Apr 28, 2010 09:15 ET
BLAINE, WASHINGTON--(Marketwire - April 28, 2010) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) is pleased to announce that the mill facility at its 100% owned Lamaque gold project located in Val-d'Or, Québec, Canada is fully operational and is currently processing 900 to 1,100 tonnes per day of ore from current production and existing stockpiles. The Company is fully financed and on budget for the ramping up of the Company's Lamaque gold project, and is preparing for its first gold pour within the next week, nearly one month ahead of schedule.
"Century is about to take a new step forward with imminent gold production at the Lamaque gold mine. We are making ready on all fronts for this exciting point in the re-opening of our second gold mine, on budget and ahead of schedule. Our metallurgical team is preparing the facility for the first gold pour and I look forward to seeing the yellow metal 'Pour in Val-d'Or'. Century Mining is fully cashed up and looking to build the next mid-tier gold producer. The executive team is extremely pleased with results to date at Lamaque, and we can now focus on reaching further milestones as we progress through 2010. On the exploration and geology front, the Company controls significant property positions in Canada, Peru and the United States that have been barely explored, and provide additional excellent discovery upside for the Company as we look to appoint a new VP Geology in the near future," commented Margaret M. Kent, President & CEO of Century Mining Corporation.
Lamaque Gold Mine Update
The Company continues to have excellent progress at the Lamaque mine site and expects to pour gold within a week. The Company currently has a workforce of 180 on site, including staff, union employees and general contractors. This workforce is focused on mine expansion, mill facility upgrades, site reclamation and monitoring and general site maintenance.
The development crew underground continues to mine in three separate stoping complexes. Ore that had been brought to the surface and stockpiled is being processed, now that the 3,000 tonne per day capacity mill is fully operational. The low profile underground mining equipment to be used to increase efficiencies and production in the Lamaque #2 zone is expected to arrive at the minesite within days and on schedule. The Company continues with its final mine planning for the Bedard Dyke and expects to collar the portal in the very near future. The Bedard Dyke is the second zone in the mine plan to be developed through long-hole open-stoping, which will subsequently increase the daily tonnage. All underground access portals are collared via the historical Sigma pit, which is located only a few hundred meters from the 3,000+ tonne per day milling facility.
The Company is also now preparing to commence a 150,000 foot (45,000+ meter) exploration and definition drill program in May 2010 at Lamaque, and is expected to continue over a three-year period. Upon commencement of gold production at the Lamaque gold mine, senior management will focus its energy on expanding production at Lamaque. At its San Juan gold mine, the Company will be ramping up exploration efforts on specific targets to evaluate the large property position.
Other
A group of senior management employees and former officers of the Company recently exercised approximately 600,000 options that were held since being granted five years ago on April 18, 2005 at $0.40 per unit. The options were exercised and either sold in a private transaction to minimize impact in the market, or continue to be held. Additional information on insider transactions can we viewed at www.sedi.ca.
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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