I think the phase 2 program focused more on testing the base metal anamolies and had less to do with expanding around the good (gold) holes hit in phase 1 program. I think the next drill program should focus on expanding outwards from the original successful au drill holes.
I like the location of this property. I also like that some of the previous holes have already hit gold on the property. I think it`s definitely worth an intense evaluation in the future.
I was able to find the phase 1 and 2 NRs for the Goodchild Lake property, from back in 2003.
JONPOL EXPLORATIONS LTD. DRILLS THE LUCKY AND UGM SHOWINGS AT THE GOODCHILD LAKE PROPERTY, ONTARIO.
Jonpol Explorations Ltd. (JON-TSX) wishes to announce the results of their Phase I diamond drill program at the Lucky and UGM Zones on its jointly held (Jonpol/Saxony) Goodchild Lake claims, located 15 km northeast of the town of Marathon in north central Ontario.
Three diamond drill holes -- GC-02-1, 2, & 3 -- for 513 meters were completed to test the Lucky Zone, to a depth of 50 meters and over a strike length of 100 meters. Assays of 1.29 g/t, 2.88 g/t and 0.26 g/t gold over core lengths of 1.00, 1.14 and 3.16 meters respectively are in the same range as surface channel samples from pyritized syenite within the zone. The Lucky shear-fracture zone dips west at 70 o and is characterized by red-buff quartz-carbonate-hematite alteration that fills fractures within a grey monzonite host at the margins of the pyritized syenite dyke.
The shear-fracture zone strikes north-south for at least 1.1 kilometers within the Beggs Lake stock and further detailed IP surveys over the structure are required to define sections of pyritized syenite and auriferous shear below the overburden.
Diamond drill hole GC-02-04, drilled – 52 o at 110 o from station (1245E and 985N) to test the UGM zone, cut fractured monzonite with pyrite, quartz veins and buff-carbonate alteration between 32.8 and 69.55 meters from collar and was stopped in unaltered monzonite at 167 meters. A 0.42 meters section of altered monzonite between 33.49 and 33.91 meters assayed 3.6 g/t gold, while 2 silicified sections below this interval assayed 1.80 g/t and 2.54 g/t over 0.20 and 1.0 meters respectively.
The drilling has shown that the pyritized UGM fracture zone is vertical, while trench mapping and stripping has established a strike of N25 OE across the Beggs Lake stock.
Diamond drill hole GC-02-05 drilled – 52 o at 225 o from station (242W and 683S Teck Grid) was collared in basalt and cut 89.6 meters of altered basalt with four sections of pyritized tuff-sediment and cherty tuff between 25.36 and 115.0 meters above the volcanic/monzonite contact. The hole was stopped in unaltered monzonite at 153.0 meters.
Two sections of tuff and cherty tuff with 1 – 3% pyrite-pyrrhotite-sphalerite assayed (1) 0.06 g/t gold, 1.08 g/t silver, 680 ppm copper and 445 ppm zinc over 5.0 meters, and (2) 0.02 g/t gold, 0.51 g/t silver, 253 ppm copper and 4043 ppm zinc over 3.8 meters.
Individual assays of 3470 ppm zinc and 1.0 g/t silver over 1.0 meter within cherty tuff lie above these zones.
The altered sulphide bearing tuff chert section explains a prominent IP chargeability anomaly that extends for at least 300 meters to the north and west along the intrusive/volcanic contact.
A Phase II diamond drill program, currently in the planning stage, will test the massive copper-zinc and precious metal sulphide potential of this conductive zone and similar zones up section to the northeast within the volcanic pile.
TORONTO, Oct. 16 /CNW/ - Jonpol Explorations Limited (JON-TSX) (the "Company") wishes to announce the results of their Phase II diamond drill program on its jointly held (Jonpol/Saxony) Goodchild Lake claims, located 15 km northeast of the town of Marathon in north central Ontario.
The Company has completed a five hole (992 metre) drilling program on the Goodchild Property. Four holes (GC-03-06 to GC-03-09) targeted induced polarization geophysical anomalies while the fifth hole (GC-03-10) tested a stripped and trenched gold showing. The best result was from hole GC-03-06 that tested a coincident induced polarization anomaly and a gold occurrence. In this hole, a 0.20 metre interval from 25.95 metres to 26.15 metres, assayed 1.13 g/t Au. Samples from the other holes returned only very low grade values. All samples from the drilling program were sent to Swastika Laboratories and gold assays were carried out using the fire assay method.
Phase I results of the drilling program on the Goodchild Property were previously announced by the Company in a release dated January 28, 2003. The Company reports that no further work on the Goodchild Property is contemplated at this time.
Thursday, March 25, 2010
A couple of notes
1) Someone on Stockhouse wrote that they received an update from analyst Victor Goncalves` Equities and Economics Report. The Stockhouse person says that Mr. Goncalves has set a target price of $1.50 for Century. I have no way of verifying if this is true as I have not seen a copy of the report.
My own thinking is that any target price between $1.00 and $2.00 per share is likely reasonable for down the road, if all goes well with production ramp up of course. This is based on Century`s plan to ramp up to 1,200 tpd in 2010 and 2,000 tpd in 2011. It is also based on the market cap and enterprise value for producing companies with this type of successful production profile. If Century should happen to deliver over and above (i.e. move a big chunk of the inferred ounces into P&P Reserves and deliver 110,000 annual production ounces at Lamaque far ahead of schedule and demonstrate consistent sub US$450 cash cost per oz at Lamaque) then the sky is the limit for share price. The bottom line is they have to deliver regardless of target price of $.50 or $1.00 or $1.50 or $2.00 or beyond. Talk is cheap and everyone knows that.
2) Someone from Agoracom posted a new article from Norther Miner today. Thanks to that agoracom blogger for posting it!
The article is good, but I have a couple of notes/corrections. I don`t think the Northern Miner writer realized that it is Finskiy and Scola with the large equity position in Century (not Deutsche Bank). Also, I understand that the writer was trying to make the point of tremendous unexplored exploration upside still remain on the Lamaque side of the mine. However, in his attempt in doing so I think he minimized/discounted the easy ore feed potential of the Sigma side too much. For example, the Bedard Dyke and the North Wall ounces are both located on the Sigma side, and within 1000 ft of the surface - they will act as primary feed sources to drive our 90,000 annual Lamaque production ounces over the next 3 years and beyond.
Here is the link to the article posted on agoracom:
http://agoracom.com/ir/CenturyMining/forums/discussion/topics/410465-good-article-from-northern-miner-valley-of-gold/messages/1352590#message
My own thinking is that any target price between $1.00 and $2.00 per share is likely reasonable for down the road, if all goes well with production ramp up of course. This is based on Century`s plan to ramp up to 1,200 tpd in 2010 and 2,000 tpd in 2011. It is also based on the market cap and enterprise value for producing companies with this type of successful production profile. If Century should happen to deliver over and above (i.e. move a big chunk of the inferred ounces into P&P Reserves and deliver 110,000 annual production ounces at Lamaque far ahead of schedule and demonstrate consistent sub US$450 cash cost per oz at Lamaque) then the sky is the limit for share price. The bottom line is they have to deliver regardless of target price of $.50 or $1.00 or $1.50 or $2.00 or beyond. Talk is cheap and everyone knows that.
2) Someone from Agoracom posted a new article from Norther Miner today. Thanks to that agoracom blogger for posting it!
The article is good, but I have a couple of notes/corrections. I don`t think the Northern Miner writer realized that it is Finskiy and Scola with the large equity position in Century (not Deutsche Bank). Also, I understand that the writer was trying to make the point of tremendous unexplored exploration upside still remain on the Lamaque side of the mine. However, in his attempt in doing so I think he minimized/discounted the easy ore feed potential of the Sigma side too much. For example, the Bedard Dyke and the North Wall ounces are both located on the Sigma side, and within 1000 ft of the surface - they will act as primary feed sources to drive our 90,000 annual Lamaque production ounces over the next 3 years and beyond.
Here is the link to the article posted on agoracom:
http://agoracom.com/ir/CenturyMining/forums/discussion/topics/410465-good-article-from-northern-miner-valley-of-gold/messages/1352590#message
Another analyst covering Century
Christopher Ecclestone, Global Hunter Securities / Hallgarten & Co., NY, NY
I haven`t done any research on this person (or the companies he is associated with) as yet. However, it says ``Buy/Long Position`` on Century`s website:
http://www.centurymining.com/s/AnalystCoverage.asp
I haven`t done any research on this person (or the companies he is associated with) as yet. However, it says ``Buy/Long Position`` on Century`s website:
http://www.centurymining.com/s/AnalystCoverage.asp
San Juan Production Results
Century Reports Record Gold Production At San Juan Gold Mine In Peru
Century Mining Corporation ("Century" or the "Company") (TSX-V: CMM) is pleased to release its Fourth Quarter Production Report for the quarter ended December 31, 2009 for its San Juan Gold Mine in Peru. The Company is planning to release its 2009 audited financial and detailed operating results in April 2010.
"The Company is pleased to see continued operating success at the San Juan Gold Mine in Peru, and we extend our appreciation to the hard working team at the minesite and to our corporate office staff in Lima. Century Mining continues to consider the interest of employees' quality of life in Peru by continuing to provide electrical power, improving fresh water and sanitary services, replacing roofs and upgrading living quarters," commented Margaret M. Kent, President & CEO Century Mining.
Fourth quarter gold production, considering in-process inventory, was 4,744 ounces (versus 3,347 ounces in Q4 2008), bringing the total for 2009 to 17,036 ounces. This is a production record for the Company at San Juan and a 19.5% increase over 2008. Site development activities at the San Juan gold mine are focused on increasing the storage capacity at the tailings embankment by an additional 10 years, defining additional gold resources for future mine planning, and expanding the annual production by 50% by 2012. The Company is currently preparing modernized equipment to send to the San Juan Gold Mine from the Lamaque Gold Mine in the latter half of 2010. Century is also reviewing multiple exploration prospects within the large 220 square kilometer land package controlled by the Company for future exploration programs planned for late 2010 and early 2011.
Production Guidance
Production guidance for 2010 at the San Juan Gold Mine has been set at 18,000 - 20,000 ounces of gold at cash costs of US$550-US$570/oz, with a subsequent increase to approximately 24,000 ounces in 2011, and to 30,000 ounces in 2012.
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. In Peru, Century's wholly-owned subsidiaries own an 82.6% interest in the San Juan Gold Mine where the Company accounts for 100% of gold production. Total gold production at San Juan for 2007 and 2008 was 12,270 and 14,252 ounces of gold, respectively.
On behalf of Century Mining Corporation,
Century Mining Corporation ("Century" or the "Company") (TSX-V: CMM) is pleased to release its Fourth Quarter Production Report for the quarter ended December 31, 2009 for its San Juan Gold Mine in Peru. The Company is planning to release its 2009 audited financial and detailed operating results in April 2010.
"The Company is pleased to see continued operating success at the San Juan Gold Mine in Peru, and we extend our appreciation to the hard working team at the minesite and to our corporate office staff in Lima. Century Mining continues to consider the interest of employees' quality of life in Peru by continuing to provide electrical power, improving fresh water and sanitary services, replacing roofs and upgrading living quarters," commented Margaret M. Kent, President & CEO Century Mining.
Fourth quarter gold production, considering in-process inventory, was 4,744 ounces (versus 3,347 ounces in Q4 2008), bringing the total for 2009 to 17,036 ounces. This is a production record for the Company at San Juan and a 19.5% increase over 2008. Site development activities at the San Juan gold mine are focused on increasing the storage capacity at the tailings embankment by an additional 10 years, defining additional gold resources for future mine planning, and expanding the annual production by 50% by 2012. The Company is currently preparing modernized equipment to send to the San Juan Gold Mine from the Lamaque Gold Mine in the latter half of 2010. Century is also reviewing multiple exploration prospects within the large 220 square kilometer land package controlled by the Company for future exploration programs planned for late 2010 and early 2011.
Production Guidance
Production guidance for 2010 at the San Juan Gold Mine has been set at 18,000 - 20,000 ounces of gold at cash costs of US$550-US$570/oz, with a subsequent increase to approximately 24,000 ounces in 2011, and to 30,000 ounces in 2012.
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. In Peru, Century's wholly-owned subsidiaries own an 82.6% interest in the San Juan Gold Mine where the Company accounts for 100% of gold production. Total gold production at San Juan for 2007 and 2008 was 12,270 and 14,252 ounces of gold, respectively.
On behalf of Century Mining Corporation,
Simkar - this property is only about 2 to 4 KMs away from our Sigma II property
It has been announced that the Simkar gold property, J/V between Eloro Resources and Megastar, hit some pretty good exploration holes. The Simkar property has a small historical resource base which they are attempting to upgrade and expand. It was a tiny producer a long time ago. It is located only 2 to 4 kilometres away from Century`s Sigma II property, in Louvicourt.
Fyi, I personally do not own any shares in Eloro or Megastar and I do not have any current plans to purchase any. This post is just a note on the Simkar property due to the proximity to our Sigma II property.
As you know, Sigma II is located about 20 kilometers away from Lamaque, within trucking distance. In the late 80s (or 90s - I can`t remember), Placer Dome mined 155,000 ounces @ 2.67 g/t from Sigma II and trucked it to the Lamaque (Sigma) mill for processing - I think this was during a US$325 - US$425 gold price period. Sigma II is still open at depth today, but requires exploration work to establish the resource base and grades at depth and to assess if it is economically viable. The Sigma II property is about 4 Km2 in size, which is relatively large.
Today`s positive Simkar result is likely an encouraging development for properties in the area. It`s especially interesting for our Sigma II property, as it is already a proven gold producer (with good grades) and we already know that the mineralization is open at depth.
Today`s results at Simkar is at depth on that property, about 2 to 4 kilometres away. Century should poke a couple of test holes at Sigma II also, to see what we have at depth. The 155,000 ounces produced previously were from the open pit. If the depth of the remaining mineralization is still shallow enough then Century might have a choice between open pit or u/g mining, especially if the gold price stays at current levels. It`s certainly worth a bit of mapping, some sample work and a couple of test holes (if sufficient data is available to build a basic exploration test plan) - maybe once Lamaque is up and running smoothly.
Anyway, it`s likely worth keeping an eye on the Simkar exploration program - to assess how promising the area might be.
Here is a link to the Eloro news release:
http://www.marketwire.com/press-release/Eloro-Intersects-Up-204-g-t-Gold-Over-30-Metres-Multiple-New-Gold-Zones-Adding-Significant-TSX-VENTURE-ELO-1137644.htm
Fyi, I personally do not own any shares in Eloro or Megastar and I do not have any current plans to purchase any. This post is just a note on the Simkar property due to the proximity to our Sigma II property.
As you know, Sigma II is located about 20 kilometers away from Lamaque, within trucking distance. In the late 80s (or 90s - I can`t remember), Placer Dome mined 155,000 ounces @ 2.67 g/t from Sigma II and trucked it to the Lamaque (Sigma) mill for processing - I think this was during a US$325 - US$425 gold price period. Sigma II is still open at depth today, but requires exploration work to establish the resource base and grades at depth and to assess if it is economically viable. The Sigma II property is about 4 Km2 in size, which is relatively large.
Today`s positive Simkar result is likely an encouraging development for properties in the area. It`s especially interesting for our Sigma II property, as it is already a proven gold producer (with good grades) and we already know that the mineralization is open at depth.
Today`s results at Simkar is at depth on that property, about 2 to 4 kilometres away. Century should poke a couple of test holes at Sigma II also, to see what we have at depth. The 155,000 ounces produced previously were from the open pit. If the depth of the remaining mineralization is still shallow enough then Century might have a choice between open pit or u/g mining, especially if the gold price stays at current levels. It`s certainly worth a bit of mapping, some sample work and a couple of test holes (if sufficient data is available to build a basic exploration test plan) - maybe once Lamaque is up and running smoothly.
Anyway, it`s likely worth keeping an eye on the Simkar exploration program - to assess how promising the area might be.
Here is a link to the Eloro news release:
http://www.marketwire.com/press-release/Eloro-Intersects-Up-204-g-t-Gold-Over-30-Metres-Multiple-New-Gold-Zones-Adding-Significant-TSX-VENTURE-ELO-1137644.htm
Tuesday, March 23, 2010
Some new Lamaque pictures
Pictures 18 to 21 are new. They might be pictures of some of the new low profile equipment (maybe a jumbo drill and a couple of loaders) - the low profile (mechanical) equipment was expected to begin arriving mid March and extending into April. One of the loaders says ``Scooptram`` on the side. I believe Scooptram is one of the companies that make this low profile equipment. However, I really don`t know enough about mining equipment to say with certainty that this is the new low profile equipment.
http://www.centurymining.com/s/LamaquePhotos.asp
http://www.centurymining.com/s/LamaquePhotos.asp
Monday, March 22, 2010
San Juan Gold Mine (site video)
I found it on YouTube. It`s a well produced little video. It was likely produced and posted by Peter Ball - Century`s IR guy. The YouTube account name is ``MrPeteraBall``.
http://www.youtube.com/watch?v=Dt3I9cZol9w&feature=youtube_gdata
http://www.youtube.com/watch?v=Dt3I9cZol9w&feature=youtube_gdata
Saturday, March 20, 2010
AGM - May 18``10
With a bigger traveling budget, back to holding it in Toronto.
From SEDAR:
``We advise of the following with respect to the upcoming Meeting of Security Holders for the subject Issuer:
Meeting Type : Annual General and Special Meeting
Record Date for Notice of Meeting : 13/04/2010
Record Date for Voting (if applicable) : 13/04/2010
Beneficial Ownership Determination Date: 13/04/2010
Meeting Date : 18/05/2010
Meeting Location (if available) :
Tudor E & W Room
National Club
303 Bay Street
Toronto, ON``
From SEDAR:
``We advise of the following with respect to the upcoming Meeting of Security Holders for the subject Issuer:
Meeting Type : Annual General and Special Meeting
Record Date for Notice of Meeting : 13/04/2010
Record Date for Voting (if applicable) : 13/04/2010
Beneficial Ownership Determination Date: 13/04/2010
Meeting Date : 18/05/2010
Meeting Location (if available) :
Tudor E & W Room
National Club
303 Bay Street
Toronto, ON``
Friday, March 19, 2010
The ``Analyst Coverage`` folder
(on Century`s website) now has a first entry. An analyst named Victor Goncalves wrote up a stock alert on Century (in his Equities & Economics Report, on March 11`10). There is no link. Also, I am unable to find the article on the internet. Based on his website, it looks to be a paid service. I saw something on his website that says he was on BNN tv (on the commodities report) on Nov. 20`09. I guess it looks like he gets decent publicity. If Century does well for him then perhaps he will mention Century the next time he is on BNN - similar to the time the Hampton`s guy was on BNN. Here is Victor`s website.
http://www.enereport.com/
http://www.enereport.com/
Century has started to post in the ``Media Coverage`` folder
It only has one article so far - Northern Miner. Of note, there is no link to the article on Century`s site.
http://www.centurymining.com/s/MediaCoverage.asp
I couldn`t find the article online (I think many Northern Miner articles can only be accessed through their paid service). However, I did find a copy in a blog on agoracom.
The article didn`t really share anything new. However, it did seem to be written with a somewhat positive vibe. It`s good info for their general readers (ones that are not too familiar with recent developments at Lamaque). Here is a link to the agoracom post:
http://agoracom.com/ir/CenturyMining/forums/discussion/topics/408280-northern-miner-on-today-s-news/messages/1346792#message
http://www.centurymining.com/s/MediaCoverage.asp
I couldn`t find the article online (I think many Northern Miner articles can only be accessed through their paid service). However, I did find a copy in a blog on agoracom.
The article didn`t really share anything new. However, it did seem to be written with a somewhat positive vibe. It`s good info for their general readers (ones that are not too familiar with recent developments at Lamaque). Here is a link to the agoracom post:
http://agoracom.com/ir/CenturyMining/forums/discussion/topics/408280-northern-miner-on-today-s-news/messages/1346792#message
Thursday, March 18, 2010
Video idea
If possible (and only if it doesn`t get in the way of anything), Century should try to make a short (cheap) video of the premises, the visible mineralization located in the mines (similar to what the independent experts saw when they were preparing the DD report) and mineralization outcropping in the pit, and work currently in progress to get the mine back into production.
I`m a big believer in providing a visual appreciation where possible.
Who knows, maybe Century is already working on something similar (or maybe they have set up more audio interviews). It would be nice if they went with my video idea though, again, only if it doesn`t get in the way and if it`s not too expensive. The ``Audio/Video`` folder on the website has recently been further defined. It has now been broken down by San Juan and Lamaque. Each area is tagged with a ``coming soon`` note. There is also a 3rd area called ``Other``, which currently houses the last conference call audio and the radio station audio interview.
http://www.centurymining.com/s/AudioVideo.asp
I`m a big believer in providing a visual appreciation where possible.
Who knows, maybe Century is already working on something similar (or maybe they have set up more audio interviews). It would be nice if they went with my video idea though, again, only if it doesn`t get in the way and if it`s not too expensive. The ``Audio/Video`` folder on the website has recently been further defined. It has now been broken down by San Juan and Lamaque. Each area is tagged with a ``coming soon`` note. There is also a 3rd area called ``Other``, which currently houses the last conference call audio and the radio station audio interview.
http://www.centurymining.com/s/AudioVideo.asp
``Bedard Dyke outcrops in the open pit``
From the March 15`10 Century NR: ``The Bedard Dyke outcrops in the open pit and will be an important ore source during the startup of the Lamaque Mine.``
Definition of ``outcrop`` (from Rob McEwen`s US Gold website): ``An exposure of rock or mineral deposit that can be seen on surface, that is, not covered by soil or water.``
Picture no. 15 in the Lamaque gallery is what a gold outcrop would look like:
http://www.centurymining.com/s/LamaquePhotos.asp
Now, it is not clear if that picture is a recent picture of the Bedard Dyke outcropping into the open pit or if it`s an old picture of gold mineralization in the open pit during the period when the pit was being mined. It really doesn`t matter. The fact of the matter is that they are saying that the Bedard Dyke outcrops in the pit. This means that the mineralization flows all the way up to the pit. It also likely means that the gold is exposed for viewing/access as it outcrops in the pit.
I think we can use this picture to get a visual appreciation of what the outcrop would look like on the pit surface or pit wall. It bodes well for early stage start up mining of the Bedard Dyke.
Definition of ``outcrop`` (from Rob McEwen`s US Gold website): ``An exposure of rock or mineral deposit that can be seen on surface, that is, not covered by soil or water.``
Picture no. 15 in the Lamaque gallery is what a gold outcrop would look like:
http://www.centurymining.com/s/LamaquePhotos.asp
Now, it is not clear if that picture is a recent picture of the Bedard Dyke outcropping into the open pit or if it`s an old picture of gold mineralization in the open pit during the period when the pit was being mined. It really doesn`t matter. The fact of the matter is that they are saying that the Bedard Dyke outcrops in the pit. This means that the mineralization flows all the way up to the pit. It also likely means that the gold is exposed for viewing/access as it outcrops in the pit.
I think we can use this picture to get a visual appreciation of what the outcrop would look like on the pit surface or pit wall. It bodes well for early stage start up mining of the Bedard Dyke.
Wednesday, March 17, 2010
Companies that provide regular analyst coverage for Polyus Gold
Analysts providing coverage for these companies should all be completely familiar with Finskiy.
Fyi, IMO, Century should stay completely away from Troika, otherwise.....
Companies that provide regular analyst coverage of Polyus Gold (Russia`s largest gold producer, a company Finskiy helped launch, an offshoot of Norilsk Nickel, Finskiy still a board member):
1) Alfa-Bank
2) BMO CM
3) Credit Suisse
4) Deutsche Bank
5) Finam
6) Goldman Sachs
7) ING
8) Bank of America Merrill Lynch
9) Nomura
10) RBC Capital Markets
11) RenCap
12) Rye, Man and Gorr
13) Sovlink
14) Troika Dialog
15) UBS
16) UniCredit Securities
17) Uralsib
18) VTB
Fyi, IMO, Century should stay completely away from Troika, otherwise.....
Companies that provide regular analyst coverage of Polyus Gold (Russia`s largest gold producer, a company Finskiy helped launch, an offshoot of Norilsk Nickel, Finskiy still a board member):
1) Alfa-Bank
2) BMO CM
3) Credit Suisse
4) Deutsche Bank
5) Finam
6) Goldman Sachs
7) ING
8) Bank of America Merrill Lynch
9) Nomura
10) RBC Capital Markets
11) RenCap
12) Rye, Man and Gorr
13) Sovlink
14) Troika Dialog
15) UBS
16) UniCredit Securities
17) Uralsib
18) VTB
Analyst Coverage - quick thought about future potential
There is a brand new folder on the Century website, titled ``Analyst Coverage`` (I don`t recall seeing it before). It is completely blank at this time though. Hopefully it was set up in anticipation that we will finally get analyst coverage at some point after we start production at Lamaque.
Naturally, it would be nice to have North American based analyst coverage, especially ones focused in Toronto (the financing capital for the world for mining companies). However, Century should try to reach out to some Moscow based analysts as well. They will all be well familiar with Finskiy, and his extremely successful reputation of building(and leading) major mining and investment companies.
Century should try to connect with maybe Olma Investment Company. Their coverage appears to be very objective. I have been very impressed with them. They provide a target price based on their detailed findings and analysis, regardless of whether it goes against the historical market perceptions or share price manipulations or suppressions. Also, Alfa Bank may also be a good one to try (although I have less recent knowledge about them). Alfa Bank is the largest privately owned bank in Russia. They may be somewhat objective also.
Naturally, it would be nice to have North American based analyst coverage, especially ones focused in Toronto (the financing capital for the world for mining companies). However, Century should try to reach out to some Moscow based analysts as well. They will all be well familiar with Finskiy, and his extremely successful reputation of building(and leading) major mining and investment companies.
Century should try to connect with maybe Olma Investment Company. Their coverage appears to be very objective. I have been very impressed with them. They provide a target price based on their detailed findings and analysis, regardless of whether it goes against the historical market perceptions or share price manipulations or suppressions. Also, Alfa Bank may also be a good one to try (although I have less recent knowledge about them). Alfa Bank is the largest privately owned bank in Russia. They may be somewhat objective also.
Monday, March 15, 2010
Bedard Dyke - body of work
I have restated feet to metres for prior drill holes.
Widths for recent drill holes (2655-1A, 2700-1, 2700-2, 2610-7, 2610-8) are stated as True Width.
1) Drill hole 18755 (historical hole, published in 2005):
--->26.39 (m) @ 12.80 (g/t) Au
2) Drill hole 18803 (historical hole, published in 2005):
--->65.85 (m) @ 14.90 (g/t) Au
3) There was a successful confirmation hole drilled at some point between 2005 and 2007 which confirmed a number of high grade zones going down the Bedard Dyke structure. The hole was discussed by the independent consultants in the independent (bankable) DD report. It was also referenced in Century presentations and conference calls. However, I am unable to compile the data in this summary, as results were never published. It is my belief that this was a privotal hole, as it provided vital infomation used in setting up the drill program - a very successful drill program.
4) Drill hole 2610-1:
--->0.40 (m) @ 8.59 (g/t) Au
and 1.22 (m) @ 14.35 (g/t) Au
and 1.77 (m) @ 13.74 (g/t) Au
5) Drill hole 2610-2:
--->3.08 (m) @ 11.19 (g/t) Au
and 2.77 (m) @ 3.19 (g/t) Au
and 7.80 (m) @ 2.73 (g/t) Au
6) Drill hole 2610-3:
``Negligible``
7) Drill hole 2610-4:
--->2.38 (m) @ 3.73 (g/t) Au
8) Drill hole 2610-5:
``Negligible``
9) Drill hole 2610-6:
``Negligible``
10) Drill hole 2655-2:
--->0.91 (m) @ 2.27 (g/t) Au
and 0.64 (m) @ 12.15 (g/t) Au
11) Drill hole 2745-1:
--->2.26 (m) @ 35.00 (g/t) Au
and 0.58 (m) @ 8.92 (g/t) Au
12) Drill hole 2745-2:
--->0.79 (m) @ 6.84 (g/t) Au
and 1.19 (m) @ 2.44 (g/t) Au
and 2.38 (m) @ 6.98 (g/t) Au
13) Drill hole 2745-3:
--->0.49 (m) @ 5.11 (g/t) Au
14) Drill hole 2790-1:
--->2.99 (m) @ 10.72 (g/t) Au
and 0.40 (m) @ 24.00 (g/t) Au
15) Drill hole 2790-2:
--->0.49 (m) @ 8.87 (g/t) Au
16) Drill hole 2790-3:
--->0.61 (m) @ 5.55 (g/t) Au
and 3.63 (m) @ 5.59 (g/t) Au
and 1.46 (m) @ 3.45 (g/t) Au
17) Drill hole 2655-1A:
--->0.73 (m) @ 4.29 (g/t) Au
and 1.40 (m) @ 7.72 (g/t) Au
and 0.70 (m) @ 5.10 (g/t) Au
and 0.87 (m) @ 10.10 (g/t) Au
18) Drill hole 2700-1:
--->2.19 (m) @ 2.89 (g/t) Au
and 5.28 (m) @ 9.56 (g/t) Au
and 1.32 (m) @ 3.61 (g/t) Au
and 1.94 (m) @ 3.06 (g/t) Au
19) Drill hole 2700-2:
--->0.40 (m) @ 2.29 (g/t) Au
and 0.86 (m) @ 3.17 (g/t) Au
and 0.54 (m) @ 4.19 (g/t) Au
and 0.33 (m) @ 2.14 (g/t) Au
20) Drill hole 2610-7:
--->2.15 (m) @ 2.55 (g/t) Au
and 1.92 (m) @ 10.06 (g/t) Au
and 0.61 (m) @ 6.14 (g/t) Au
and 1.96 (m) @100.50 (g/t) Au
and 0.87 (m) @ 7.63 (g/t) Au
and 0.72 (m) @ 25.20 (g/t) Au
and 0.88 (m) @ 4.84 (g/t) Au
21) Drill hole 2610-8:
--->2.67 (m) @ 14.17 (g/t) Au
and 0.73 (m) @ 4.29 (g/t) Au
and 1.40 (m) @ 7.72 (g/t) Au
and 0.66 (m) @ 38.20 (g/t) Au
and 0.37 (m) @ 6.66 (g/t) Au
and 1.85 (m) @ 2.79 (g/t) Au
22) Drill hole 2610-9:
Visible gold identified - results to be published once assay data arrives back.
23) Drill hole 2610-10:
Visible gold identified - results to be published once assay data arrives back.
24) Drill hole 2610-11:
Visible gold identified - results to be published once assay data arrives back.
Widths for recent drill holes (2655-1A, 2700-1, 2700-2, 2610-7, 2610-8) are stated as True Width.
1) Drill hole 18755 (historical hole, published in 2005):
--->26.39 (m) @ 12.80 (g/t) Au
2) Drill hole 18803 (historical hole, published in 2005):
--->65.85 (m) @ 14.90 (g/t) Au
3) There was a successful confirmation hole drilled at some point between 2005 and 2007 which confirmed a number of high grade zones going down the Bedard Dyke structure. The hole was discussed by the independent consultants in the independent (bankable) DD report. It was also referenced in Century presentations and conference calls. However, I am unable to compile the data in this summary, as results were never published. It is my belief that this was a privotal hole, as it provided vital infomation used in setting up the drill program - a very successful drill program.
4) Drill hole 2610-1:
--->0.40 (m) @ 8.59 (g/t) Au
and 1.22 (m) @ 14.35 (g/t) Au
and 1.77 (m) @ 13.74 (g/t) Au
5) Drill hole 2610-2:
--->3.08 (m) @ 11.19 (g/t) Au
and 2.77 (m) @ 3.19 (g/t) Au
and 7.80 (m) @ 2.73 (g/t) Au
6) Drill hole 2610-3:
``Negligible``
7) Drill hole 2610-4:
--->2.38 (m) @ 3.73 (g/t) Au
8) Drill hole 2610-5:
``Negligible``
9) Drill hole 2610-6:
``Negligible``
10) Drill hole 2655-2:
--->0.91 (m) @ 2.27 (g/t) Au
and 0.64 (m) @ 12.15 (g/t) Au
11) Drill hole 2745-1:
--->2.26 (m) @ 35.00 (g/t) Au
and 0.58 (m) @ 8.92 (g/t) Au
12) Drill hole 2745-2:
--->0.79 (m) @ 6.84 (g/t) Au
and 1.19 (m) @ 2.44 (g/t) Au
and 2.38 (m) @ 6.98 (g/t) Au
13) Drill hole 2745-3:
--->0.49 (m) @ 5.11 (g/t) Au
14) Drill hole 2790-1:
--->2.99 (m) @ 10.72 (g/t) Au
and 0.40 (m) @ 24.00 (g/t) Au
15) Drill hole 2790-2:
--->0.49 (m) @ 8.87 (g/t) Au
16) Drill hole 2790-3:
--->0.61 (m) @ 5.55 (g/t) Au
and 3.63 (m) @ 5.59 (g/t) Au
and 1.46 (m) @ 3.45 (g/t) Au
17) Drill hole 2655-1A:
--->0.73 (m) @ 4.29 (g/t) Au
and 1.40 (m) @ 7.72 (g/t) Au
and 0.70 (m) @ 5.10 (g/t) Au
and 0.87 (m) @ 10.10 (g/t) Au
18) Drill hole 2700-1:
--->2.19 (m) @ 2.89 (g/t) Au
and 5.28 (m) @ 9.56 (g/t) Au
and 1.32 (m) @ 3.61 (g/t) Au
and 1.94 (m) @ 3.06 (g/t) Au
19) Drill hole 2700-2:
--->0.40 (m) @ 2.29 (g/t) Au
and 0.86 (m) @ 3.17 (g/t) Au
and 0.54 (m) @ 4.19 (g/t) Au
and 0.33 (m) @ 2.14 (g/t) Au
20) Drill hole 2610-7:
--->2.15 (m) @ 2.55 (g/t) Au
and 1.92 (m) @ 10.06 (g/t) Au
and 0.61 (m) @ 6.14 (g/t) Au
and 1.96 (m) @100.50 (g/t) Au
and 0.87 (m) @ 7.63 (g/t) Au
and 0.72 (m) @ 25.20 (g/t) Au
and 0.88 (m) @ 4.84 (g/t) Au
21) Drill hole 2610-8:
--->2.67 (m) @ 14.17 (g/t) Au
and 0.73 (m) @ 4.29 (g/t) Au
and 1.40 (m) @ 7.72 (g/t) Au
and 0.66 (m) @ 38.20 (g/t) Au
and 0.37 (m) @ 6.66 (g/t) Au
and 1.85 (m) @ 2.79 (g/t) Au
22) Drill hole 2610-9:
Visible gold identified - results to be published once assay data arrives back.
23) Drill hole 2610-10:
Visible gold identified - results to be published once assay data arrives back.
24) Drill hole 2610-11:
Visible gold identified - results to be published once assay data arrives back.
Drill results formatted
| Hole # | Grid Azimuth | Inclination | From (m) | To (m) | True Width (m) | Grade (g/t Au) |
| 2655-1A | 0 | -75 | 64,08 | 64,92 | 0,73 | 4,29 |
| 67,03 | 69,01 | 1,40 | 7,72 | |||
| 71,99 | 72,91 | 0,70 | 5,10 | |||
| 75,59 | 76,60 | 0,87 | 10,10 | |||
| 2700-1 | 0 | -65 | 60,62 | 63,15 | 2,19 | 2,89 |
| 69,19 | 75,01 | 5,28 | 9,56 | |||
| 77,85 | 79,46 | 1,32 | 3,61 | |||
| 80,77 | 83,30 | 1,94 | 3,06 | |||
| 2700-2 | 0 | -80 | 71,60 | 72,02 | 0,40 | 2,29 |
| 192,63 | 193,55 | 0,86 | 3,17 | |||
| 199,74 | 200,44 | 0,54 | 4,19 | |||
| 203,51 | 204,09 | 0,33 | 2,14 | |||
| 2610-7 | 65 | -45 | 47,64 | 49,87 | 2,15 | 2,55 |
| 53,04 | 55,08 | 1,92 | 10,06 | |||
| 58,67 | 59,28 | 0,61 | 6,14 | |||
| 63,92 | 65,87 | 1,69 | 100,50 | |||
| 80,35 | 81,23 | 0,87 | 7,63 | |||
| 83,21 | 84,00 | 0,72 | 25,20 | |||
| 97,44 | 98,42 | 0,88 | 4,84 | |||
| 2610-8 | 79 | -67 | 59.10 | 62.18 | 2.67 | 14.17 |
| 64.08 | 64.92 | 0.73 | 4.29 | |||
| 67.03 | 69.01 | 1.40 | 7.72 | |||
| Incl. 68.24 | 68.88 | 0.45 | 25.1 | |||
| 80.44 | 81.17 | 0.66 | 38.2 | |||
| 154.35 | 154.99 | 0.37 | 6.66 | |||
| 157.64 | 159.78 | 1.85 | 2.79 |
Drill Results
BLAINE, WASHINGTON--(Marketwire - March 15, 2010) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) is pleased to announce results of surface diamond drilling at the Bedard Dyke at the Lamaque Gold Mine. The recently completed drill program was designed to test the extent of the dyke, as well as the grade. A total of 8 holes (1,625 meters) were completed during February, 2010. Results from the final three holes are still pending.
"The Bedard Dyke drilling was successful in delineating the zone for mining planning, geotechnical engineering and future mine development in 2010. The results continue to show the high grade mineralization and upside potential of the Lamaque mine complex, as the Company continues to build the reserves and resources at the Lamaque gold project. Existing proven and probable reserves and measured and indicated resources at Lamaque exceed 2.4 million ounces of gold," commented Margaret Kent, President & CEO.
About the Bedard Dyke
The Bedard Dyke, which strikes southwest and dips steeply to the south, is located at the west end of the Sigma open-pit. The Bedard Dyke outcrops in the open pit and will be an important ore source during the startup of the Lamaque Mine. The Bedard Dyke is typical of the mineralized dykes found at the Lamaque mine, where the mineralization is contained both in flats within the steeply south dipping dyke and within flats hosted by volcanic rocks adjacent to the dyke. The current drilling program was successful in delineating and confirming the spatial location of the dyke for mine planning and future development.
The current drilling intersected the Bedard Dyke at depths varying between 18 and 228 meters below topographic surface. Interpretation of the dyke, utilizing current and historic drill holes is currently being completed and indicates that the Bedard Dyke has a minimum strike length of 210 meters and dips approximately 80 degrees to the south. The dyke pinches, swells and bifurcates both along strike and down dip. Dyke widths vary from approximately 2 meters thick on the western end, to 10 meters thick on the eastern end near the Sigma open-pit.
Sections and plan maps are available on the website (www.centurymining.com) for holes 2655-1A, 2700-1 and 2700-2. Please see table below for drillhole detail and assays:
------------------------------------------------------------------------- True Grid From To Width GradeHole # Azimuth Inclination (m) (m) (m) (g/t Au)------------------------------------------------------------------------- 64.08 64.92 0.73 4.29 -------------------------------------- 67.03 69.01 1.40 7.722655-1A 0 -75 -------------------------------------- 71.99 72.91 0.70 5.10 -------------------------------------- 75.59 76.60 0.87 10.10------------------------------------------------------------------------- 60.62 63.15 2.19 2.89 -------------------------------------- 69.19 75.01 5.28 9.562700-1 0 -65 -------------------------------------- 77.85 79.46 1.32 3.61 -------------------------------------- 80.77 83.30 1.94 3.06------------------------------------------------------------------------- 71.60 72.02 0.40 2.29 -------------------------------------- 192.63 193.55 0.86 3.172700-2 0 -80 -------------------------------------- 199.74 200.44 0.54 4.19 -------------------------------------- 203.51 204.09 0.33 2.14------------------------------------------------------------------------- 47.64 49.87 2.15 2.55 -------------------------------------- 53.04 55.08 1.92 10.06 -------------------------------------- 58.67 59.28 0.61 6.14 --------------------------------------2610-7 65 -45 63.92 65.87 1.69 100.50 -------------------------------------- 80.35 81.23 0.87 7.63 -------------------------------------- 83.21 84.00 0.72 25.20 -------------------------------------- 97.44 98.42 0.88 4.84------------------------------------------------------------------------- 59.10 62.18 2.67 14.17 -------------------------------------- 64.08 64.92 0.73 4.29 -------------------------------------- 67.03 69.01 1.40 7.72 --------------------------------------2610-8 79 -67 Incl. 68.24 68.88 0.45 25.1 -------------------------------------- 80.44 81.17 0.66 38.2 -------------------------------------- 154.35 154.99 0.37 6.66 -------------------------------------- 157.64 159.78 1.85 2.79-------------------------------------------------------------------------
Ross Burns P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Samples were assayed at ALS Chemex in Val d'Or using standard fire assay techniques with a gravimetric finish.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Century Mining CorporationPeter A. BallDirector of Investor Relations(360) 332-4653 or Toll Free: (877) 284-6535
pball@centurymining.comwww.centurymining.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
----------------------------------------------------Thank you for choosing TD Waterhouse. At TD Waterhouse, we are committed to providing you with the information, tools and resources you need to stay on top of the markets and invest with confidence.
To change your alert settings or to unsubscribe from the alerts service, please login to WebBroker.
TD Waterhouse Canada Inc. is a subsidiary of The Toronto-Dominion Bank. TD Waterhouse Canada Inc. - Member CIPF. These products and/or services are only offered in jurisdictions where they may be lawfully offered for sale.----------------------------------------------------(c) 2010 CTVglobemedia Publishing Inc. All rights reserved.
"The Bedard Dyke drilling was successful in delineating the zone for mining planning, geotechnical engineering and future mine development in 2010. The results continue to show the high grade mineralization and upside potential of the Lamaque mine complex, as the Company continues to build the reserves and resources at the Lamaque gold project. Existing proven and probable reserves and measured and indicated resources at Lamaque exceed 2.4 million ounces of gold," commented Margaret Kent, President & CEO.
About the Bedard Dyke
The Bedard Dyke, which strikes southwest and dips steeply to the south, is located at the west end of the Sigma open-pit. The Bedard Dyke outcrops in the open pit and will be an important ore source during the startup of the Lamaque Mine. The Bedard Dyke is typical of the mineralized dykes found at the Lamaque mine, where the mineralization is contained both in flats within the steeply south dipping dyke and within flats hosted by volcanic rocks adjacent to the dyke. The current drilling program was successful in delineating and confirming the spatial location of the dyke for mine planning and future development.
The current drilling intersected the Bedard Dyke at depths varying between 18 and 228 meters below topographic surface. Interpretation of the dyke, utilizing current and historic drill holes is currently being completed and indicates that the Bedard Dyke has a minimum strike length of 210 meters and dips approximately 80 degrees to the south. The dyke pinches, swells and bifurcates both along strike and down dip. Dyke widths vary from approximately 2 meters thick on the western end, to 10 meters thick on the eastern end near the Sigma open-pit.
Sections and plan maps are available on the website (www.centurymining.com) for holes 2655-1A, 2700-1 and 2700-2. Please see table below for drillhole detail and assays:
------------------------------------------------------------------------- True Grid From To Width GradeHole # Azimuth Inclination (m) (m) (m) (g/t Au)------------------------------------------------------------------------- 64.08 64.92 0.73 4.29 -------------------------------------- 67.03 69.01 1.40 7.722655-1A 0 -75 -------------------------------------- 71.99 72.91 0.70 5.10 -------------------------------------- 75.59 76.60 0.87 10.10------------------------------------------------------------------------- 60.62 63.15 2.19 2.89 -------------------------------------- 69.19 75.01 5.28 9.562700-1 0 -65 -------------------------------------- 77.85 79.46 1.32 3.61 -------------------------------------- 80.77 83.30 1.94 3.06------------------------------------------------------------------------- 71.60 72.02 0.40 2.29 -------------------------------------- 192.63 193.55 0.86 3.172700-2 0 -80 -------------------------------------- 199.74 200.44 0.54 4.19 -------------------------------------- 203.51 204.09 0.33 2.14------------------------------------------------------------------------- 47.64 49.87 2.15 2.55 -------------------------------------- 53.04 55.08 1.92 10.06 -------------------------------------- 58.67 59.28 0.61 6.14 --------------------------------------2610-7 65 -45 63.92 65.87 1.69 100.50 -------------------------------------- 80.35 81.23 0.87 7.63 -------------------------------------- 83.21 84.00 0.72 25.20 -------------------------------------- 97.44 98.42 0.88 4.84------------------------------------------------------------------------- 59.10 62.18 2.67 14.17 -------------------------------------- 64.08 64.92 0.73 4.29 -------------------------------------- 67.03 69.01 1.40 7.72 --------------------------------------2610-8 79 -67 Incl. 68.24 68.88 0.45 25.1 -------------------------------------- 80.44 81.17 0.66 38.2 -------------------------------------- 154.35 154.99 0.37 6.66 -------------------------------------- 157.64 159.78 1.85 2.79-------------------------------------------------------------------------
Ross Burns P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Samples were assayed at ALS Chemex in Val d'Or using standard fire assay techniques with a gravimetric finish.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Century Mining CorporationPeter A. BallDirector of Investor Relations(360) 332-4653 or Toll Free: (877) 284-6535
pball@centurymining.comwww.centurymining.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
----------------------------------------------------Thank you for choosing TD Waterhouse. At TD Waterhouse, we are committed to providing you with the information, tools and resources you need to stay on top of the markets and invest with confidence.
To change your alert settings or to unsubscribe from the alerts service, please login to WebBroker.
TD Waterhouse Canada Inc. is a subsidiary of The Toronto-Dominion Bank. TD Waterhouse Canada Inc. - Member CIPF. These products and/or services are only offered in jurisdictions where they may be lawfully offered for sale.----------------------------------------------------(c) 2010 CTVglobemedia Publishing Inc. All rights reserved.
Saturday, March 13, 2010
A new picture in the Lamaque photo gallery
Picture no. 17 is new - it looks to be a picture of one of the new crushers arriving in good shape. If possible, Century should try to tag a 2 or 3 word label/description/comment onto (above/below/beside) each photo. Also, I`m still hoping that Century will eventually post a 3D model of the Bedard Dyke so people can better visualize the structure.
http://www.centurymining.com/s/LamaquePhotos.asp
http://www.centurymining.com/s/LamaquePhotos.asp
Thursday, March 11, 2010
Kinross Acquisition of Underworld Resources
Kinross's acquisition of Underworld Resources is valued at $139.2 million. Underworld is an exploration company with 0 reserves, 1 million ounces indicated resources and 400,000 inferred resource ounces. They have no operating mines nor even a feasibility study for their properties.
Century has 1.14 million ounces of reserves, 1.28 million ounces of measured and indicated resources and 3.13 million inferred resource ounces at Lamaque alone plus all of the operating infrastructure. They also have a profitable operating mine in Peru producing about 20,000 oz/yr.
Question: How can Century have a market cap of $119 million?
Answer: Management
Our share price continues to be a cruel joke. Where is the new Chairman we were promised?
Century has 1.14 million ounces of reserves, 1.28 million ounces of measured and indicated resources and 3.13 million inferred resource ounces at Lamaque alone plus all of the operating infrastructure. They also have a profitable operating mine in Peru producing about 20,000 oz/yr.
Question: How can Century have a market cap of $119 million?
Answer: Management
Our share price continues to be a cruel joke. Where is the new Chairman we were promised?
Century will be at the European Gold Forum - Apr. 13 to 16
At the ``Emerging Producers Reception`` event. The EGF is the European version of the Denver Gold Forum - same company that puts on both forums. If all goes well with start up, Century may also get invited to the Denver forum in September (although it`s probably too late to get a presentation slot for 2010).
Fyi, participation in both the European and the Denver forums is by invitation only (which makes it very different from PDAC, etc.).
http://www.centurymining.com/s/UpcomingEvents.asp
Fyi, participation in both the European and the Denver forums is by invitation only (which makes it very different from PDAC, etc.).
http://www.centurymining.com/s/UpcomingEvents.asp
settlement with MRI Switzerland
BLAINE, WASHINGTON--(Marketwire - March 11, 2010) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) announced today that it has reached a settlement with MRI of Switzerland on its outstanding $1.0 million debt facility by the issuance of 3,571,429 common shares of the Company at a deemed issue price of $0.28 and 250,000 warrants exercisable at $0.40 for a period of 18 months. The issuance of the shares and warrants is subject to compliance with applicable securities laws and approval by the TSX Venture Exchange. The shares will be subject to a hold period of four months. In addition, all matters regarding the claim and counterclaim have been resolved.
Centurys Gold Deal with German Bank
When I first heard of the deal with the bank, I though it was fantastic. I actually called Peggy to see if it was possible to increase it. She told me she didn't think so, as she though it was expensive. I disagreed. And in the end, it was increased. But for those who thought he deal was expensive, I'll post some news I found today, and I believe it shows just how good a deal Peggy and he Board we able to swing!
Rgds Pete
NEWS
Last updated at 9:42 AM on 11/03/10
Financial boost Rambler secures multi-million dollar dealBILLY CANNING The Nor'wester
Rambler Metals and Mining is receiving a huge financial boost from a mining company in Vancouver.Sandstorm Resources has agreed to provide Rambler with US $20 million in exchange for 43,750 ounces of gold.President and CEO of Rambler George Ogilvie said the deal comprises of a 10-year agreement that will see Sandstorm get 25 per cent of the roughly 175,000 ounces Rambler is anticipating to mine from the Ming Mine copper-gold site in its first 10 years of operation.Once they reach that target, Sandstorm will get 12 per cent for the next 40 years. And after that point, it's their choice to renew the deal for 10-year increments, said Mr. Ogilvie."It's a very good deal for Rambler because it gets us access to $20 million today, which allows us to rapidly move ahead with our construction campaign," he said. "...If the gold prices are at today's level, Rambler sees the benefit of that on the other 75 per cent of gold that is in our possession."
Rgds Pete
NEWS
Last updated at 9:42 AM on 11/03/10
Financial boost Rambler secures multi-million dollar dealBILLY CANNING The Nor'wester
Rambler Metals and Mining is receiving a huge financial boost from a mining company in Vancouver.Sandstorm Resources has agreed to provide Rambler with US $20 million in exchange for 43,750 ounces of gold.President and CEO of Rambler George Ogilvie said the deal comprises of a 10-year agreement that will see Sandstorm get 25 per cent of the roughly 175,000 ounces Rambler is anticipating to mine from the Ming Mine copper-gold site in its first 10 years of operation.Once they reach that target, Sandstorm will get 12 per cent for the next 40 years. And after that point, it's their choice to renew the deal for 10-year increments, said Mr. Ogilvie."It's a very good deal for Rambler because it gets us access to $20 million today, which allows us to rapidly move ahead with our construction campaign," he said. "...If the gold prices are at today's level, Rambler sees the benefit of that on the other 75 per cent of gold that is in our possession."
Tuesday, March 9, 2010
The early ``thaw`` this year should be very beneficial to us
A) For much of Canada, the winter has vanished already (amazing warm weather already). This is great news for getting our Bedard Dyke bulk mining permit very soon, thus authorizing the 15,000 tonne bulk mining start up (fyi, full scale long-hole stooping of the Sigma West and the North Wall regions is an additional permit, which is currently being worked on also). Best I can tell, we were essentially waiting for the ``thaw`` before completing one last item (highlighted below), before being granted our Bedard Dyke bulk mining permit. From the detailed DB document on SEDAR (Jan 14`10):
``PART II, Material Permits to be Obtained
1. Lamaque Exploration CofA authorizing the bulk sample mining of the Sigma West
region, better known as the Bedard Dyke.
• Allows the bulk sample mining of the Sigma West region better known as the Bedard
Dyke (15,000 tonnes).
• Noise survey - Completed November 2008
• Crown pillar stability certification - Completed January 2009
• Submission to Ministry Completed
• Ministry reviewed and is prepared to issue permit upon completion of the following
items:
o Waste oil removal from mine site - Completed April 21 st, 2009
o Used tire removal from mine site - Completed May 5 th, 2009
o General Site Cleanup - Completed May 5 th, 2009
o B2 tailings dam exposed too much water - Completed March-May 2009
o Re-seeding of B2 slopes - Completed
o Tailings Dam's water mark benchmarks - Completed
o Re-slope, spread topsoil & seed Waste dump. West slope followed by North &
South slopes - Ongoing waste removal, topsoil and seeding following winter
o Complete B I tailings lift and install spillway - Proposals received, work to commence upon thaw
• Issuance of permit expected upon completion of above.``
B) Fyi, we have already been permitted to extract 1,200 tpd from the underground at Lamaque. In the March Corporate Presentation, Century has (now) given a target of 1200 - 1400 tpd average for 2010. It means they will need to go over 1,200 in some months in order to average in that range. It further means either that they are planning to increase the permit in 2010 to above 1200 tpd (perhaps 1,600 or 2,000 tpd) or they are planning to combined the Bedard Dyke/Sigma West permit with the 1,200 permit in order to mine well above 1,200 in certain months (on a combined basis).
From the Jan 14`10 SEDAR report:
``PART I, Material Permits Held
2. CofA for the Exploitation of the Lamaque Mine (7610-08-01-70071-26) authorizing the company to sink a 200 meters long ramp from the Sigma mine open pit to the Lamaque mine; Underground extraction of 400 mt of gold ore per day from the Lamaque mine and transport to the Sigma mine ore treatment plant. The last modification to this CofA was on February 15, 2008 to increase the extraction capacity from 400 mt to 1,200 mt. per day, to authorize the pumping of a maximum of 13,000m3 of mine drainage water, and to relocate the compressors building near the gate house.``
``PART II, Material Permits to be Obtained
1. Lamaque Exploration CofA authorizing the bulk sample mining of the Sigma West
region, better known as the Bedard Dyke.
• Allows the bulk sample mining of the Sigma West region better known as the Bedard
Dyke (15,000 tonnes).
• Noise survey - Completed November 2008
• Crown pillar stability certification - Completed January 2009
• Submission to Ministry Completed
• Ministry reviewed and is prepared to issue permit upon completion of the following
items:
o Waste oil removal from mine site - Completed April 21 st, 2009
o Used tire removal from mine site - Completed May 5 th, 2009
o General Site Cleanup - Completed May 5 th, 2009
o B2 tailings dam exposed too much water - Completed March-May 2009
o Re-seeding of B2 slopes - Completed
o Tailings Dam's water mark benchmarks - Completed
o Re-slope, spread topsoil & seed Waste dump. West slope followed by North &
South slopes - Ongoing waste removal, topsoil and seeding following winter
o Complete B I tailings lift and install spillway - Proposals received, work to commence upon thaw
• Issuance of permit expected upon completion of above.``
B) Fyi, we have already been permitted to extract 1,200 tpd from the underground at Lamaque. In the March Corporate Presentation, Century has (now) given a target of 1200 - 1400 tpd average for 2010. It means they will need to go over 1,200 in some months in order to average in that range. It further means either that they are planning to increase the permit in 2010 to above 1200 tpd (perhaps 1,600 or 2,000 tpd) or they are planning to combined the Bedard Dyke/Sigma West permit with the 1,200 permit in order to mine well above 1,200 in certain months (on a combined basis).
From the Jan 14`10 SEDAR report:
``PART I, Material Permits Held
2. CofA for the Exploitation of the Lamaque Mine (7610-08-01-70071-26) authorizing the company to sink a 200 meters long ramp from the Sigma mine open pit to the Lamaque mine; Underground extraction of 400 mt of gold ore per day from the Lamaque mine and transport to the Sigma mine ore treatment plant. The last modification to this CofA was on February 15, 2008 to increase the extraction capacity from 400 mt to 1,200 mt. per day, to authorize the pumping of a maximum of 13,000m3 of mine drainage water, and to relocate the compressors building near the gate house.``
Monday, March 8, 2010
Vulcan modeling team (don`t forget about this effort)
There are 10 workers on the team (engineers, geologists, etc.).
They have thus far released modeling results down to 2600 ft at Lamaque. The last results were released in June 2009. As such, the next results are way overdue (relative to frequency of results released previously). More importantly, they have been compiling data for 8 months now without showing us the new results. If their track record is any indication, we should see some nice results with their next release (hopefully within the next few months).
We know that they still have to model the areas below 2600 ft and down to 6000 ft. However, I`m not sure how many people realize this but the Vulcan modeling team still has significant data to plug into the system from between the surface and 2600 ft (retracing steps in the published areas) - ``along strike``. Here is the importance of this: Century has 3.1M ounces in the inferred category. As we know, inferred means (although we know the gold is there) there is insufficient data to prepard a mine plan to mine those ounces at this time. With the Vulcan team expected to add more historical drilled data (into the model) for the inferred areas located from surface to 2600 ft, it likely means that the Vulcan team will be able to move some of those inferred ounces into M&I (and possibly some directly into P&P Reserves) even prior to us initating infill drill programs on those areas.
Also, keep in mind that only 50% of the modeling initiative was completed at June 2009.
From the June 23`09 NR:
``These newly added dyke and shear structures indicate the presence of large mineralized zones, which may be bulk mined within 2,600 feet of surface. Along with these results, the Company still has a significant amount of data to enter for modeling along strike from surface to the 2,600 foot level. Data input and calculation for this zone is ongoing, and the Company will make further announcements when subsequent calculations are complete.``
``The data compilation is only about 50% complete, and the Company therefore expects to make periodic resource announcements in the future as this work continues.”
They have thus far released modeling results down to 2600 ft at Lamaque. The last results were released in June 2009. As such, the next results are way overdue (relative to frequency of results released previously). More importantly, they have been compiling data for 8 months now without showing us the new results. If their track record is any indication, we should see some nice results with their next release (hopefully within the next few months).
We know that they still have to model the areas below 2600 ft and down to 6000 ft. However, I`m not sure how many people realize this but the Vulcan modeling team still has significant data to plug into the system from between the surface and 2600 ft (retracing steps in the published areas) - ``along strike``. Here is the importance of this: Century has 3.1M ounces in the inferred category. As we know, inferred means (although we know the gold is there) there is insufficient data to prepard a mine plan to mine those ounces at this time. With the Vulcan team expected to add more historical drilled data (into the model) for the inferred areas located from surface to 2600 ft, it likely means that the Vulcan team will be able to move some of those inferred ounces into M&I (and possibly some directly into P&P Reserves) even prior to us initating infill drill programs on those areas.
Also, keep in mind that only 50% of the modeling initiative was completed at June 2009.
From the June 23`09 NR:
``These newly added dyke and shear structures indicate the presence of large mineralized zones, which may be bulk mined within 2,600 feet of surface. Along with these results, the Company still has a significant amount of data to enter for modeling along strike from surface to the 2,600 foot level. Data input and calculation for this zone is ongoing, and the Company will make further announcements when subsequent calculations are complete.``
``The data compilation is only about 50% complete, and the Company therefore expects to make periodic resource announcements in the future as this work continues.”
Saturday, March 6, 2010
Bedard Dyke - objectives of these last 8 drill holes (which we now know contains visible gold in all 8 holes)
Findings prior to the last 8 holes (Jan. 18th NR):
``The current drilling program has delineated the spatial location of the dyke, however the best method for determining the grade of the dyke will be to drill it down dip and along strike. This method of drilling will ensure that all flats within the dyke are intersected by the drill holes.``
Objectives of the last 8 holes (Jan 18th NR):
``The follow up program in the first quarter of 2010 will be oriented to drill the dyke down its dip and along strike. Five of the holes will be drilled with lengths varying from 500 to 1000 feet and dips from -45 to -80 degrees. This will allow the dyke to be tested along a vertical extent ranging from 350 to 915 feet below topographic surface. Once the drilling has been completed and all assays returned, the Bedard Dyke will be remodeled utilizing Vulcan software to determine additional measured and indicated resources and proven and probable reserves that are hosted within the dyke.``
We`ll have to wait for the assay results to come available. However, with visible gold identified in all 8 holes, I am optimistic that the objectives of the follow up drill program will be at least partially accomplished, especially since this part of the program was essentially grade establishment and infill drilling focused. It is my view that the current/recent Bedard Dyke drill program (based on successes of the overall program) will add P&P Reserves and M&I ounces to Century`s existing sums in those particular categories (in the not too distant future).
``The current drilling program has delineated the spatial location of the dyke, however the best method for determining the grade of the dyke will be to drill it down dip and along strike. This method of drilling will ensure that all flats within the dyke are intersected by the drill holes.``
Objectives of the last 8 holes (Jan 18th NR):
``The follow up program in the first quarter of 2010 will be oriented to drill the dyke down its dip and along strike. Five of the holes will be drilled with lengths varying from 500 to 1000 feet and dips from -45 to -80 degrees. This will allow the dyke to be tested along a vertical extent ranging from 350 to 915 feet below topographic surface. Once the drilling has been completed and all assays returned, the Bedard Dyke will be remodeled utilizing Vulcan software to determine additional measured and indicated resources and proven and probable reserves that are hosted within the dyke.``
We`ll have to wait for the assay results to come available. However, with visible gold identified in all 8 holes, I am optimistic that the objectives of the follow up drill program will be at least partially accomplished, especially since this part of the program was essentially grade establishment and infill drilling focused. It is my view that the current/recent Bedard Dyke drill program (based on successes of the overall program) will add P&P Reserves and M&I ounces to Century`s existing sums in those particular categories (in the not too distant future).
``Expand Deep Exploration Program``
This upcoming initiative is under May 2010 on the ``Lamaque Gold Mine Path to Production`` check list schedule, on page 17 of the March Corporate Presentation.
From the March 1st NR:
``The Company is also reviewing tenders for an upcoming 150,000 foot (45,700+ meter) underground drill program at Lamaque over a three-year period.``
It looks like our new drill program will have a deep drilling component. It sounds like it will be a very flexible drill program, with both near-surface drilling (ounces located zero to 1000 ft) and deeper drilling. This could be a very exciting drill program. As you know, we identified a number of high grade zones in 2009 via actual historical drill results (of unmined areas) that were mapped together by our Vulcan modeling team.
My guess is that some of these zones can be reached prior to dewatering. Some of the zones go up to the surface and the deepest zones go down to only 2600 ft (at least from what we have mapped out thus far - they could extend further down once we map out the lower levels). Most of the zones may be bulked mined (very cost effective mining). IMO, major success in expanding and infilling many of these zones will move Lamaque into an even greater world class gold mine category.
Of course, it`s not clear if the company is targeting these high grade zones with this particular drill program, but it would be surprising if they are not (especially if they are able access these high grade zones).
Also, keep in mind that this is a 3 year exploration program. Century will have many objectives in those 3 years, and they will not all involve sexy high grade zones. For example, Century will need to upgrade the 1.7M ounces in the Cross-Over section into reserves to be mined. This will be a very fruitful initiative for Century shareholders, but it may not be as headline capturing as drilling high grade zones.
It`s not clear on the order of zones to be drilled over the 3 year period. It would be wise to drill some of the high grade/high thickness zones first in order to demonstrate the bulk mining potential of the mine, but I don`t know what the plan looks like.
Below is all info from Century`s 2009 NRs (relating to these high grade zones), which I have posted on the blog in this format a couple of times before (Of note, all of this potential is over and above the great success we are currently having with drilling the Bedard Dyke):
1) April 6’09 NR – discovery of 3 completely separate new zones with bulk mining potential, located at points between the surface and 2,000 feet down. ‘Of more significance, is that some of these holes are step outs of over 300 feet from the main mine areas. There is a high probability that the ore extends from the main mine workings to these newly modeled intersections.’
Zone 1) – drill hole#1243 – 4.6 meters true thickness @ 30.2 g/t gold
- drill hole #369 – 10.6 meters true thickness @ 22.0 g/t gold
- drill hole #10875 – 1.7 meters true thickness @ 37.3 g/t gold
Zone 2) – drill hole #1676 - 3.0 meters true thickness @ 29.1 g/t gold
Zone 3) – drill hole#9251 – 4.2 meters true thickness @ 23.5 g/t gold
– drill hole#9477 – 7.2 meters true thickness @ 8.5 g/t gold
2) June 23’09 NR – located between 2,000 and 2,600 feet below the surface (231,333 ounces of M&I and 12,938 Inferred ounces added)
*drill hole #5729 – 15.6 meters true length @ 27.3 g/t gold – “a diamond drill hole within a dyke structure containing 51 true vertical feet grading 27.3 grams per tonne including 3.5 feet of 363.4 grams per tonne”
*drill hole #6414 – 9.0 meters true length @ 7.8 g/t gold
*drill hole #9391 – 7.5 meters true length @ 20.2 g/t gold
*drill hole #12257 – 6.3 meters true length @ 9.5 g/t gold
*drill hole #15021 – 14.1 meters true length @ 7.0 g/t gold
*drill hole #15581 – 18.2 meters true length @ 6.9 g/t gold
*drill hole #16539 – 10.6 meters true length @ 9.2 g/t gold
*drill hole #16542 – 21.6 meters true length @ 4.2 g/t gold
3) February 24’09 NR - “These newly defined dyke and shear structures indicate the presence of large virgin ore zones, which may be bulk mined within 2,000 feet of surface.” – located at 1000 to 2000 ft below the surface
The NR included 428,357 new M&I ounces and 285,452 new Inferred ounces. It is not likely that all of the new resources on this particular NR have bulk mining potential, but some of the ounces should have strong potential. Here are some drill results from this NR that certainly looks to have bulk mining potential:
*drill hole #16178 – 21.9 meters true length @ 8.3 g/t gold
*drill hole #16179 – 14.1 meters true length @ 10.5 g/t gold
*drill hole #14580 – 27.6 meters true length @ 9.0 g/t gold
*drill hole #16028 – 12.3 meters true length @ 3.8 g/t gold
*drill hole #14027 – 9.1 meters true length @ 5.5 g/t gold
From the March 1st NR:
``The Company is also reviewing tenders for an upcoming 150,000 foot (45,700+ meter) underground drill program at Lamaque over a three-year period.``
It looks like our new drill program will have a deep drilling component. It sounds like it will be a very flexible drill program, with both near-surface drilling (ounces located zero to 1000 ft) and deeper drilling. This could be a very exciting drill program. As you know, we identified a number of high grade zones in 2009 via actual historical drill results (of unmined areas) that were mapped together by our Vulcan modeling team.
My guess is that some of these zones can be reached prior to dewatering. Some of the zones go up to the surface and the deepest zones go down to only 2600 ft (at least from what we have mapped out thus far - they could extend further down once we map out the lower levels). Most of the zones may be bulked mined (very cost effective mining). IMO, major success in expanding and infilling many of these zones will move Lamaque into an even greater world class gold mine category.
Of course, it`s not clear if the company is targeting these high grade zones with this particular drill program, but it would be surprising if they are not (especially if they are able access these high grade zones).
Also, keep in mind that this is a 3 year exploration program. Century will have many objectives in those 3 years, and they will not all involve sexy high grade zones. For example, Century will need to upgrade the 1.7M ounces in the Cross-Over section into reserves to be mined. This will be a very fruitful initiative for Century shareholders, but it may not be as headline capturing as drilling high grade zones.
It`s not clear on the order of zones to be drilled over the 3 year period. It would be wise to drill some of the high grade/high thickness zones first in order to demonstrate the bulk mining potential of the mine, but I don`t know what the plan looks like.
Below is all info from Century`s 2009 NRs (relating to these high grade zones), which I have posted on the blog in this format a couple of times before (Of note, all of this potential is over and above the great success we are currently having with drilling the Bedard Dyke):
1) April 6’09 NR – discovery of 3 completely separate new zones with bulk mining potential, located at points between the surface and 2,000 feet down. ‘Of more significance, is that some of these holes are step outs of over 300 feet from the main mine areas. There is a high probability that the ore extends from the main mine workings to these newly modeled intersections.’
Zone 1) – drill hole#1243 – 4.6 meters true thickness @ 30.2 g/t gold
- drill hole #369 – 10.6 meters true thickness @ 22.0 g/t gold
- drill hole #10875 – 1.7 meters true thickness @ 37.3 g/t gold
Zone 2) – drill hole #1676 - 3.0 meters true thickness @ 29.1 g/t gold
Zone 3) – drill hole#9251 – 4.2 meters true thickness @ 23.5 g/t gold
– drill hole#9477 – 7.2 meters true thickness @ 8.5 g/t gold
2) June 23’09 NR – located between 2,000 and 2,600 feet below the surface (231,333 ounces of M&I and 12,938 Inferred ounces added)
*drill hole #5729 – 15.6 meters true length @ 27.3 g/t gold – “a diamond drill hole within a dyke structure containing 51 true vertical feet grading 27.3 grams per tonne including 3.5 feet of 363.4 grams per tonne”
*drill hole #6414 – 9.0 meters true length @ 7.8 g/t gold
*drill hole #9391 – 7.5 meters true length @ 20.2 g/t gold
*drill hole #12257 – 6.3 meters true length @ 9.5 g/t gold
*drill hole #15021 – 14.1 meters true length @ 7.0 g/t gold
*drill hole #15581 – 18.2 meters true length @ 6.9 g/t gold
*drill hole #16539 – 10.6 meters true length @ 9.2 g/t gold
*drill hole #16542 – 21.6 meters true length @ 4.2 g/t gold
3) February 24’09 NR - “These newly defined dyke and shear structures indicate the presence of large virgin ore zones, which may be bulk mined within 2,000 feet of surface.” – located at 1000 to 2000 ft below the surface
The NR included 428,357 new M&I ounces and 285,452 new Inferred ounces. It is not likely that all of the new resources on this particular NR have bulk mining potential, but some of the ounces should have strong potential. Here are some drill results from this NR that certainly looks to have bulk mining potential:
*drill hole #16178 – 21.9 meters true length @ 8.3 g/t gold
*drill hole #16179 – 14.1 meters true length @ 10.5 g/t gold
*drill hole #14580 – 27.6 meters true length @ 9.0 g/t gold
*drill hole #16028 – 12.3 meters true length @ 3.8 g/t gold
*drill hole #14027 – 9.1 meters true length @ 5.5 g/t gold
Friday, March 5, 2010
Crusher upgrade moving along nicely
We are currently mining and stockpiling ore on the surface (ready to be processed).
Our new mechanical mining equipment will begin to arrive mid March and continue into April (which will give greater mining scale).
We only need the crusher upgrade to be completed (and final testing of the milling facility to occur) before we can reach the final (key) stage of pouring gold at Lamaque.
Progress thus far in upgrading (rightsizing) the crushing operation appears to be excellent.
On Feb. 2nd, we were told that the upgrade would take another 8 - 10 weeks. If all goes well, it means that the milling facility will be ready by mid April (perhaps slightly earlier):
``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.``
On Mar. 1st, we were told that the new crushers are expected to be in transit to the site by the first week of March (this week). It`s not clear how long it will take to arrive. It`s also not clear how long it will take to install and test. However, the company is saying that the upgrade is on schedule. This means (if all continues to go well) we are still looking good for gaining milling capabilities at Lamaque by mid April.
Some really nice progress so far with this upgrade (From Mar. 1st NR):
``Company continues to complete the modifications on the crusher system at the Lamaque mill facility. Work completed to date at the mill facility includes the inspection (and repair where necessary) of all grinding mill bearings, inspection of all pumps and motors, review of the water circuit, activation of the fire system, continued cleaning and refurbishing of other mill equipment where necessary, and the full review of the PLC (programmable logic control) computer mill operating system. The current jaw crusher is being dismantled and removed, and the new crushers have been ordered and will be in transit to the site by the first week of March. Final engineering is near completion for the installation of the new jaw and new cone crushers, and the mill refurbishment is on schedule.``
Without any (large) surprise delays, we seem to still be looking very good for first gold pour to occur in the second half of April (first half of April if everything goes extremely smooth).
Our new mechanical mining equipment will begin to arrive mid March and continue into April (which will give greater mining scale).
We only need the crusher upgrade to be completed (and final testing of the milling facility to occur) before we can reach the final (key) stage of pouring gold at Lamaque.
Progress thus far in upgrading (rightsizing) the crushing operation appears to be excellent.
On Feb. 2nd, we were told that the upgrade would take another 8 - 10 weeks. If all goes well, it means that the milling facility will be ready by mid April (perhaps slightly earlier):
``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.``
On Mar. 1st, we were told that the new crushers are expected to be in transit to the site by the first week of March (this week). It`s not clear how long it will take to arrive. It`s also not clear how long it will take to install and test. However, the company is saying that the upgrade is on schedule. This means (if all continues to go well) we are still looking good for gaining milling capabilities at Lamaque by mid April.
Some really nice progress so far with this upgrade (From Mar. 1st NR):
``Company continues to complete the modifications on the crusher system at the Lamaque mill facility. Work completed to date at the mill facility includes the inspection (and repair where necessary) of all grinding mill bearings, inspection of all pumps and motors, review of the water circuit, activation of the fire system, continued cleaning and refurbishing of other mill equipment where necessary, and the full review of the PLC (programmable logic control) computer mill operating system. The current jaw crusher is being dismantled and removed, and the new crushers have been ordered and will be in transit to the site by the first week of March. Final engineering is near completion for the installation of the new jaw and new cone crushers, and the mill refurbishment is on schedule.``
Without any (large) surprise delays, we seem to still be looking very good for first gold pour to occur in the second half of April (first half of April if everything goes extremely smooth).
Thursday, March 4, 2010
Century to Review Lamaque Gold Mine Progress at PDAC
BLAINE, WASHINGTON--(Marketwire - March 4, 2010) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) invites all shareholders and prospective investors to visit Century at booth #2126 during the PDAC conference being held at the Metro Toronto Convention Centre, South Building, Sunday, March 7th through Wednesday, March 10th.
Members of the senior management, technical and engineering team will be present to update investors on the Company's Lamaque Gold Mine project development progress and also the gold production plan commencing in the second quarter of 2010. The Company will also be showcasing diamond drill core from the Lamaque exploration program, where visible gold was identified in each of the drilled holes. The Company will be on hand to also discuss its San Juan Gold Mine, which Century has operated since 2006.
Century is aggressively advancing the pre-production development work at its 100% owned Lamaque Gold Mine, and recently commenced underground mining and completed the first underground blast on March 1, 2010. We are currently stockpiling ore on surface and look to commence milling in the second quarter of 2010. Century encourages everyone to drop by the booth at PDAC and discuss the Company's projects with the technical and investor relations team members.
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
Members of the senior management, technical and engineering team will be present to update investors on the Company's Lamaque Gold Mine project development progress and also the gold production plan commencing in the second quarter of 2010. The Company will also be showcasing diamond drill core from the Lamaque exploration program, where visible gold was identified in each of the drilled holes. The Company will be on hand to also discuss its San Juan Gold Mine, which Century has operated since 2006.
Century is aggressively advancing the pre-production development work at its 100% owned Lamaque Gold Mine, and recently commenced underground mining and completed the first underground blast on March 1, 2010. We are currently stockpiling ore on surface and look to commence milling in the second quarter of 2010. Century encourages everyone to drop by the booth at PDAC and discuss the Company's projects with the technical and investor relations team members.
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
Carib, idea for a poll question
1) Feel free to scrap it for a better idea or modify it to make it more appropriate.
Question: When do you think the first gold pour will occur at Lamaque
* Apr 16 - 30
* May 1 - 15
* May 16 - 31
* June
* July or later
2) Here is also a poll question but for later on down the road (after we are well beyond the period allotted for first question - assuming we can`t do 2 polls at once without resulting in a lot of work for you).
Question: First day Lamaque will hit throughput level of 1200 tonnes per day
* May 16 - 31
* June
* July
* August
* September or later
Question: When do you think the first gold pour will occur at Lamaque
* Apr 16 - 30
* May 1 - 15
* May 16 - 31
* June
* July or later
2) Here is also a poll question but for later on down the road (after we are well beyond the period allotted for first question - assuming we can`t do 2 polls at once without resulting in a lot of work for you).
Question: First day Lamaque will hit throughput level of 1200 tonnes per day
* May 16 - 31
* June
* July
* August
* September or later
Another key reason for the improved mine plan
During the August 4`09 conference call, Century mentioned that the first 4 months of mining at Lamaque would be conventional mining. They had said that mechanical mining would not begin until months 5 or 6 after mining begins.
I think Century has found that they have had good success (in Jan and Feb) with ordering the ``low-profile`` equipment. As you may recall, this special type of equipment is key to performing mechanized mining in the flats (in the Lamaque 2 area).
It sounds like Century no longer has to wait until 5 or 6 months after mining begins before they can initiate mechanized mining in the flats.
Successes in ordering equipment has allowed us to receive the key low-profile equipment in April (early). From the February 2nd NR:
``Low-profile underground mechanized mine equipment has been ordered, with delivery expected in April of 2010.``
Further good news, we are now expected to receive some of the low-profile equipment even earlier (starting March 15th). From the March 1st NR:
``Other notable items include the commitment of approximately $7.0 million for new and near-new underground mining equipment for delivery commencing March 15th, 2010. New lease lines are being put in place to support the acquisition of this equipment, which includes a combination of low profile scoops and jumbo drills, as well as mine trucks and miscellaneous mine equipment. The equipment shop facility is full of existing equipment which is being readied for the start-up of mining the first week of March 2010.``
This success has likely resulted in speeding up mechanical mining by about 3 - 5 months.
Best I can analyze, there are (at least) 4 key successes that have contributed to the improved mine plan at Lamaque:
1) success in ordering mechanized equipment for the flats
2) mine development successes
3) success in rehiring former miners (already having knowledge and experience at Lamaque)
4) exploration success
For those who haven`t seen it as yet, here is a copy of part of my post from a few weeks ago about the importance of this ``low-profile`` equipment:
``From the latest conference call:
*25% of our reserves and resources are sitting in flats
*historically, room and pillar mining was done on these flats at Lamaque, using jacklegs, slushers, etc.
*a couple of the mining equipment companies have built this new low-profile new mining equipment
*with the advent of this new low-profile equipment, long tom drills and low-profile trucks (low-profile jumbos), we are going to convert completely to what Century calls mechanized mining
*as a result, Lamaque will have some of the latest technology in the industry – some of the equipment is actually coming up from South Africa, where they are currently using this low profile equipment
*all of our jacklegs are going to Peru, where we are still mining very narrow veins and fairly flat dipping areas (the jacklegs will represent an update at San Juan)``
I think Century has found that they have had good success (in Jan and Feb) with ordering the ``low-profile`` equipment. As you may recall, this special type of equipment is key to performing mechanized mining in the flats (in the Lamaque 2 area).
It sounds like Century no longer has to wait until 5 or 6 months after mining begins before they can initiate mechanized mining in the flats.
Successes in ordering equipment has allowed us to receive the key low-profile equipment in April (early). From the February 2nd NR:
``Low-profile underground mechanized mine equipment has been ordered, with delivery expected in April of 2010.``
Further good news, we are now expected to receive some of the low-profile equipment even earlier (starting March 15th). From the March 1st NR:
``Other notable items include the commitment of approximately $7.0 million for new and near-new underground mining equipment for delivery commencing March 15th, 2010. New lease lines are being put in place to support the acquisition of this equipment, which includes a combination of low profile scoops and jumbo drills, as well as mine trucks and miscellaneous mine equipment. The equipment shop facility is full of existing equipment which is being readied for the start-up of mining the first week of March 2010.``
This success has likely resulted in speeding up mechanical mining by about 3 - 5 months.
Best I can analyze, there are (at least) 4 key successes that have contributed to the improved mine plan at Lamaque:
1) success in ordering mechanized equipment for the flats
2) mine development successes
3) success in rehiring former miners (already having knowledge and experience at Lamaque)
4) exploration success
For those who haven`t seen it as yet, here is a copy of part of my post from a few weeks ago about the importance of this ``low-profile`` equipment:
``From the latest conference call:
*25% of our reserves and resources are sitting in flats
*historically, room and pillar mining was done on these flats at Lamaque, using jacklegs, slushers, etc.
*a couple of the mining equipment companies have built this new low-profile new mining equipment
*with the advent of this new low-profile equipment, long tom drills and low-profile trucks (low-profile jumbos), we are going to convert completely to what Century calls mechanized mining
*as a result, Lamaque will have some of the latest technology in the industry – some of the equipment is actually coming up from South Africa, where they are currently using this low profile equipment
*all of our jacklegs are going to Peru, where we are still mining very narrow veins and fairly flat dipping areas (the jacklegs will represent an update at San Juan)``
Wednesday, March 3, 2010
Assay lab - Century should try using it as a revenue generating source
I have seen companies use their in-house drill service as a third party outsource provider, especially in between their own drill programs. Century should look into applying this concept for the assay lab. It seems like there is a million little gold exploration companies drilling like mad in the Val d`Or area right now. They all need to have assay work performed. Century should provide this service to them, especially in periods when our lab is not as busy. It could be a nice little source of revenue for Century. The profits could go towards partly funding Century`s exploration programs (perhaps help us to be even more aggressive on the exploration front).
Potential future drill programs
This 150,000 ft drill program is strictly an underground program at Lamaque (lasting for 3 years). I wouldn`t be surprised if we launched another 2 drill programs at some point down the road once Lamaque is up and running and cash flow is solidly rolling in. We could eventually see the following 3 drill programs occuring simultaneously (at some point down the road):
1) the 150,000 ft underground drill program at Lamaque
2) surface drilling on Century`s other extremely high potential properties adjacent to Lamaque but outside of the Lamaque complex
3) San Juan (and surrounding properties in Peru)
In addition, we know about our J/V drill program at Carolin, operated by Module. I expect that program to become aggressive once Module secures financing or generates cash flow from the tailings processing initiative.
Also, I wouldn`t be surprised if we bring in a J/V partner to (initiate and) run with exploration efforts on our Northbelt (NWT) property, perhaps at some point later this year or next year. This would be yet another drill program associated with Century properties. During the last conference call, Peggy said that she has received J/V inquiries with regards to this property.
1) the 150,000 ft underground drill program at Lamaque
2) surface drilling on Century`s other extremely high potential properties adjacent to Lamaque but outside of the Lamaque complex
3) San Juan (and surrounding properties in Peru)
In addition, we know about our J/V drill program at Carolin, operated by Module. I expect that program to become aggressive once Module secures financing or generates cash flow from the tailings processing initiative.
Also, I wouldn`t be surprised if we bring in a J/V partner to (initiate and) run with exploration efforts on our Northbelt (NWT) property, perhaps at some point later this year or next year. This would be yet another drill program associated with Century properties. During the last conference call, Peggy said that she has received J/V inquiries with regards to this property.
Century is working on relaunching its in-house assay lab
New job posting: Assay Laboratory manager
This is another advantage of Lamaque. It has an established in-house assay lab.
Our in-house assay lab should not only reduce exporation costs (although some samples will likely still have to be sent externally for independent verification), but the rapid turn around of drill results should help tremendously in assessing and optimizing drill targets, especially with a large program like this (which we are soon to launch):
``The Company is also reviewing tenders for an upcoming 150,000 foot (45,700+ meter) underground drill program at Lamaque over a three-year period.``
This is another advantage of Lamaque. It has an established in-house assay lab.
Our in-house assay lab should not only reduce exporation costs (although some samples will likely still have to be sent externally for independent verification), but the rapid turn around of drill results should help tremendously in assessing and optimizing drill targets, especially with a large program like this (which we are soon to launch):
``The Company is also reviewing tenders for an upcoming 150,000 foot (45,700+ meter) underground drill program at Lamaque over a three-year period.``
Tuesday, March 2, 2010
TPD conversion to ounces at Lamaque - ramp up profile
:
:
:
90,000 Lamaque ounces next year (2011) = a bit more than 1700 tpd
Assumptions:
average grade = 4.76 g/t
recovery rate = 95%
Ore tonnes per day (TPD) at Lamaque converted to Lamaque ounces (everything excluding San Juan):
700 tpd = 36,636 annualized production ounces at Lamaque
800 = 41,868
900 = 47,100
1000 = 52,344
1100 = 57,576
1200 = 62,808 (+ 20,000 ounces at San Juan)
1300 = 68,040
1400 = 73,272 (+ 20,000 ounces at San Juan)
1500 = 78,504
1600 = 83,748
1700 = 88,980 (+ 20,000 to 30,000 ounces at San Juan)
1800 = 94,212
1900 = 99,444
2000 = 104,676 (+ 30,000 ounces at San Juan)
As you can see, it makes things very interesting if Century is able to ramp up to 1200 tpd as early as June or July or August or September of this year. It appears as if some people are suggesting that Century is trying their best to see if they can hit 1200 tpd in the second half of May.
:
:
90,000 Lamaque ounces next year (2011) = a bit more than 1700 tpd
Assumptions:
average grade = 4.76 g/t
recovery rate = 95%
Ore tonnes per day (TPD) at Lamaque converted to Lamaque ounces (everything excluding San Juan):
700 tpd = 36,636 annualized production ounces at Lamaque
800 = 41,868
900 = 47,100
1000 = 52,344
1100 = 57,576
1200 = 62,808 (+ 20,000 ounces at San Juan)
1300 = 68,040
1400 = 73,272 (+ 20,000 ounces at San Juan)
1500 = 78,504
1600 = 83,748
1700 = 88,980 (+ 20,000 to 30,000 ounces at San Juan)
1800 = 94,212
1900 = 99,444
2000 = 104,676 (+ 30,000 ounces at San Juan)
As you can see, it makes things very interesting if Century is able to ramp up to 1200 tpd as early as June or July or August or September of this year. It appears as if some people are suggesting that Century is trying their best to see if they can hit 1200 tpd in the second half of May.
Monday, March 1, 2010
New Corp Presentation (March) - observations
Here are some highlights:
1) pg. 18: ``average daily tonnage is expected to average 1200-1400 tpd for 2010``
This is a huge (positive) development in the Lamaque Mine plan. It is likely suggesting that mine development and exploration progress is solid thus far. This is perhaps the most positive mine plan adjustment in the history of Century. The previous mine plan called for Lamaque hitting 1,200 tpd by the end of 2010. Now, the Lamaque plan has Lamaque averaging 1200 - 1400 tpd for 2010. It likely means that they are now expecting Lamaque to reach 1200 tpd per day within the July to September timeframe instead of end of year - that represents a 4 to 6 month improvement (huge, especially in a US$1,100 gold price environment).
2) Pages 7 and 18 both now have the 2011 and 2012 Lamaque annual production forecast at 90,000 ounces - quite significant, as it means they are feeling comfortable with achieving the earlier number. This is up from 85,000 ounces. The 2013 forecast has increased by 1,000 to 105,000. Again, the increases are likely a reflection of good progress with development and exploration initiatives.
3) Pg. 18, they confirmed the mine plan locations:
``In 2010/11, Century will commence mining in three separate zones: Lamaque#2, BedardDyke, and the North Wall via ramp access from the existing pit``
4) Pg. 18, they confirmed the grade: ``head grade to the mill is expected to be 4.76 g/t Au``
This is positive also as it likely means that it can still average 4.76 g/t even after adding in the low grade bonus tonnes (currently excluded from reserves) and after ramping up to 1200 - 1400 tpd. It should mean a very good cash cost per oz, onced ramped up to this level of throughput.
5) Pg. 18: ``recoveries are expected to be 94-96% through the mill circuit``
Good gold recovery rate expected, and consistent with results from 70 years of mining at Lamaque.
6) Pg. 18: ``Lamaque#2 will be mined utilizing the room and pillar method, and the Bedard Dyke and North Wall zones will be mined via the long hole open stope method``
No major surprises with mining methods. From what I vaguely recall, the methods are consistent with info provided within the Jan`09 independent (bankable) DD report.
7) Pg. 16, 3600 - 6000 ft (on 1 half of the mine at those levels) still to be explored. You will notice the green plug going down. It is that plug that Teck Cominco (now Teck Resources) mined most of their 3.5M Lamaque ounces in the past. They were cost effective bulk mineable ounces also. That Lamaque plug is still open at depth (at 5 g/t). Century has some historical drilled data that suggests that 500,000 ounces still exist in the plug at the 3600 ft level. Century believes that there are strong indications the Lamaque plug goes well below the 3600 ft area. Furthermore, Century believes that this Lamaque Main Plug, plus at depth of the West Pulg, there is extremely strong possibility of adding 2,000,000 new (bulk mineable) ounces to our already existing 6,000,000 ounces. The 2,000,000 is just from the plugs. As you can see in the blue unexplored area, there is vast areas that could also provide substantial ounces (once the area gets dewatered and drilled).
8) The progress check box schedule is on page 17.
1) pg. 18: ``average daily tonnage is expected to average 1200-1400 tpd for 2010``
This is a huge (positive) development in the Lamaque Mine plan. It is likely suggesting that mine development and exploration progress is solid thus far. This is perhaps the most positive mine plan adjustment in the history of Century. The previous mine plan called for Lamaque hitting 1,200 tpd by the end of 2010. Now, the Lamaque plan has Lamaque averaging 1200 - 1400 tpd for 2010. It likely means that they are now expecting Lamaque to reach 1200 tpd per day within the July to September timeframe instead of end of year - that represents a 4 to 6 month improvement (huge, especially in a US$1,100 gold price environment).
2) Pages 7 and 18 both now have the 2011 and 2012 Lamaque annual production forecast at 90,000 ounces - quite significant, as it means they are feeling comfortable with achieving the earlier number. This is up from 85,000 ounces. The 2013 forecast has increased by 1,000 to 105,000. Again, the increases are likely a reflection of good progress with development and exploration initiatives.
3) Pg. 18, they confirmed the mine plan locations:
``In 2010/11, Century will commence mining in three separate zones: Lamaque#2, BedardDyke, and the North Wall via ramp access from the existing pit``
4) Pg. 18, they confirmed the grade: ``head grade to the mill is expected to be 4.76 g/t Au``
This is positive also as it likely means that it can still average 4.76 g/t even after adding in the low grade bonus tonnes (currently excluded from reserves) and after ramping up to 1200 - 1400 tpd. It should mean a very good cash cost per oz, onced ramped up to this level of throughput.
5) Pg. 18: ``recoveries are expected to be 94-96% through the mill circuit``
Good gold recovery rate expected, and consistent with results from 70 years of mining at Lamaque.
6) Pg. 18: ``Lamaque#2 will be mined utilizing the room and pillar method, and the Bedard Dyke and North Wall zones will be mined via the long hole open stope method``
No major surprises with mining methods. From what I vaguely recall, the methods are consistent with info provided within the Jan`09 independent (bankable) DD report.
7) Pg. 16, 3600 - 6000 ft (on 1 half of the mine at those levels) still to be explored. You will notice the green plug going down. It is that plug that Teck Cominco (now Teck Resources) mined most of their 3.5M Lamaque ounces in the past. They were cost effective bulk mineable ounces also. That Lamaque plug is still open at depth (at 5 g/t). Century has some historical drilled data that suggests that 500,000 ounces still exist in the plug at the 3600 ft level. Century believes that there are strong indications the Lamaque plug goes well below the 3600 ft area. Furthermore, Century believes that this Lamaque Main Plug, plus at depth of the West Pulg, there is extremely strong possibility of adding 2,000,000 new (bulk mineable) ounces to our already existing 6,000,000 ounces. The 2,000,000 is just from the plugs. As you can see in the blue unexplored area, there is vast areas that could also provide substantial ounces (once the area gets dewatered and drilled).
8) The progress check box schedule is on page 17.
Thoughts on today`s update info
1) Visible gold identified in each of the eight holes
Seeing visible gold at all 8 drill holes is never a bad thing.
2) Lamaque mining starts today
They are on schedule. Earlier in February I posted info that suggested that mining would start in 22 days (March 1st). Today`s update would further suggest that things have gone smooth enough over the 22 days to be in a position to commence mining at Lamaque 2 today.
3) Century to launch lengthy Lamaque drill program
This will likely focused on moving ounces into P&P from M&I and into M&I from Inferred, for the huge number of 43-101 ounces located between the surface and 2000 ft (especially from the surface and 1000 ft).
4) Hourly employees - 19 staff and 69 hourly
It means the hourly rehires were 34 in January and 35 in February (net of any attrition). All 69 appears to be rehires, as oppose to new hires. That`s a nice early hourly staff total, especially if they all come from the (to be) rehired pool. Perhaps there are some others still in the pool that will be added in March (it`s not clear). After all rehires are hired, Century can then recruit the remainder of the hourly staff from regular new hire avenues. It would be good for them to recruit a class of, say, 10 - 12 every month until they reach their full compliment.
Seeing visible gold at all 8 drill holes is never a bad thing.
2) Lamaque mining starts today
They are on schedule. Earlier in February I posted info that suggested that mining would start in 22 days (March 1st). Today`s update would further suggest that things have gone smooth enough over the 22 days to be in a position to commence mining at Lamaque 2 today.
3) Century to launch lengthy Lamaque drill program
This will likely focused on moving ounces into P&P from M&I and into M&I from Inferred, for the huge number of 43-101 ounces located between the surface and 2000 ft (especially from the surface and 1000 ft).
4) Hourly employees - 19 staff and 69 hourly
It means the hourly rehires were 34 in January and 35 in February (net of any attrition). All 69 appears to be rehires, as oppose to new hires. That`s a nice early hourly staff total, especially if they all come from the (to be) rehired pool. Perhaps there are some others still in the pool that will be added in March (it`s not clear). After all rehires are hired, Century can then recruit the remainder of the hourly staff from regular new hire avenues. It would be good for them to recruit a class of, say, 10 - 12 every month until they reach their full compliment.
Century Provides February Progress Update for Lamaque Gold Project
Mar 01, 2010 09:00 ET
Century Provides February Progress Update for Lamaque Gold Project
BLAINE, WASHINGTON--(Marketwire - March 1, 2010) - 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. The Company is fully financed for the reopening of the Company's Lamaque gold project.
To date, the Company has rehired 19 staff and 69 hourly employees, and is well on its way to advance the Lamaque gold project to production in the second quarter of 2010. The underground development crew is making excellent progress at the Lamaque #2 portal by re-opening the existing workings and advancing towards the first ore zone for extraction and stockpiling in March 2010. Recent activity includes commencement of the slashing of the underground workings, installation of new ventilation infrastructure, formation of a new health and safety committee, and mobilization of equipment and supplies to the first mining zone, #90 stope, to commence mining on Monday, March 1, 2010.
Other notable items include the commitment of approximately $7.0 million for new and near-new underground mining equipment for delivery commencing March 15th, 2010. New lease lines are being put in place to support the acquisition of this equipment, which includes a combination of low profile scoops and jumbo drills, as well as mine trucks and miscellaneous mine equipment. The equipment shop facility is full of existing equipment which is being readied for the start-up of mining the first week of March 2010.
As indicated, the power is on throughout the minesite and underground, and the Company continues to complete the modifications on the crusher system at the Lamaque mill facility. Work completed to date at the mill facility includes the inspection (and repair where necessary) of all grinding mill bearings, inspection of all pumps and motors, review of the water circuit, activation of the fire system, continued cleaning and refurbishing of other mill equipment where necessary, and the full review of the PLC (programmable logic control) computer mill operating system. The current jaw crusher is being dismantled and removed, and the new crushers have been ordered and will be in transit to the site by the first week of March. Final engineering is near completion for the installation of the new jaw and new cone crushers, and the mill refurbishment is on schedule.
An eight-hole exploration and definition drill program commenced on the Bedard Dyke during the week of January 25th, 2010, and was completed on February 17, 2010, with visible gold identified in each of the eight holes. Assays are pending and will be released when completed. Information from the drill program is currently being used to complete the block model for the dyke and to finalize the mine planning on the area for the upcoming development program in the Bedard Dyke zone. The Company will be displaying drill core from the recent drill program at the upcoming Prospectors and Developers Association of Canada (PDAC) conference from March 7 -10, 2010 at our booth location #2126. The Company is also reviewing tenders for an upcoming 150,000 foot (45,700+ meter) underground drill program at Lamaque over a three-year period.
The Company's Board of Directors visited the Lamaque site February 22 and 23, and is pleased with the progress to date. Senior management continues to focus its energy on the Lamaque mine development and is spending additional time at the site, where necessary, to ensure a smooth transition to production. The Company continues to recruit the additional employees needed to bring the Lamaque mine back to full production, and Century also 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
Century Provides February Progress Update for Lamaque Gold Project
BLAINE, WASHINGTON--(Marketwire - March 1, 2010) - 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. The Company is fully financed for the reopening of the Company's Lamaque gold project.
To date, the Company has rehired 19 staff and 69 hourly employees, and is well on its way to advance the Lamaque gold project to production in the second quarter of 2010. The underground development crew is making excellent progress at the Lamaque #2 portal by re-opening the existing workings and advancing towards the first ore zone for extraction and stockpiling in March 2010. Recent activity includes commencement of the slashing of the underground workings, installation of new ventilation infrastructure, formation of a new health and safety committee, and mobilization of equipment and supplies to the first mining zone, #90 stope, to commence mining on Monday, March 1, 2010.
Other notable items include the commitment of approximately $7.0 million for new and near-new underground mining equipment for delivery commencing March 15th, 2010. New lease lines are being put in place to support the acquisition of this equipment, which includes a combination of low profile scoops and jumbo drills, as well as mine trucks and miscellaneous mine equipment. The equipment shop facility is full of existing equipment which is being readied for the start-up of mining the first week of March 2010.
As indicated, the power is on throughout the minesite and underground, and the Company continues to complete the modifications on the crusher system at the Lamaque mill facility. Work completed to date at the mill facility includes the inspection (and repair where necessary) of all grinding mill bearings, inspection of all pumps and motors, review of the water circuit, activation of the fire system, continued cleaning and refurbishing of other mill equipment where necessary, and the full review of the PLC (programmable logic control) computer mill operating system. The current jaw crusher is being dismantled and removed, and the new crushers have been ordered and will be in transit to the site by the first week of March. Final engineering is near completion for the installation of the new jaw and new cone crushers, and the mill refurbishment is on schedule.
An eight-hole exploration and definition drill program commenced on the Bedard Dyke during the week of January 25th, 2010, and was completed on February 17, 2010, with visible gold identified in each of the eight holes. Assays are pending and will be released when completed. Information from the drill program is currently being used to complete the block model for the dyke and to finalize the mine planning on the area for the upcoming development program in the Bedard Dyke zone. The Company will be displaying drill core from the recent drill program at the upcoming Prospectors and Developers Association of Canada (PDAC) conference from March 7 -10, 2010 at our booth location #2126. The Company is also reviewing tenders for an upcoming 150,000 foot (45,700+ meter) underground drill program at Lamaque over a three-year period.
The Company's Board of Directors visited the Lamaque site February 22 and 23, and is pleased with the progress to date. Senior management continues to focus its energy on the Lamaque mine development and is spending additional time at the site, where necessary, to ensure a smooth transition to production. The Company continues to recruit the additional employees needed to bring the Lamaque mine back to full production, and Century also 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
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