BLAINE, WASHINGTON--(Marketwire - Dec. 1, 2010) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM - News) announced today that it has closed a private placement financing of 5,555,555 flow-through units (the "Flow-Through Units") of the Company, at a price of $0.45 per Unit, for gross proceeds of $2,500,000. This financing was originally announced by the Company on November 9, 2010. Each Flow-Through Unit consisted of one common share issued on a flow-through basis and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for one common share at $0.60 for 18 months from closing.
The proceeds of the private placement of Flow-Through Units will be used for the diamond drill program at the Bedard Dyke zone and exploration drilling of other priority targets at or in the vicinity of the Lamaque mine.
The Company paid finder's fees of $175,000 and issued 277,778 compensation warrants. Each Compensation Warrant is exercisable for one common share at $0.45 for 18 months from closing. All securities issued under this private placement will be subject to a four-month hold period.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds strategic land positions in Canada, the United States and Peru. The consolidated production outlook for the Company is approximately 36,000 to 40,000 ounces in 2010, 105,000 ounces in 2011, and 120,000 in 2012. 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.
5 comments:
Last year most of our rally occurred in the month of December. Perhaps this year we will have a repeat.
Cheers,
RE
A new era of exploration at Lamaque:
``The proceeds of the private placement of Flow-Through Units will be used for the diamond drill program at the Bedard Dyke zone and exploration drilling of other priority targets at or in the vicinity of the Lamaque mine.``
IMO, Century has the best exploration land package in the Val d`Or camp. Exploration initiatives have been low priority for the company over the years due to the various business specific challenges and global economic conditions.
Best I can tell, this appears to be the first time the company has put aside meaningful dollars for exploration purposes since the inception of the company. With Century having its own assay lab, $2.5M (less $175K finder`s fees) can enable good exploration progress at both the Bedard Dyke and other Lamaque priority areas (North Wall, Lamaque Flats, etc.).
Hi Prod05 It is most interesting to note this is the first time Co has specifically ear-marked fund for explorations. Hopefully it will help to prove up the 10million oz reserves and resources which past n current data seems to suggest they are there somewhere in the ground! As I am not too well versed with the Val d'Or camp,I shall take your assessment that Century has the best exploration land package in the camp as an informed assessment. Many tks.
Has anyone spoke with Pete Ball recently?
Did he mention when the second NR would be out?
Just talked to Peter
He is still in London. I pointed out that our SP was rising and he said it should be, they had a great show and many investors said they would be buying. So it was nice to see them doing well at the show. I know that Frank Candido from GNH who was in London last week said he was impressed by the meetings and people he dealt with there.
He said there will be an update around the 15th, where we will have some drilling results from the Bedard dyke, we will also have an update on the ounces produced both at Lamaque and SJ so far. He is also supposed to update the corporate presentation. It does seem like everything is starting to come together here and the PoG is cooperating very well. Unless something comes up, I think we are going to start a long process of correcting our undervalued situation. It may be a slow process but I think the trend upwards which has just started may be ongoing for the foreseeable future.
Glorieux
Post a Comment