BLAINE, WASHINGTON--(Marketwire - May 27, 2010) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) is pleased to announce its financial and operating results for the first quarter ended March 31, 2010.
Q1 2010 highlights versus historical:
Quarter Ended Year Ended Quarter Ended
Mar 31, 2010 Dec 31, 2009 Mar 31, 2009
Cash & Restricted Cash $ 17,008,056 $ 32,595,872 $ 2,104,975
Working Capital $ 8,215,944 $ 18,429,170 ($13,188,514)
Total Assets $ 128,166,408 $132,250,651 $ 92,632,415
Long Term Debt & Deferred Revenue $ 32,331,495 $ 32,553,554 $ 541,062
Revenue $ 4,898,011 $ 18,816,823 $ 4,084,592
Earnings from Mine Operations $ 1,541,521 $ 5,806,792 $ 1,818,991
Gold Production (ounces) 4,921 17,703 3,454
Mine Site Cash Cost (US$/oz Au) $ 566 $ 497 $ 490
Avg. Au Price Realized (US$/ounce) $ 1,113 $ 978 $ 908
Margin on Gold Sales $ 547 $ 481 $ 418
Weighted Avg. Common Shares 338,849,857 194,140,925 174,200,804
Net Income (Loss) ($553,187) ($4,018,114)$ 1,612,611
Net Income (Loss) per share ($0.00) ($0.02)$ 0.01
(Canadian $ except as noted)
The Company's financial position has significantly improved when compared to the same period of 2009. For the first quarter ended March 31, 2010, the Company reported working capital of $8,215,944 compared to a working capital deficit of $13,188,514 for the corresponding period in 2009. During the ramp up of the Lamaque gold project in Val d'Or, Quebec, the Company spent capital on the purchase of new underground low profile mine equipment, the refurbishment of the Sigma mill facility, the construction of new crushers and conveyors, and began the payment of long-term debts negotiated with various suppliers.
In the first quarter of 2010, corporate administration expenses were $1,009,583 (Q1 2009: $498,612), an increase of approximately 102%. These expenses are related to the re-start of the Lamaque operation including additional manpower, salaries and benefits, as well as travel and accommodation expenses.
Outlook for the full year 2010
On a consolidated basis, the Company plans to expand production to approximately 55,000 to 60,000 ounces in 2010, 115,000 ounces in 2011, and 120,000 in 2012. Additionally, in the second quarter of 2010, the Company will commence a 45,000+ meter underground diamond drill program at the Lamaque mine complex. The Company plans to commence a detailed exploration program later in 2010 at its San Juan gold project, and will continue to work on the continued expansion and modernization of its San Juan gold mine to fully anchor the Company's growth of its Peruvian business unit.
Margaret Kent, President and CEO of Century commented, "As discussed recently in our 2009 Year End Financials and MD&A, the worst times are behind us. The first quarter of 2010 was a busy period for our operational and technical teams at both the San Juan gold mine in Peru and our Lamaque gold mine in Quebec, Canada. The San Juan gold mine continues to meet our expectations and we will look to spend additional capital at the operation in 2010/11 to modernize the facility and expand the production. We are on schedule with our Lamaque gold mine and look to have a busy 2010 as we continue to bring the operation up to our production expectations."
Ms. Kent further commented, "I would like to personally thank each and every employee for their hard work during the first quarter of 2010. I am very proud of our team at Century Mining and the accomplishments and milestones we have reached to date."
The Company is well positioned to grow in market value as management pursues new opportunities, particularly in Quebec and Peru, with an emphasis on the acquisition of low-cost producing gold mines and assets that generate cash flow or that can be returned to profitability in the near term.
Conference call
Management will host a conference call on Wednesday, June 2 at 11:00 a.m. Pacific time (2:00 p.m. Eastern time) to discuss 2009 results, future developments at its operations in Quebec and Peru, and the results of the first quarter of 2010. Mining analysts, investors and the media are invited to dial toll-free 1-800-369-2128 in Canada and the United States, or 1-630-395-0029 from international locations (normal toll rates do apply) and state the verbal passcode "CenturyMining". Please dial approximately 5 minutes before the start of management's presentation. The presentation will be followed by a question and answer period.
The conference call will be archived for later playback and may be accessed by dialing 1-888-294-0358 or 1-402-220-9749 and entering the pass code 1324#, or via www.centurymining.com via a downloadable audio file. The archived playback will be available until June 25, 2010 11:59 p.m. Pacific Time.
Annual Shareholders Meeting
The Company's Annual General Meeting of shareholders which had been set for early June has been rescheduled for 10:00 a.m. Pacific Time, Friday, June 11, 2010 in the UBC Room at the Vancouver Club, 915 West Hastings Street, Vancouver, British Columbia, Canada.
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 Corporation
Peter A. Ball
Director of Investor Relations
(360) 332-4653 or Toll Free: (877) 284-6535
(360) 332-4652 (FAX)
pball@centurymining.com
www.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.
No comments:
Post a Comment