Jun 28, 2010 09:00
BLAINE, WASHINGTON--(Marketwire - June 28, 2010) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) is pleased to report that it has entered into term sheets with First National Capital Corporation and Mazuma Capital Corporation for two lease lines totaling $5.0 million and $4.0 million, respectively, subject to satisfaction of various conditions and final due diligence. Both facilities are repayable over a 42-month period, and are conventional capital leasing facilities.
The equipment to be leased will consist of various underground and surface mining vehicles including such items as drills, scoops, haulage trucks, and service and maintenance vehicles. Certain of the equipment has already been delivered to the Lamaque mine site, with the remainder expected to arrive throughout the latter half of 2010.
Margaret M. Kent, President and CEO of Century Mining commented: "We are pleased to reach these agreements with the lenders at this key point in the continued expansion of the Lamaque mine operation. The equipment will greatly assist in maximizing our mine productivity and minimize our operating costs at Lamaque and greatly reduce the need for contracted equipment currently being used at the operation. We also appreciate the confidence that First National and Mazuma Capital have shown in our Lamaque operation and our team by agreeing to fund our equipment fleet."
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
1 comment:
just like a game of crib, you just have to Peg away at it,no pun intended.
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