Century Announces Resignation of Chairman, President and CEO Margaret Kent; Keith Hulley Appointed Interim President and CEO
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BLAINE, WASHINGON--(Marketwire - July 28, 2010) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) announces that Margaret ("Peggy") Kent, Century's Chair, President and CEO, has resigned her position for personal reasons effective July 28, 2010. Ms. Kent, the founder and leader of Century since its inception in 2003, will remain on as a Consultant for 12 months.
The Board of Century has, with regret, accepted Ms. Kent's resignation. Ms. Kent, or "Peggy" as many in the mining industry have known her for over 35 years, led Century through its series of strategic acquisitions to secure both the Sigma-Lamaque gold property in Quebec in 2004 and the San Juan gold property in Peru in 2006. The Board acknowledges that it was through her dedication and tenacity that Century was able to acquire these assets and, subsequently, to survive the worldwide credit crisis in 2008 and 2009. Peggy successfully negotiated and finalized the major recapitalization of Century's balance sheet, including debt and equity financings in excess of $60 million at the end of 2009. Through her leadership, Lamaque has recommenced production, achieving the first gold pour ahead of schedule, only four months after completion of these financings. The Board also appreciates Ms. Kent being available to Century throughout the next 12 months in a consulting capacity and this transition period.
Ricardo M. Campoy, Lead Director of Century, stated: "Peggy has led Century through some very difficult times and has positioned the Company to achieve its corporate production goals in Quebec, Canada and Peru. The Company is greatly indebted to her for her dedication of time and effort and personal sacrifices which she has made for the Company. On behalf of the Board, I wish her every success in her future endeavors."
"After more than 35 years in the gold industry, with memorable successes and of course even some memorable struggles, I needed to make this difficult decision to move forward and take some time to spend with my young family and close friends, and to also review other business opportunities and the next stage in my career. The current excellent gold environment, along with both the Lamaque and San Juan gold mining assets in production, will create the stepping stone to a successful future for Century Mining. I am proud to be a shareholder of Century now and in the foreseeable future," commented Margaret M. Kent.
The Board of Century is initiating a global executive search for a new President and CEO. During this period of transition, the board has appointed Mr. Keith Hulley, a Century director, as interim President & CEO. Mr. Hulley brings over 40 years of experience in the mining industry and most recently acted as the former Interim President and CEO of Gabriel Resources, which has a market capitalization in excess of $1.5 billion, and remains as non-Executive Chairman. Previously, Mr. Hulley served seven years successively as President, Chief Executive Officer and Executive Chairman of Apex Silver Mines before retiring in 2004. Mr. Hulley has held other senior executive roles before Apex, including Western Mining Holdings Ltd., and USMX Inc.
Keith Hulley, Interim President and CEO and Director of Century, stated: "We wish her all the best for the future and thank her for her efforts positioning the Company with two operating gold mines and extensive property holdings throughout Canada, Peru, and Alaska."
Mr. Hulley further commented, "The Company has a dedicated management team in place and noting this key period of operational expansion, Adrian McNutt has been promoted to Chief Operating Officer from VP Operations. Mr. McNutt has played a key role in the successful early startup of the Lamaque operation in Quebec and in the excellent operational statistics seen at the San Juan operation in Peru over the past four years."
Noting the recent changes in management and pursuant to the Company's shareholder approved Stock Option Plan, the Company has granted stock options to Directors, Officers and employees to purchase up to 1,400,000 shares at a price of $0.53 per share for a period of five years, which includes 1,150,000 options to Officers and Directors. Century's management team is planning to host a conference call in the near future to discuss the recent management changes at the Company and will advise when the date has been determined.
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,
Keith Hulley, "Interim" 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
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